Infographic: Four 2023 BCBS Financial Notes
HealthLeaders Media March 12, 2024
The insurer has seen minimal net gain after experiencing massive costs.
Earlier this month Blue Cross Blue Shield of Michigan reported a $3.2 billion increase in medical costs for 2023.
A new release showed the Detroit-based insurer had a net income of $100 million in 2023, which was 0.2% of the insurer’s total revenue. This was up from a $777 million loss in 2022.
Driven by increased medical costs, the company reported a $544 million underwriting loss, but it was later offset by earnings in investments and subsidiary profits.
In the news release BCBSM CEO stated: “The health care economy,...