CONTACT: Sharon Torgerson, BCBSMA
Reports modest operating margin of 0.9% for the year
BOSTONMarch 1, 2013 - Blue Cross Blue Shield of Massachusetts (BCBSMA) Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. announced a combined operating income of $58.3 million and after-tax net income of $163.9 million for its calendar year 2012 financial results. BCBSMA, the leading private health plan in Massachusetts with 2.8 million members as of December 31, 2012, paid $133 million in federal, state and municipal taxes and assessments in 2012. (See the attached fact sheet for additional details).
"We had a strong 2012 as we marked our 75th year in business," said Allen Maltz, Chief Financial Officer at BCBSMA. "We're continuing to develop innovative new benefit plans, programs and services for employers and members to achieve a shared goal of delivering high-quality health care that is both accessible and affordable. However, we recognize that we have more work to do since rising health care costs are still too big of a burden for many."
Maltz noted that BCBSMA continues to monitor for an uptick in medical utilization, but have not seen any indications it is increasing. "We remain focused in partnering with the health care community on efforts to have costs grow more modestly and in line with the rest of the economy."
BCBSMA's affordability efforts will continue throughout 2013 and include leading the way on delivery system reform and investing in initiatives to ensure that members are getting the best value for their health care dollars. Those efforts include:
Other BCBSMA milestones in 2012 include:
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (www.bluecrossma.com) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are committed to working with others in a spirit of shared responsibility to make quality health care affordable. Consistent with our corporate promise to always put our 2.8 million members first, we are rated among the nation's best health plans for member satisfaction and quality.
*NCQA's Health Insurance Plan Rankings 2012–2013Medicare, NCQA's Health Insurance Plan Rankings 2012–2013Private
**Plan performance Star Ratings are assessed each year and may change from one year to the next. Rankings refer to Medicare HMO Blue ValueRx, Medicare HMO Blue PlusRx and Medicare PPO Blue PlusRx Medicare Advantage Plans