Independence Health Group, the parent of Independence Blue Cross, reported a net loss of $54.4 million in 2015, down from net income of $69.2 million the year prior, according to The Inquirer.
Independence saw revenue increase 4.7 percent year over year to $13.8 billion in 2015. However, its financial gains were offset by costs associated with the Affordable Care Act and increased costs for specialty drugs.
Independence CFO Alan Krigstein told The Inquirer that the company's ACA-related taxes and fees increased to $263 million in 2015, up from $204 million the year prior.
To stem future losses, Independence is focusing on new models of care, early intervention and negotiating more favorable rates with hospitals, according to the report.
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