Becker's Healthcare January 21, 2025
Blue Cross Blue Shield of Michigan is offering buyouts to employees as it targets hundreds of millions of dollars in administrative cuts, the Detroit Free Press reported Jan. 21.
The Detroit-based insurer is planning to cut $600 million in administrative expenses over several years, the company said in a statement shared with Becker’s. BCBS Michigan has lost more than $1 billion within its core insurance business over the past two years, the company said.
“Over the past three years, Blue Cross Blue Shield of Michigan has weathered significant economic headwinds affecting virtually all health insurers — including dramatically increased medical utilization and skyrocketing prices for prescription and specialty drugs,” the statement said.
Nonunion employees have until Jan....
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