Elevance Health has signed a deal to purchase Carebridge, a Nashville, Tennessee-based manager of home care and community-based services. The agreement to buy Carebridge was disclosed by Elevance Health president and chief executive officer Gail K. Boudreaux during a call on the morning of October 18, 2024 to discuss the company’s third quarter earnings.
CareBridge helps coordinate care of individuals who receive home and community-based services by providing 24/7 access to a clinician. CareBridge generates more than $4 billion annually, according to a spokeswoman with Oak HC/FT, an investment firm that helped start the company in 2019.
Elevance Health, formerly Anthem, Inc., connects consumers, families and communities to the care, support and resources they need to lead healthier lives. Its companies serve more than 119 million people through a portfolio of medical, digital, pharmacy, behavioral, clinical and complex care solutions. According to its full-year financial report for 2023, Elevance’s annual operating revenue was $171.3 billion, and annual EBITDA was approximately $10.5 billion.
Carebridge will be housed under Elevance’s Carelon healthcare services umbrella. A purchase price and related financial terms have yet to be disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the 74th Home Health & Hospice (HH&H) transaction of the year, and the third announced in Tennessee. There were 100 HH&H deals announced during 2023, and 115 announced during 2022.
