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A sign of Elevance Health behind some flowers — coverage from STAT — Michael Conroy/AP

These days, the surefire way to get ahead in health insurance is to become a health care provider, and Elevance just upped the ante. It’s joining with private equity to launch a $4 billion primary care company.

Elevance leaders divulged more about the company’s venture with Clayton, Dubilier & Rice on its first quarter earnings call Thursday. The partners announced the new company, yet unnamed, earlier this week, but the release was light on detail. The strategic partnership will house Elevance and CD&R’s doctors, clinics, and the technologies that help those doctors manage their patients.

Health insurers specialize in managing medical costs, and through ventures like this, they apply that expertise to managing patients’ chronic medical conditions. In arrangements like Medicare Advantage, where insurers are paid set amounts for members’ care, they’re incentivized to keep those patients healthy.

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