Navigation Links
Blue Cross and Blue Shield of Minnesota Releases 2007 Financial Results
Date:4/17/2008

EAGAN, Minn., April 17 /PRNewswire/ -- Blue Cross and Blue Shield of Minnesota (Blue Cross) today released its financial results for 2007. The company reported an overall net gain of 0.3 percent ($25.1 million) on full-year revenues of $8.4 billion, with $7.7 billion in medical claims costs. Investment income offset $104 million in operating losses. Blue Cross remains financially strong with statutory reserves equal to nearly three months of claims and operating expenses.

More than 90 cents of every health care dollar collected by Blue Cross in 2007 went to pay for members' health care costs. Administrative expenses -- including taxes, assessments, agent fees, member health-improvement initiatives and cost containment programs -- accounted for 9.5 cents per dollar. Additionally, Blue Cross paid a total of $77 million in taxes and assessments.

"As a nonprofit organization, Blue Cross strives to hold sufficient financial reserves to assure we honor our promises to provide coverage for our members, while keeping premiums as affordable as possible," said Michael Morrow, executive vice president and chief financial officer. "In 2007, positive returns on our investments in stocks and bonds allowed us to cover all costs and support continuing investment in better products and services for our members, such as our expanded suite of Medicare products and the new Simply Blue program for individual members."

"At the same time, our operating losses reflect the continually rising costs of medical care. Blue Cross paid out more money for care than we collected in premiums. For 2008, we have implemented new cost-savings programs, but have also had to adjust revenues to reflect the rising costs of care. We're on track to break-even on an operating basis in 2008."

Enrollment gains

Overall plan enrollment increased approximately 186,000 in 2007 to 2.9 million (2,893,229) members. Membership among consumer-directed health plans saw strong growth, by nearly 28 percent from 2006. Growth was also strong among the Blue Cross suite of Medicare preferred provider organization (PPO) plans and Medicare prescription drug plans.

Blue Plus - HMO results

Blue Plus -- the company's health maintenance organization and a subsidiary of Blue Cross and Blue Shield -- reported a 2007 operating gain of $7.4 million, which increased its statutory reserves. The administrative cost ratio for Blue Plus was 7.7 percent. The figure includes agent fees, taxes, assessments, and $13.2 million in investments in member health and cost containment measures.

Blue Cross and its family of companies' annual consolidated earnings statement will be published on http://www.bluecrossmn.com.

Blue Cross and Blue Shield of Minnesota, with headquarters in the St. Paul suburb of Eagan, was chartered in 1933 as Minnesota's first health plan and continues to carry out its charter mission today: to promote a wider, more economical and timely availability of health services for the people of Minnesota. A not-for-profit, taxable organization, Blue Cross is the largest health plan based in Minnesota, covering 2.9 million members in Minnesota and nationally through its health plans or plans administered by its affiliated companies. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association, headquartered in Chicago. Go to http://www.bluecrossmn.com to learn more about Blue Cross and Blue Shield of Minnesota.


'/>"/>
SOURCE Blue Cross and Blue Shield of Minnesota
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Better Hearing Institute Kicks Off the Across America Hearing Check Challenge for Better Hearing and Speech Month, Bringing Better Quality of Life Back to Millions of Americans
2. Anthem Blue Cross and Blue Shield Celebrates Local Moms-to-Be at Community Baby Shower
3. Iridium(R) Satellite, ProtectingAmerica.org and the American Red Cross Partner to Educate First Responders on Importance of Testing Satellite Phones
4. Consumer Watchdog Applauds L.A. City Attorneys Efforts to Reinstate Cancelled Blue Cross Patients; Urges State HMO Regulator to Immediately Reinstate Coverage
5. Consumer Watchdog Applauds L.A. City Attorneys Efforts to Reinstate Cancelled Blue Cross Patients; Urges State HMO Regulator to Do Same
6. Anthem Blue Cross Employee Assistance Program to Help Reduce Employee Absenteeism
7. Laura Loughridge Wargo Named Chief Development Officer for American Red Cross - Southeastern Michigan Chapter
8. Blue Cross Blue Shield of North Carolina Implements Aggressive Generic Medication Campaign
9. Using HR Performance Metrics to Drive Costs Down Across HR Functions
10. Cedar Point to Host 17th Annual Red Cross Miniature Golf Event
11. Two Men to Walk Across America for Autism Aid, Awareness, and Loving Memory of Young Boy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/23/2017)... ... August 23, 2017 , ... Virsys12, ... strategic growth plans, announcing the hiring of Kevin Keelan as a Senior Account ... seasoned sales manager, Keelan will be working with Virsys12 senior leadership to extend ...
(Date:8/22/2017)... ... August 22, 2017 , ... ... of unique masks and serums that perfectly fuse the beauty of naturally derived ... the 2017 Indie Beauty Expo on August 23rd & 24th in New York ...
(Date:8/22/2017)... ... August 22, 2017 , ... ... the addition of Zack Tisch as the firm’s new Consulting Services Executive. Mr. ... consulting firm’s national accounts, from assisting clients with initial vendor selection and pre-implementation ...
(Date:8/22/2017)... DFW Metroplex, TX (PRWEB) , ... August 22, 2017 , ... Five Star Glass is ... They provide repair and replacement of auto glass for most makes and models, in ... area in the USA. , They have been a family owned business for the ...
(Date:8/22/2017)... ... , ... “Covert Awakening”: Walid’s spiritual journey from Islamic terrorist ... a consultant for the Intelligence Community. For more than ten years, she ... region. Julianne has written hundreds of reports for the US government analyzing ...
Breaking Medicine News(10 mins):
(Date:8/4/2017)... , Aug. 4, 2017 The search ... shortly after a physician/patient consult has long been the ... was a notable focus of the largest meeting of ... according to healthcare market research firm Kalorama Information.  The ... testing (POCT) offerings or related supplies and software were ...
(Date:8/3/2017)... -- Opioid addiction and other drugs of abuse, blood poisoning ... outcomes, were problems taken on directly as laboratory professionals, ... them, met this week. This according to Kalorama Information. ... abuse, procalcitonin and acute kidney injury were key focuses ... in San Diego, CA.  Mechanisms ...
(Date:8/2/2017)... and BENTON, Ky. , Aug. 2, 2017   Marshall County ... its environmental services (ES) team to proactively reduce the risk of hospital-acquired infections (HAIs). The ... disinfection robot that uses UVC light energy to kill deadly pathogens such as C. ... Tru-D SmartUVC ... Tru-D in action in ...
Breaking Medicine Technology: