How 8 BCBS companies' financials fared in 2022

Several Blue Cross Blue Shield companies operated on thinner margins in 2022 than in previous years, as the waning COVID-19 pandemic drove up medical utilization and costs. 

Here are eight BCBS financial reports Becker's has covered since March 2:

  1. Health Care Service Corporation, the parent company of BCBS Illinois, Texas, New Mexico, Oklahoma and Montana, posted a net income of nearly $1.5 billion in 2022.

  2. Blue Shield of California lost $910 million in 2022 as medical costs rose, according to the company's annual report.

  3. Independence Blue Cross posted $156 million in net income in 2022. The payer's operating margins declined in 2022, driven by increased utilization as more members received routine care as the pandemic waned.

  4. Blue Cross and Blue Shield of Minnesota posted an operating income of $187 million in 2022, bringing in $14.1 billion in revenue during the year.

  5. The four Blue Cross Blue Shield affiliates owned by Regence (Oregon, Washington, Idaho and Utah) collectively reported more than $268 million in net income for 2022.

  6. Blue Cross and Blue Shield of North Carolina reported a net income of $36 million in 2022, for a thin net operating margin of .33 percent.

  7. Excellus BlueCross BlueShield posted $58.9 million in profits in 2022, a 50 percent decline in net income from 2021.

  8. Blue Cross Blue Shield of Michigan reported a $777 million loss for 2022, driven in part by the ongoing cost of the COVID-19 pandemic and pricing pressures in Medicare Advantage. 

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