BCBS of Louisiana cancels $2.5 billion reorganization plan, exits Elevance deal

Blue Cross Blue Shield of Louisiana has withdrawn its reorganization plan that would have seen it taken over by Elevance Health Inc., a private, shareholder-owned company, in a $2.5 billion deal, reports Louisiana Illuminator. The decision, which cancels public hearings and a policyholder vote, comes amid opposition from physician and hospital groups, shareholders, and state lawmakers. Critics have questioned Elevance's record with other Blue Cross entities and the influence the governor would have over a $3 billion foundation created from the sale proceeds.