Inc. Magazine ranks Banner|Aetna among America’s fastest-growing companies

The company debuts on the Inc. 5000 List with 120% three-year revenue growth

Phoenix, AZ (August 23, 2024): Banner|Aetna, a joint venture health plan owned by Banner Health and Aetna, a CVS Health company, has been named to the 2024 Inc. Magazine 5000 List of Fastest-Growing Private U.S. Companies. The prestigious national ranking recognizes private businesses for their rapid revenue growth over the past three years despite market challenges.

Formed with a vision to fix health care, Banner|Aetna’s unique “payvider” model equally splits financial accountability between the insurer and provider parent organizations, incentivizing both entities to work together to deliver a better health care experience for members and patients. Since launching in 2017, the company has emerged as a leading Arizona health insurer providing coverage to 475,000 people.

“It’s an honor for Banner|Aetna to be recognized by Inc. 5000,” said Tom Grote, CEO of BannerlAetna. “Our goal is to make high-quality health care easier and more affordable for people to access, and the company’s growth has enabled us to bring that mission to life.”

In 2022, Banner|Aetna entered the Affordable Care Act (ACA) Insurance Exchange Marketplace, which broadened access to quality health care coverage for individuals and families.

“The health care industry faced numerous challenges in the years following the pandemic, which makes Banner|Aetna’s strong financial performance a tremendous achievement,” shared Dan Keller, CFO of Banner|Aetna. “Our unique alignment as a joint venture has allowed us to innovate and evolve to meet the needs of health care consumers, and our ranking on the Inc. 5000 list proves the success of our collaborative approach,” he noted.

To view the full list of 2024 winners, visit the Inc. 5000 interactive database.

More about Inc. and the Inc. 5000 Methodology
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 through 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies-as of December 31, 2023. (Since the period under review, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. Growth rates used to determine rankings were calculated to four decimal places. All honorees must pass Inc. editorial review. 

About Inc. 
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced yearly since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, allows the founders of top businesses to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.  

About Banner|Aetna
Banner|Aetna is a health insurance company focusing on bettering member outcomes at a lower cost, all while improving the overall member experience for employers and consumers in Arizona. The collaboration combines Banner Health’s high-quality, local providers and delivery systems with Aetna’s health-plan experience, care management and health information technology. Banner|Aetna is the brand name used for products and services provided by Banner Health and Aetna Health Insurance Company and Banner Health and Aetna Health Plan Inc. For more information about Banner|Aetna, visit banneraetna.com.

About Banner Health
Banner Health is one of the largest, secular nonprofit health care systems in the country. In addition to 33 hospitals, Banner also operates an academic medicine division, Banner - University Medicine, and Banner MD Anderson Cancer Center, a partnership with one of the world’s leading cancer programs, MD Anderson Cancer Center. Banner’s array of services includes a health insurance division, employed physician groups, outpatient surgery centers, urgent care locations, home care and hospice services, retail pharmacies, stand-alone imaging centers, physical therapy and rehabilitation, behavioral health services, a research division and a nursing registry. To make health care easier, 100% of Banner-employed doctors are available for virtual visits and patients may also reserve spots at Banner Urgent Care locations and can book appointments online with many Banner-employed doctors. Headquartered in Arizona, Banner Health also has locations in California, Colorado, Nebraska, Nevada and Wyoming. For more information, visit bannerhealth.com.

About CVS Health
CVS Health^® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues–including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health–whether that’s managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system–and their personal health care–by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

Media Contact:
Sarah McLeod
Activate Health
smcleod@activatehealth.com
480.352.1044