Anthem, Inc. (ANTM - Free Report) recently collaborated with Quest Diagnostics (DGX - Free Report) to bring about improved health outcomes for several consumers across the United States
Both the healthcare providers have started offering services jointly from Aug 1. The tie-up is primarily focused on consumers in California, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, New Hampshire, New York, Ohio, Virginia and Wisconsin.
Anthem and Quest have collaborated to utilize a diverse range of tools and programs. The partnership is not only expected to reduce healthcare costs but also provide operational efficiencies and pricing transparencies.
By teaming up, both the healthcare providers intend to reach out to all the communities they serve with their innovative solutions.
Providing such services during the ongoing COVID-19 pandemic is certainly assuring for the company’s clients. It also reinforces the company’s commitment to offer improved care delivery for its members.
Anthem has also undertaken several measures to help members in the best possible way amid this pandemic. To this effect, the healthcare provider has been eliminating certain “out-of-pocket” costs required for treating clients who are suffering severely from the coronavirus and designing certain policies that can ensure efficient treatment of patients by providers.
It has repeatedly urged its members to increasingly adopt its telehealth services, which has poised Anthem well for growth. In fact, if there is an industry that is likely to have gained from the COVID-19 fallout, it is the telehealth industry. With observance of stringent social-distancing measures on account of the novel coronavirus, patients have been left with telehealth services as the only feasible option to seek medical help. This, in turn, enhances demand for telehealth market eventually.
Among other stocks in the medical space, Magellan Health, Inc. (MGLN - Free Report) and Humana Inc. (HUM - Free Report) have also developed telehealth services.
Shares of Anthem, which carries a Zacks Rank #3 (Hold), have gained 5.9% in a year compared with the industry’s growth of 20.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Initiatives Bode Well
The healthcare provider makes constant efforts to look after the interests of its stakeholders. Two months back, Anthem had launched an array of digital tools to provide convenient, reliable and aggregated information for stakeholders, which in turn, will help them in making informed decisions during such pandemic-ravaged times. The new C19 Explorer and C19 Navigator, which comprise data-driven dashboards and predictions, will aid public health officials and business leaders as they plan to reopen workplaces.
Anthem has been actively undertaking acquisitions and collaborations for enhancing its expansion process. The company’s buyout of Beacon Health, which is the largest independently held behavioral health organization in the country, in March is likely to reinforce its position in the healthcare industry.
The company’s Medical membership has been rising over the last several quarters on the back of its Medicare and Medicaid businesses. Anthem’s acquisitions of Missouri and Nebraska Medicaid plans of WellCare Health in January 2020 also added around 300000 Medicaid members under its coverage.
Lastly, Anthem’s top-line growth has also been impressive in the second half of 2020. The figure improved 18.3% year over year on the back of strong Medicaid and Medicare businesses.
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