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ASSOCIATED PRESS The Blue Cross and Blue Shield Association rescinded a rule that limited the amount of revenue its 35 member plans could generate from non-Blues-related businesses, although experts question whether the change will impact competition across the brand. The rule required two-thirds of Blues plan licensee s national net revenue from health plans and related services to stem from Blue-branded business. In a statement, a BCBSA spokesperson said the rule change was consistent with the terms of the subscriber settlement agreement, referencing the $2.7 billion preliminary deal approved last October by U.S. District Judge David Proctor in Alabama. The agreement aims to resolve a major lawsuit first filed by customers in 2012 that accused the Blue companies of fixing prices and driving up premiums. Blues companies provide health insurance to more than 100 million people, or one in three Americans. ....
Letter to the Editor: On health care, a case of the Blues Jim Lemire The Blues are giving me a bad case of the blues. After reading the comprehensive and well-written Crain s article in the March 22 edition about the Blue Cross settlement as part of an antitrust lawsuit, I had to ask myself, Why do we continue to put up with this abuse? Is it bad enough that the CEO of BCBS Michigan brings in about $12 million a year in salary and bonuses? Or that in 2020 the Michigan Blues recorded a $6 billion surplus and $8 billion in cash and investment assets? ....
Blue Cross posts lowest operating profits in 4 years amid COVID-19 pandemic modernhealthcare.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from modernhealthcare.com Daily Mail and Mail on Sunday newspapers.
Blue Cross posts lowest operating profits in 4 years amid COVID-19 pandemic Investment portfolio gains of $724 million stabilized business Company total margins dropped to 2.1 percent from 2.7 percent in 2019 Blue Cross Blue Shield of Michigan experienced a 52 percent drop in operating profits in 2020, illustrating the challenges the state s largest health insurer faced during the beginning of the COVID-19 pandemic. The nonprofit mutual health insurer reported $120 million in operating income last year, the lowest amount in four years, compared with $248 million in 2019, But strong investment income gains of $724 million from company s conservatively invested portfolio of stocks and bonds led to after-tax net income of $646 million on $30.1 billion in revenue, a 2.1 percent total margin. Blue Cross earned $603 million on its portfolio investments in 2019. ....
Blue Cross to change pharmacy benefit manager from Express Scripts to OptumRx State s largest health insurer renewed contract with Express Scripts in 2018 Michigan Blues says new arrangement will increase access, lower costs Blue Cross Blue Shield of Michigan and Blue Care Network have decided to change pharmacy benefit managers to help reduce prescription prices and more effectively deliver services to members. The switch from St. Louis-based Express Scripts Inc. to Irvine, Calif.-based OptumRx will take effect Jan. 1, 2022, for commercial individual and group members, and Jan. 1, 2023, for Medicare individual and group members, the Michigan Blues said in a statement. Preparations are already underway to manage the change, which will be a significant corporate project spanning more than two years, Blue Cross said in a Jan. 6 internal memo that Crain s obtained. We re working with a firm that specializes in pharmacy benefit manager changes to ensure a smooth ....