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Blue Cross and Blue Shield of Louisiana announced on Wednesday it will once again pause plans to sell itself to Elevance Health.
"We continue to hear from our stakeholders that they want Blue Cross and Blue Shield of Louisiana to remain their trusted partner in their healthcare journey, and we pursued this transaction to help us do exactly that - by changing for the better," BCBS of Louisiana said in a statement. "However, it is clear that our stakeholders need more time and information to understand the benefits of the changes we have proposed. This is why we have decided to again pause the process in our proposed transaction with Elevance Health. This means that we are withdrawing our filing with the Louisiana Department of Insurance. We are also cancelling the policyholder proxy and vote process, including the special policyholder meeting that was scheduled for Feb. 21."
The decision came ahead of planned public hearings at the Louisiana Department of Insurance.
"There are serious questions that require answers to provide protections and safeguards for Louisiana ratepayers and providers," said Louisiana insurance commissioner Tim Temple. "The withdrawal of the application forecloses further consideration of this matter."
“From the beginning, we recognized that any transaction such as this would be disruptive to the healthcare landscape of the State. We appreciated the cooperation we received from both parties, our Commissioner of Insurance, and the legislature in both asking the tough questions, looking for solutions, and providing the answers so that the policyholders could make an informed decision and the State would be prepared if such a transaction occurred,” said Governor Jeff Landry.
"Based upon the information I reviewed, especially that produced at an 8-hour Senate committee oversight hearing, I believe BCBS made the right decision," said state Attorney General Liz Murrill.
Blue Cross and Blue Shield of Louisiana said it continues to believe "a strong partner" is needed for its future.