Blue Cross and Blue Shield of Massachusetts reported a year-to-date net loss of $101.4 million on revenue of $7.7 billion (-1.3% net margin) and expects to end the year with operating and net losses.
The most recent financial results reflect an operating loss of $213.8 million (-2.8% operating margin) and investment income of $112.4 million, the company said Nov. 14. During the same period last year, the company posted a net loss of $27.1 million and an operating loss of $114 million.
For the third quarter, BCBS reported a net loss of $8.7 million on revenue of $2.6 billion (-0.3% net margin) and an operating loss of $40.5 million (-1.6% operating margin).
“Health care costs are growing at the fastest rate in more than 20 years, with spending up in almost every category,” CFO Ruby Kam said. “This is putting incredible pressure on our employer customers and members who are struggling to keep up with rising costs.”
The company reported a net loss of $223.6 million and a -4.3% operating margin in 2024. In October, it offered a voluntary separation program to about 18% of its employees, totaling nearly 800 people.
