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Elevance Health (ELV) & Verizon Partner to Bring Health Equity
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Elevance Health, Inc. (ELV - Free Report) recently announced that it will launch a program in which high-quality smartphones will be provided to qualifying individuals enrolled in its Medicaid health plan. Elevance Health disclosed, in the Consumer Electronics Show 2024, that eligible individuals will get unlimited texting, talking and data service for free, enhancing ELV’s offerings.
This move bodes well for Elevance Health as it will be able to bridge the gap between people who have access to smartphones and those who do not. Members will be able to access digital and virtual healthcare tools and a preloaded curated experience developed by Elevance, hence improving their health outcomes and bringing in more affordability in healthcare. Elevance Health has secured funding from the Affordable Connectivity Program and partnered with Verizon, AT&T, T-Mobile, and Samsung to unlock high-quality offerings for members.
However, 25% of U.S. adults with income below $30,000 do not own a smartphone and around 43% do not have access to home broadband Internet service. The high cost of Internet connectivity was listed as the main reason for smartphone unavailability by 50% of the individuals. This new offering at no extra cost will enhance ELV’s Medicaid offerings and poises the business well for the future. The new program will launch in several states in 2024, aiming to expand its reach to thousands of members in ELV’s affiliated Medicaid plans. Individuals will be able to reach out to their Medicaid health plan team, aiding ELV to reduce health inequities and serve people better.
In the third quarter, Elevance pointed out that it expects re-enrollment to increase in the coming quarters after facing a headwind from redeterminations. It also predicts the rate of membership attrition will slow down in the coming quarters, given ELV’s omnichannel approach to engaging with customers. Improving offerings for customers should make ELV’s Medicaid business target to return to growth in 2025 successful.
Price Performance
Elevance Health’s shares gained 16% in the past six months compared with the 4.9% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Elevance Health currently has a Zacks Rank #3 (Hold).
The Zacks Consensus Estimate for Brookdale Senior’s full-year 2023 earnings indicates a 49.6% year-over-year improvement. BKD beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 23.5%.
The Zacks Consensus Estimate for Atai Life Sciences’ current-year earnings implies a 68.4% improvement from the year-ago reported figure. It has witnessed four upward estimate revisions over the past 60 days against no movement in the opposite direction. ATAI beat earnings estimates in two of the last four quarters, met once and missed on one occasion.
The Zacks Consensus Estimate for Motus GI’s 2023 bottom line suggests a 67.2% year-over-year improvement. MOTS has witnessed one upward estimate revision over the past 30 days against no movement in the opposite direction. It beat earnings estimates in all the last four quarters, with an average surprise of 40.2%.
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Elevance Health (ELV) & Verizon Partner to Bring Health Equity
Elevance Health, Inc. (ELV - Free Report) recently announced that it will launch a program in which high-quality smartphones will be provided to qualifying individuals enrolled in its Medicaid health plan. Elevance Health disclosed, in the Consumer Electronics Show 2024, that eligible individuals will get unlimited texting, talking and data service for free, enhancing ELV’s offerings.
This move bodes well for Elevance Health as it will be able to bridge the gap between people who have access to smartphones and those who do not. Members will be able to access digital and virtual healthcare tools and a preloaded curated experience developed by Elevance, hence improving their health outcomes and bringing in more affordability in healthcare. Elevance Health has secured funding from the Affordable Connectivity Program and partnered with Verizon, AT&T, T-Mobile, and Samsung to unlock high-quality offerings for members.
However, 25% of U.S. adults with income below $30,000 do not own a smartphone and around 43% do not have access to home broadband Internet service. The high cost of Internet connectivity was listed as the main reason for smartphone unavailability by 50% of the individuals. This new offering at no extra cost will enhance ELV’s Medicaid offerings and poises the business well for the future. The new program will launch in several states in 2024, aiming to expand its reach to thousands of members in ELV’s affiliated Medicaid plans. Individuals will be able to reach out to their Medicaid health plan team, aiding ELV to reduce health inequities and serve people better.
In the third quarter, Elevance pointed out that it expects re-enrollment to increase in the coming quarters after facing a headwind from redeterminations. It also predicts the rate of membership attrition will slow down in the coming quarters, given ELV’s omnichannel approach to engaging with customers. Improving offerings for customers should make ELV’s Medicaid business target to return to growth in 2025 successful.
Price Performance
Elevance Health’s shares gained 16% in the past six months compared with the 4.9% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Elevance Health currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Medical sector include Brookdale Senior Living Inc. (BKD - Free Report) , Atai Life Sciences N.V. (ATAI - Free Report) and Motus GI Holdings, Inc. (MOTS - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Brookdale Senior’s full-year 2023 earnings indicates a 49.6% year-over-year improvement. BKD beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 23.5%.
The Zacks Consensus Estimate for Atai Life Sciences’ current-year earnings implies a 68.4% improvement from the year-ago reported figure. It has witnessed four upward estimate revisions over the past 60 days against no movement in the opposite direction. ATAI beat earnings estimates in two of the last four quarters, met once and missed on one occasion.
The Zacks Consensus Estimate for Motus GI’s 2023 bottom line suggests a 67.2% year-over-year improvement. MOTS has witnessed one upward estimate revision over the past 30 days against no movement in the opposite direction. It beat earnings estimates in all the last four quarters, with an average surprise of 40.2%.