Navigation Links
State Audit of Blue Cross Blue Shield of Michigan Shows Company in Compliance with State and National Accounting Guidelines
Date:5/18/2009

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:
*Name:
*Comment:
*Email:
(Date:5/25/2016)... ... May 25, 2016 , ... The Georgia State University College of Law new ... Urban Design Commission. , The annual award recognizes projects, programs, individuals and organizations that ... preservation of its physical heritage and the balance between the old and the new. ...
(Date:5/25/2016)... ... 2016 , ... A new update to Xsens popular data analysis ... a common Wi-Fi network and a mobile device. When paired with Xsens MVN or ... and use a mobile device to control the recording. , “The update adds ...
(Date:5/25/2016)... (PRWEB) , ... May 25, 2016 , ... One Florida-based ... potential patients, according to an article published May 13th on Vanity Fair. ... comfortable with having snippets of their procedures broadcast to more than 800,000 Snapchat fans. ...
(Date:5/25/2016)... ... May 25, 2016 , ... The Bank of America Charitable Foundation has awarded ... provide veterans a pathway to employment and successful careers in healthcare. On Wednesday, May ... Hallack, President and CEO of Medisend, parent organization and home of the General Myers ...
(Date:5/25/2016)... ... May 25, 2016 , ... New studies ... of injured workers across 15 states. The outcomes examined in these studies include ... medical care, and satisfaction with medical care. , “The goal of the studies ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... Zealand , May 24, 2016 ... informatics solutions for the healthcare sector, has been named the ... Zealand Hi-Tech Awards 2016. Dr Bruce Davey ... acknowledgement for our team.  It,s really good to be recognised ... healthcare internationally. Our products are used in 35 countries around ...
(Date:5/24/2016)... , May 24, 2016 Celsion ... drug development company, today provided an update on ... escalating clinical trial combining GEN-1, the Company,s DNA-based ... treatment of newly-diagnosed patients with advanced ovarian cancer ... debulking surgery.  GEN-1 is an IL-12 DNA plasmid ...
(Date:5/24/2016)... 2016 The innovator of ... , s first dual therapy stent, introduces catheters ... OrbusNeich, a global company specializing in the provision ... include products to treat peripheral artery disease. The JADE™ ... devices for lower limb and arteriovenous (AV) fistula intervention. ...
Breaking Medicine Technology: