BCBS of Rhode Island reports $26M operating loss in 2023

Blue Cross & Blue Shield of Rhode Island reported a $26 million operating loss in 2023, which it said reflected a "substantial surge in medical and pharmacy claims."

BCBS Rhode Island reported a net gain of $602,000 (0.1% margin) for the year ended Dec. 31, which was attributed to administrative cost reductions and a positive performance for its investment portfolio, according to an April 10 news release.  

Monthly payments to providers rose by $16 million in 2023 to $152 million per month, according to the release. Annual claims expenses for hospital-administered drugs, medical and surgical services, imaging and diagnostics grew by $85 million over 2022. 

The payer said pharmaceutical claims grew by $75 million, which was led by a 1,300% increase in the commercial market's use of some GLP-1 drugs. The company also said utilization of high-cost specialty medications for autoimmune diseases grew 20% as approved conditions for treatment expanded. 

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