Excellus BlueCross BlueShield ended 2022 with a net income of 0.9 percent, or $58.9 million, according to its annual report filed this week with the state Department of Financial Services.
Net income declined by 50 percent from 2021 to 2022.
The 2022 results amounted to a net income of $40 per member for the entire year. The health plan reported that last year it received $6.6 billion in premium revenue and spent $5.9 billion in medical benefits for its 1.5 million members.
“We remained focused on our nonprofit mission in 2022, spending more than $16.1 million every day covering our members’ health care costs,” said Jim Reed, Excellus BCBS CEO and president.
Reserves were $1.8 billion at the end of 2022 – or the equivalent of 100 days of claims and operating expenses. While the health plan is nonprofit, it paid $428.5 million in 2022 in federal and state taxes and fees.
Executive compensation is set by the company’s board of directors based on comparable market data and performance. Last year marked Reed’s first full year as CEO and president and his compensation was $2.2 million.
“Excellus BCBS is a well-run, mission-driven company focused on serving its members, employers, providers and others in its communities,” said Faheem Masood, chair of the organization’s board of directors and president and CEO of ESL Federal Credit Union. “The health plan continues to successfully balance its need for a small financial margin to support its mission of improving access, affordability and the quality of health care in the communities they serve.”
The health plan and its parent organization employ more than 4,000 people in upstate New York, including 2,000 in the Rochester area. Excellus BCBS is also ranked No. 2 on the Forbes 2023 list of America’s Best Midsize Employers.
[email protected] / (585) 653-4021"