Blue Cross & Blue Shield of Rhode Island posted its second consecutive year of profits in 2018, according to local news station WPRI.
The state's largest health insurer recorded net income of $9.4 million in 2018. That's down from $22.6 million in 2017. At the same time, BCBS of Rhode Island's annual revenue fell slightly to $1.7 billion.
BCBS of Rhode Island spokesperson Gail Carvelli told WPRI the earnings largely reflect a decrease in medical expenses and more efficient administrative processes. The health insurer reported medical expenses of $1.4 billion in 2018 and administrative expenses of $197 million.
BCBS of Rhode Island's CEO, Kim Keck, saw her compensation increase in 2018 to nearly $1.7 million, thanks in part to a $746,000 bonus, according to WPRI.
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