Anthem Business Analyst Salary
Anthem Business Analyst Salary – Anthem (ANTM) was a company that someone recommended that I look at back in late 2018. I did that – I came, I looked, and I saw that it was overvalued, and I left. Then I just let it go for a while. COVID-19 has arrived, and my focus is on other businesses with higher yields and higher growth potential.
However, fate (and research) brought me back to Anthem, and in this article, I’m finally going to do a little deep dive into the business to see what we’re looking at.
Anthem Business Analyst Salary
Although this company is not for everyone, for those of us with a long-term plan, it may be one of the best options right now.
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With a web page that looks like something out of the late ’90s, Anthem doesn’t really seem like the sort of modern Managed healthcare company it is. The fact that when you google it, the company is not the first hit as well as the hidden overall status of SA shows me that many people, many investors are not paying attention to this company.
Anthem is a Health insurance provider, and the largest managed health care company for profit in the Blue Cross Shield association, or BCBSA, which is a federation of 36 different companies that provide insurance in 106 million people.
The Anthem name isn’t that old. Before 2014, the company’s name was Wellpoint, formed in 2004 through a merger. The company operates as Anthem Blue Cross of California, which is the largest health care insurer with 800,000+ members in the state alone. It operates as Empire BlueCross BlueShield in New York state, and Anthem Blue Cross and Blue Shield in 10 states nationwide. The original history of the company goes back to the aftermath of the second world war, when it was founded in Indianapolis, Indiana and quickly controlled 80% of the medical insurance market in Indiana in the late 1970s.
The company serves the market as an independent licensee of Blue Cross/Blue Shield, and the independent health benefit plans offered. Apart from this, the company conducts business through strategic partner arrangements, as well as other licensees of BCBS.
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Anthem has several subsidiaries, which serve customers in states across the country. These are names like Aim Specialty Health, Amerigroup Aspire Health, CareMore, Freedom Health, HealthLink, HealthSun, Optimum HealthCare, Simply Healthcare, and/or UniCare. The company has representation in most parts of the US geography or health care system and is licensed to conduct insurance operations in all 50 states either as its own or through one of its subsidiaries.
The company’s product offerings focus on network-based managed care plans, offered to large groups, small groups, individuals, Medicaid/Medicare customers/markets. These plans include PPOs, HMOs, POS, traditional indemnity plans and hybrid plans, consumer-driven plans, and more.
Besides its plans, the company offers care services including but not limited to claims processing, stop loss insurance, actuarial services, provider network process, medical cost management, disease management, wellness programs, and other services. Anthem processes, in 2019/2020, more than $100B in claims for commercial customers annually, and Anthem represents more than 1 in 3 patients across its 14 markets . At its current size, a 1% increase in market share equates to a $2B improvement in operating income. Size and scale are key.
Anthem also offers a broad spectrum of highly specialized insurance products such as PBM services, dental, vision, life, disability, radiology benefit management, and a highly personalized driven by healthcare type analytics.
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Anthem provides it not only to companies but is an active seller of the federal government because of its Federal Health Products & Services, which administers a large, federal program and health benefits – FEHB. Any time a company claims the most important country and its government as a customer, you have my attention.
The company’s geographical diversification and market share is quite unique. Unfortunately, Anthem does not have a strong enough market position in some states that I consider relevant, but it covers many parts of the US geography with its services.
However, the bottom line to remember is that Anthem covers most everything for its members. If I lived in the US, it’s likely that because I want good coverage for really… everything, and I’m self-employed as I am here, I’d probably check out Anthem’s services as one of my first target.
The math is really simple. With 41 million members, every third patient in Anthem’s markets is an Anthem customer, and with growing Medicaid enrollment and growing spending in these segments, Anthem is well positioned to profit from this. Back in 2018, 80 million customers were enrolled in Medicaid – set to increase to nearly 87%, or about 9% through 2023, with spending increases expected to be nearly 30% through 2023. These are somewhat older numbers, and we can expect that because of COVID-19, these numbers could be much higher.
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The same trend can be seen in Medicare as opposed to Medicaid, with eligibility growing faster, from 56M in 2016, to 66M in 2023, and spending increasing exponentially and reaching 4-4.5% of nominal GDP in 2023. There is no doubt that Taking advantage of the undeniable opportunity in health care in the next few years is something that investors should do – how you choose to do that, of course, is up to you.
Some choose REIT and real estate, I choose more of the “back end” that is more independent of living conditions and the same, and takes a direct advantage of population growth and the increase of the aging population. Anthem’s membership growth rates directly prove this, reaching 17% in 2017, 35% in 2018, and expected to grow in double digits going forward.
Likewise, with the integration of the PBM product with IngenioRx that significantly improves Anthem’s offering, and since the contract began in early 2020, the results are promising, and according to the first plans made in 2019/2020.
Overall, since 2008 and the financial crisis, Anthem has become a completely different company than it was before. Prior to this, Anthem’s business was primarily aimed at commercial clients. The current Anthem is primarily aimed, in almost equal balance, at government clients, which of course is a customer with better ability to pay and general safety. Also, by 2023, the company targets 8-10% of operating revenues to come from various business segments, which include the IngenioRx segment.
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The company deploys capital responsibly, and dividends are only a small part of it. Anthem is buying back shares, with a debt/cap ratio of around 40% to maintain a flexible structure, and a target of maintaining an A-grade credit or higher. The 5-year target for Anthem’s capital deployment is 20% dividends, 30% purchases, and 50% quick deployments.
Historical results for the company have been excellent, and Anthem is showing the kind of trends we want to see. Although the company essentially doubled its dividend in less than 10 years, the payout ratio was 14-19% for that period. Earnings and FCF are very good.
…and the return/margin metrics show the kind of trends we expect, with around 15% RoE and 13-14% RoiC. The basics for Anthem are ridiculously strong.
Finally, Anthem is a managed health care insurance business, and it is the largest of its kind in the US. It makes money through premiums and insurance products to 41 million members across the US. In the last 20 years, the company has only shown negative EPS in one year – and that was in 2008. The EPS growth was -1%.
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COVID-19 has not been a disruption to the company to any significant degree. EPS growth continued as expected, and positive results in 2019 were followed by good results in 2020, with overall EPS growth of 16% for the year.
For the last quarter, 4Q20, Anthem delivered strong results across all businesses, and arrived at full-year adjusted earnings of $22.48/share. While the cost of treatment for COVID-19 hospitals affected the company to some degree, the quarterly results exceeded expectations, indicating continued normalization. Finally, despite a pandemic, the company delivered very strong results for the year.
Anthem’s investments and M&A as well as the new organizational structure have paid off, and by the end of 2020, Anthem had nearly 43 million members, or 13.1% of the entire US population. Anthem has not seen any significant customer attrition during this period, and sales to new customers have exceeded expectations in nearly every month of the past 16 months, since Anthem integrated IngenioRX which is increasing. Remember my medicaid argument about growth? That growth has also been made, with 1.6M growth in Medicaid membership over the year, and 300k in the last quarter alone.
For 2021, the company expects another year of double-digit EPS growth, well above the industry’s average growth rate. Anthem introduced new digital tools and AI learning, a new food and nutrition app for its members, and an increased focus on telehealth. All of these trends are set to reduce overall costs over time, as well as increase offerings and revenue.
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There is very little to say for Anthem’s 2020 performance from
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