IU Health Plans serves 19,000 Medicare Advantage members across 36 counties and 9,600 fully insured commercial members through employers. IU Health Plans will now operate as part of Anthem Blue Cross and Blue Shield in Indiana, according to a Dec. 31 Anthem news release.
Elevance Health and IU Health first announced the deal in September for an undisclosed amount.
Other health systems also announced plans to sell their insurance subsidiaries in 2024. In February, Springfield, Mass.-based Baystate Health reached a deal to sell Health New England to Point32Health, parent company of Harvard Pilgrim and Tufts Health Plan. In January, Toledo, Ohio-based ProMedica announced it would sell its insurance unit, Paramount Health, to Medical Mutual of Ohio.
IU Health recorded $173 million in operating income (2.5% margin) for the first nine months of 2024 ended Sept. 30, a 32.2% decrease from the $255 million (4% margin) during the same time period in 2023, according to its Oct. 31 financial report.
The health system also announced in November that it would be implementing a new operating model, consolidating from six regions to four. The new operating model aims to improve patient care models and better align with future growth, including expanded footprints in Fort Wayne, Fishers and downtown Indianapolis.
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