I want to ask you a comparison question. I'm studying both Elevance and Centene, and I understand they're both involved in Medicaid in California. Centene operates with Health Net, and Anthem, I believe, uses the Blue Cross brand. Could you compare their Medicaid networks and programs, and how different their services are?

Before I address your question directly, it's important to understand that Anthem has been in business as an insurance company for over 75 years. They are part of the Blue Cross Blue Shield Association, which allows them to offer any member, whether it's Medicare, commercial, or Medicaid, access to the entire Blue Cross Blue Shield network across the U.S. For example, if a member goes to Massachusetts, Blue Cross Blue Shield of Massachusetts is separate from Anthem but part of the Blues. Anthem leverages their contracted network and rates, plus they pay Blue Cross Blue Shield of Massachusetts an administration fee, which is much less than going out of network. This means Anthem members have access to the entire United States network.

Can Anthem leverage its huge commercial footprint to help the Medicaid network? Usually providers don't like to take Medicaid or refuse to take Medicaid. Can Anthem use its network and other lines of business to get that provider onto the Medicaid brand?

Additionally, because it's such a large organization, you have gold cards that are limited. If you are doing well with your utilization management, you wouldn't need to go through the authorizations that one would have if they have a higher number of emergency department visits in their panel. So, because of this exposure to the entire network as an organization, I think we can leverage much more than Centene could.