As Excellus BlueCross BlueShield reported year-over-year profit growth, the payer also recorded some of its largest medical expense payouts in more than 20 years, according to the Democrat & Chronicle.
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.