Excellus BlueCross BlueShield experienced a net loss of $23.2 million in 2023, as revealed in its annual report to the New York State Department of Financial Services. Despite receiving $6.6 billion in premium revenue and serving 1.5 million members, the insurer faced a significant increase in medical benefits expenses, totaling $6.2 billion.
The loss was attributed primarily to a $271 million rise in medical benefits paid out over the year. Excellus BCBS, along with other insurance providers, has been grappling with heightened costs and usage rates for medical services and prescription drugs, especially in the wake of the pandemic.
Jim Reed, the president and CEO of Excellus BCBS, emphasized the company’s narrow financial margins and its commitment to investing in patient care, with 93 cents of every dollar spent on direct patient services. Despite the financial setback, the company remains focused on its mission to provide accessible, high-quality healthcare, underscoring its robust response to post-pandemic challenges in healthcare delivery and costs.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].
Read the full article here
Leave a Reply