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:6/26/2016)... ... June 27, 2016 , ... Quality metrics are proliferating ... many ways they remain in the eye of the beholder, according to experts who ... of The American Journal of Managed Care. For the full issue, click here ...
(Date:6/26/2016)... ... June 26, 2016 , ... ... have been diagnosed with endometriosis. These women need a treatment plan to not ... comprehensive approach that can help for preservation of fertility and ultimately achieving a ...
(Date:6/25/2016)... ... 2016 , ... First Choice Emergency Room , the largest network of ... Medical Director of its new Mesquite-Samuell Farm facility. , “We are pleased to ... said Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... A recent ... that most people are unfamiliar with. The article goes on to state that individuals ... also many of these less common operations such as calf and cheek reduction. The ...
(Date:6/24/2016)... ... June 24, 2016 , ... Global law firm Greenberg Traurig, P.A. ... The attorneys chosen by their peers for this recognition are considered among the top ... Shareholders received special honors as members of this year’s Legal Elite Hall of Fame: ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 2016  Consumers have taken a more active ... more emphasis on patient outcomes. ... the pharmaceutical industry have evolved beyond just providing ... are focusing on becoming more patient-oriented across their ... services that improve health. ...
(Date:6/24/2016)... DUBLIN , June 24, 2016 ... and Markets has announced the addition of the ... their offering. ... products and provides an updated review, including its applications ... covering the total market, which includes three main industries: ...
(Date:6/24/2016)... SAN CLEMENTE, Calif. , June 24, 2016  American Respiratory ... testing company, is now able to perform sophisticated lung assessments in ... Medical Technologies , Inc. Patients are no longer ... to ndd,s EasyOne PRO ® , ARL patients like Jeanne R. ... testing done in the comfort of her own home. ...
Breaking Medicine Technology: