Elevance Health, Inc. has seen its stock decline by 20% over the past three months, significantly underperforming its industry and the broader market. The company faces challenges including a 3% drop in medical membership, rising expenses, and a debt-laden balance sheet, which have led to downward revisions in its earnings projections for 2024. As of September 30, 2024, net cash from operations fell by 53.8%, raising concerns about financial flexibility and the ability to invest in necessary digital enhancements.