Here are four findings regarding BCBS of NC’s recent financial status.
1. The insurer completed 2015 with $500,000 in net profit. In 2014, BCBS of NC ended the year with a $50 million loss. This year’s net profit posting is mostly due to losses on the Affordable Care Act exchanges, according to the Triad Business Journal.
2. In 2015, BCBS of NC lost $282 million on ACA plans. This compares to its $123 million loss on ACA plans in 2014.
3. BCBS of NC had $8.2 billion in total revenue in 2015. This accounts for a 2.5 percent increase since 2014.
4. The insurer may or may not reenter the ACA exchanges in 2017. Because the North Carolina Department of Insurance approved a 32 percent premium hike for BCBS of NC 2016 plans, the insurer’s CFO, Gerald Petkau, is hoping the exchange finances will be stabilized.
More articles on payer issues:
Are more ACA insurance co-ops slated for closure?
BCBS of Michigan has highest earnings decline among nation’s BCBS plans
Michigan will continue health insurance claims tax until 2020
