BCBS of Minnesota sees income climb thanks to Medicaid unit

Blue Cross and Blue Shield of Minnesota posted net income of $177.6 million in 2018, up from $20.2 million in the previous year, according to the Star Tribune.

BCBS of Minnesota's net income grew in part because of a turnaround in its managing care unit for Minnesota's Medical Assistance and MinnesotaCare Medicaid programs.

In addition, the insurer saw its individual market business income offset by expenses related to changes within its Medicare unit.

Stella, the parent company of BCBS of Minnesota, posted a loss of $93 million despite strong results in its health insurance arm. The loss primarily stemmed from poor investment returns.

"We experienced meaningful improvement in operating performance in 2018, as we stabilized our Medicaid business and completed our operating model transformation," Craig Samitt, president and CEO of Stella and BCBS of Minnesota, said in a statement to the Star Tribune.

More articles on payers:
BCBS of Texas to open primary care clinics: 5 things to know
128,000 kids lost health insurance in Tennessee over 2 years — Here's why
Pennsylvania woman denied coverage for sepsis-related foot amputation


© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months