Navigation Links
State Audit of Blue Cross Blue Shield of Michigan Shows Company in Compliance with State and National Accounting Guidelines

223 Audits of BCBSM Have Been Conducted Since 2006

DETROIT, May 18 /PRNewswire/ -- A just-completed financial audit of Blue Cross Blue Shield of Michigan by the Michigan Office of Financial and Insurance Regulation found no material defects in the Blues financial statements over the audit's four-year period. The state audit was scheduled and routine.

OFIR routinely audits the Blues in a cycle in accordance with guidelines and procedures recommended by the National Association of Insurance Commissioners and the laws, rules and regulations prescribed by OFIR. The onsite field work for the audit lasted over a period of six months, during which state auditors and external actuaries reviewed balance sheets, revenues and expenses, capital and reserves, and cash flows.

The audit showed no need for material changes in the Blues' financial records, indicating that the company's independently audited financial statements accurately represent the company's financial performance across its lines of business.

"We are encouraged by the state's acknowledgement that our financial statements are in order," said Michele Samuels, BCBSM vice president, general auditor and corporate compliance. "Blue Cross is one of Michigan's most regulated and audited companies, and we are proud that these audits reflect the internal controls we put into running our business with transparency and integrity."

The audit was conducted by the Michigan Office of Financial and Insurance Regulation and covered the period from Jan. 1, 2004, to Dec. 31, 2007.

The Blue Cross and Blue Shield Association audits the company, as do Blues' group customers and entities of the federal government. Approximately 223 audits were performed by various Blues customers from 2006 through 2008. The company has its controls routinely audited by its Internal Audit Division. Its internal Audit Division has been honored twice with quality awards from the Institute of Internal Auditors, a worldwide organization.

Blue Cross Blue Shield of Michigan is a nonprofit corporation and an independent licensee of the Blue Cross and Blue Shield Association.

SOURCE Blue Cross Blue Shield of Michigan
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Conventional prognostic factors fail to explain better prostate cancer survival in most Asian men
2. First biomarker discovered that predicts prostate cancer outcome
3. Frequent Prostate Screens Fail to Improve Aggressive Cancer Diagnoses
4. New male sling procedure helps prostate cancer survivors who suffer from urinary incontinence
5. Us TOO Launches National SEA Blue Campaign for Prostate Cancer Awareness Month
6. HHS Announces $75 Million in Supplemental Funding to States for Pandemic Flu Preparedness
7. 4-Star Gen. Barry Mccaffrey, Former U.S. Drug Czar, to Keynote Recovery Happens! Rally for Treatment: Wed., Sept. 5, 11 Am, State Capitol West Steps, Sacramento
8. Expert on Emerging Infectious Zoonotic Diseases Joining K-State as a Regents Distinguished Professor
9. Red wine compound shown to prevent prostate cancer
10. Coalition for Pulmonary Fibrosis Launches Aggressive Ad Campaign Directed at United States Congress
11. PA Secretary of Public Welfare Responds to Warren State Hospital Closure Rumors
Post Your Comments:
(Date:12/1/2015)... Diego, CA (PRWEB) , ... December 01, 2015 ... ... and scale , Visage Imaging Inc. (“Visage”), a wholly owned subsidiary of Pro ... mobile imaging results enhancements at the Radiological Society of North America (RSNA) 2015 ...
(Date:12/1/2015)... ... December 01, 2015 , ... McLean, VA., ... awarded a fixed price per sprint agile development contract to support the National ... over five years, provides software engineering, infrastructure, as well as operations and sustainment ...
(Date:12/1/2015)... ... December 01, 2015 , ... PYA’s latest white paper, ... addresses a main “pain point” for merging or aligning healthcare provider organizations—when mergers ... is signed. This quick-read guidance suggests that failing to recognize the power ...
(Date:12/1/2015)... (PRWEB) , ... December 01, 2015 , ... With ... footage, and with full control over customization, the possibilities are truly endless, all with ... position randomization, overlay depth position, vertical flip, horizontal flip, depth of field and more, ...
(Date:12/1/2015)... ... December 01, 2015 , ... SonaCare Medical congratulates the University ... Innovation Award on November 18th. This prestigious award recognizes annually organizations that cultivate ... to the medical landscape. , The UCLH team won the award for their ...
Breaking Medicine News(10 mins):
(Date:12/1/2015)... Breg, Inc ., a premier provider ... it has been awarded three contracts by Novation, a ... will have access to improved pricing for Breg,s portfolio ... goods dedicated to advancing orthopedic care.  ... population, rising prevalence of chronic conditions and the health ...
(Date:12/1/2015)... 2015 During the recent 2015 Transcatheter ... Francisco, CA , Medinol Ltd. continued to ... During a satellite symposium, "The BioNIR eDES: The ... Restenosis", a renowned physician panel discussed the key ... Coronary Stent System and the Medinol eDES Coronary ...
(Date:12/1/2015)... 2015 ... of the "2016 Europe Enteric ... Coli, Enterovirus, Rhinovirus, Rotavirus, Salmonella, Shigella, ... offering. --> ) ... "2016 Europe Enteric Disease Testing ...
Breaking Medicine Technology: