Health Care Service Corp., the nonprofit parent company of five Blue Cross Blue Shield health plans, posted net income of $4.1 billion in fiscal year 2018, according to financial documents.
Comparatively, the Chicago-based health insurer operating BCBS plans in Illinois, Montana, New Mexico, Oklahoma and Texas reported net income of $1.3 billion in 2017. The financial improvement continues a turnaround that began in 2017 and turned around three years of losses.
In March 2018, HCSC announced it will invest $1.5 billion in initiatives to cut its members' healthcare costs due to the turnaround. The three-year effort, dubbed Affordability Cures, targets five areas: collaborative care, household financial security, productive employees, healthy communities, and digitally driven and data-rich actions.
Under Affordability Cures, in February HCSC and the Blue Cross Blue Shield Institute launched a food delivery service in areas known as "food deserts" that lack access to affordable and fresh foods. The pilot has already begun in Chicago and will start in Dallas in April.
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