The payer spent about $5.9 billion in benefits, averaging paying out $16 million every day during 2021.
Jim Reed, Excellus CEO and president, told the Democrat & Chronicle that the spike comes from COVID-19-attributed delays in care that members are now revisiting.
The payer still managed to post $117.6 million in profit in 2021, up after a loss in 2020.
At the Becker's 5th Annual Fall Payer Issues Roundtable, taking place November 2–3 in Chicago, payer executives and healthcare leaders will come together to discuss value-based care, regulatory changes, cost management strategies and innovations shaping the future of payer-provider collaboration. Apply for complimentary registration now.