CONTACT: Sharon Torgerson
Continued disciplined strategy results in modest .9% operating margin for third quarter
BOSTON — November 15, 2013 – Blue Cross Blue Shield of Massachusetts (BCBSMA), Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. today announced a combined after-tax net income of $25.2 million for the period from July through September 2013. The results reflect an operating gain of $13.6 million and investment income of $18.2 million offset by $6.8 million in federal income taxes. BCBSMA is the leading private health plan in Massachusetts with 2.8 million members.
"Our financial results reflect our deep commitment to delivering the lowest possible premium rates and the best value to businesses and families throughout the state," said Allen Maltz, Chief Financial Officer at BCBSMA. "We continue our determined efforts to make quality health care affordable by tightly managing medical and administrative expenses while implementing state and national health reform."
Maltz highlighted a number of BCBSMA initiatives which are bringing value to Blue Cross customers while helping to control health care costs and improve care.
BCBSMA is the #3 ranked private health plan in America1; the top–ranked Medicare Advantage PPO health plan2 and among the highest–rated PPO private health plans1 and Medicare HMO2 plans, according to the NCQA's Health Insurance Plan Rankings 2013–2014. The 2013–14 NCQA Health Insurance Plan Rankings list measures the quality of care and member satisfaction among 557 of the nation's Medicare health insurance plans and 577 private plans.
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 the trusted health plan for more than 30,000 Massachusetts employers and are committed to working with others in a spirit of shared responsibility to make quality health care affordable.
1. NCQA's Health Insurance Plan Rankings 2013–2014 – Private
2. NCQA's Health Insurance Plan Rankings 2013–2014 – Medicare