Blue Cross and Blue Shield of Minnesota Reports 2022 Financial Results

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Blue Cross and Blue Shield of Minnesota

Apr 03, 2023, 14:25 ET

EAGAN, Minn., April 3, 2023 /PRNewswire/ -- The Blue Cross and Blue Shield of Minnesota (Blue Cross) family of companies today announced audited financial results for 2022. The organization reported operating income of $187 million on $14.1 billion in total revenue, for an operating margin of one percent. A pre-tax net loss of $291 million was largely driven by unrealized investment losses.

Audited results for 2022 include the consolidated financial statements for businesses operating under Aware Integrated, Inc. (AII), a nonprofit corporation and parent organization.

For 2022, AII administered $12.6 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 $74 million in taxes, assessments and surcharges. Total member enrollment for the year ended at approximately 2.5 million.

"Throughout 2022, Blue Cross was focused on mitigating rising costs in order to keep healthcare both accessible and affordable," said Dana Erickson, president and CEO of Blue Cross and Blue Shield of Minnesota. "As a not-for-profit company, Blue Cross needs to continually reinvest in our own capabilities and programs to ensure reliable service to our members and communities over the long-term. As we celebrate 90 continuous years of serving Minnesota, Blue Cross is successfully managing our financial stability in ways that support our mission of paving the way for everyone to achieve their healthiest life."

Financial results for Blue Cross and Blue Shield of Minnesota

The lines of business served by Blue Cross in 2022 include small and large employer plans and a suite of Medicare offerings – Medicare Advantage, Platinum Blue^SM (Medicare Cost); and MedicareBlue^SM Rx (Medicare Part D). Collectively, Blue Cross reported overall operating income of $12.7 million.

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 $146 million, reflecting continued high enrollment in Minnesota Health Care Programs due to federal public health emergency eligibility requirements.

Social Impact in 2022

In 2022, Blue Cross provided $16.5 million in community investments to support food access, housing security, and other factors that affect health outside of a hospital or clinic setting.

Another key area of support was the community funding work directed by the organization's Racial Equity Action Committee for Health (REACH). This committee, made up of diverse Blue Cross associates from across the organization, seeks to invest in community initiatives that mitigate bias and bridge the barriers that cause health inequities while addressing systemic racism in policies and practices. In 2022, REACH contributed $5.1 million in funding 40 community organizations that are engaged in local efforts that support the Blue Cross and Blue Shield Association's national strategy for advancing health equity.

Additionally, Blue Cross employees donated nearly 14,000 hours to charitable organizations in 2022 through the company's volunteer paid time-off program. The complete 2022 Report to the Community can be found at bluecrossmn.com/socialimpact.

About Blue Cross and Blue Shield of Minnesota

For 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 2.5 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