Excellus BlueCross BlueShield posted $58.9 million in profits in 2022, a 50 percent decline in net income from 2021.
The figure represented a net income of .9 percent, according to a March 1 release shared with Becker's. The payer took in $6.6 billion in premiums and spent $5.9 billion on medical costs.
As a nonprofit, the payer aims to operate with small profit margins. Profits are invested in the company's reserve fund, which had $1.8 billion, enough to cover 100 days' operating expenses, at the end of 2022.
James Reed, president and CEO of Excellus BCBS, was paid $2.2 million in compensation in 2022, syracuse.com reported March 1.