Becker's Healthcare December 4, 2024
AM Best downgraded the outlook for Blue Cross Blue Shield of Michigan from stable to negative based on a “sharp deterioration” in underwriting and operating income.
In a Dec. 3 news release, AM Best, a credit rating agency specializing in insurance, said the decline in underwriting performance was driven by higher utilization across BCBS Michigan’s business.
Here are five things to know:
- Pent-up demand for surgeries after the COVID-19 pandemic and high demand for GLP-1 drugs and autoimmune therapies were the major causes of the losses. Medicare Advantage risk-adjustment changes and rising acuity in Medicaid also contributed to the losses.
- BCBS Michigan reported a $3.2 billion increase in medical costs in 2023 compared to 2022....
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