The Blue Cross and Blue Shield of Minnesota (Blue Cross) family of companies today announced audited financial results for 2021.
| EAGAN, Minn., April 1, 2022 /PRNewswire/ -- The Blue Cross and Blue Shield of Minnesota (Blue Cross) family of companies today announced audited financial results for 2021. For the year, the organization reported a negative operating margin of less than one percent, stemming from an operating loss of $3.5 million on $14.1 billion in total revenue. A pre-tax net income of $557.6 million was driven primarily by the divestiture of Further, a subsidiary business and leading provider of health savings account and consumer-directed benefit administration services.
Audited results for 2021 include the consolidated financial statements for businesses operating under Aware Integrated, Inc. (AII), a nonprofit corporation and parent organization. For 2021, AII administered $12.7 billion in medical claim payments, with approximately 90 cents of every premium dollar going directly to cover members’ health care costs. Additionally, the organization paid more than $67.4 million in taxes, assessments and surcharges. Total member enrollment for the year ended at approximately 2.7 million. “Financial performance was in line with our expectations for 2021, allowing us to provide reliable coverage to members and to make investments in the communities we serve,” said Dana Erickson, president and CEO at Blue Cross and Blue Shield of Minnesota. “Overall, we are in a strong position to advance our strategic goals related to overall growth, health optimization and cost mitigation efforts that can deliver premiums at even more affordable and competitive rates.” Financial results for Blue Cross and Blue Shield of Minnesota The lines of business served by Blue Cross in 2021 include small and large employer plans and a suite of Medicare offerings – Medicare Advantage, Platinum BlueSM (Medicare Cost); and MedicareBlueSM Rx (Medicare Part D). Collectively, Blue Cross reported overall operating loss of $23.8 million due to ongoing costs related to the COVID-19 pandemic. Financial results for Blue Plus Blue Plus is a health maintenance organization (HMO) serving the individual market as well as the Prepaid Medical Assistance Program (PMAP), the state Medicaid program, and MinnesotaCare, the health program for low-income families. Blue Plus reported operating income of $67.3 million, reflecting significant new enrollment in public programs at the same time that federal law continued to require that all states maintain existing Medicaid eligibility and coverage during the pandemic. Social Impact in 2021 In 2021, Blue Cross provided $17.7 million in community investments to support food access, housing security, and other factors that affect health outside of a hospital or clinic setting. To help ensure fair and equitable distribution of the COVID-19 vaccine, Blue Cross partnered with the Minnesota Department of Health (MDH), Metro Transit and the Metropolitan Council, helping to deliver more than 7,200 vaccines at 170 clinics in 42 Minnesota counties. Blue Cross employee volunteers staffed mobile clinics for more than 20 weeks throughout the spring and summer in 2021. The collaboration earned the Commissioner’s Circle of Excellence award from the Minnesota Department of Human Services. Blue Cross also increased its commitment to addressing racial and health inequities by committing $5 million to the University of Minnesota to establish the Center for Antiracism Research for Health Equity. With Dr. Rachel Hardeman, associate professor and Blue Cross Endowed Professor of Health and Racial Equity, serving as founding director, the center will develop evidence-based, antiracist research to understand and measure the impact of racism on health. Additionally, Blue Cross employees donated nearly 20,000 hours to charitable organizations in 2021 through the company’s volunteer paid time off opportunity. The complete 2021 Report to the Community can be found at Bluecrossmn.com/socialimpact. Additional recognition
AII serves as the holding company for all affiliates and subsidiaries, including the following regulated businesses associated with Blue Cross: Blue Cross and Blue Shield of Minnesota — A nonprofit health services company and independent licensee of the Blue Cross and Blue Shield Association. Blue Plus — A nonprofit HMO and independent licensee of the Blue Cross and Blue Shield Association that offers health plans and contracted provider networks throughout Minnesota to individuals and local, state and national groups. MII Life Insurance, Inc., d/b/a FurtherSM (formerly SelectAccount®) — An independent licensee of the Blue Cross and Blue Shield Association that served as a third-party administrator of medical spending accounts included in consumer-directed health plans throughout the country. Blue Cross provides all information, reports and audited details as required by the State of Minnesota for both commercial and public program products. Detailed financial statements for the organization’s regulated businesses are filed with the Minnesota Department of Commerce. About Blue Cross and Blue Shield of Minnesota For nearly 90 years, Blue Cross and Blue Shield of Minnesota (bluecrossmn.com) has supported the health, wellbeing and peace of mind of our members by striving to ensure equitable access to high quality care at an affordable price. Our 2.7 million members can be found in every Minnesota county, all 50 states and on four continents. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association.
SOURCE Blue Cross and Blue Shield of Minnesota |
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