Three years ago, BCBS of North Dakota’s capital and surplus dropped $80.8 million, and it only gained $27.4 million from insurance sales. The insurer’s financial struggles led it to lay off 15 employees.
In 2014, things began to improve. At the end of fiscal year 2014, BCBS of North Dakota’s net income was at $44.3 million, and its capital and surplus was up to $71.8 million.
Financial results from 2015 prove it was the best year yet. Its profits from insurance sales were at $84 million. Its net income grew 44 percent to $63.8 million, and its capital and surplus increased 321.9 percent to $302.9 million.
“We’ve actually climbed to a point that we’re financially stronger than when we went into the hole,” said President and CEO Tim Huckle, according to the report.
More articles on payer issues:
BCBS of Rhode Island rolls out patient analytics platform
AHIP launches initiative for data accuracy, care access
Connecticut groups hope for more transparency in Anthem-Cigna merger
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