Regence BlueCross BlueShield of Oregon reports strong financial result for 2012

PORTLAND, Ore. – According to unaudited figures filed March 1 with the Oregon Insurance Division, Regence BlueCross BlueShield of Oregon’s 364,623 fully insured members had medical claims totaling $1.56 billion in 2012, or $3,338 per member. Regence paid 84.4 cents of every premium dollar to pay those claims.

 
On a gross income of $1.85 billion, Regence had a net gain of 2.4 percent. After paying claims, administrative costs and taxes, the net income of $43.6 million is placed in the company’s capital reserves. As a nonprofit, this is the health plan’s only source of funds for improvement, investment or payment of unforeseen medical costs.
 
“Our performance reflects our strong nonprofit values and commitment to long-term financial stability,” said Don Antonucci, Regence BlueCross BlueShield of Oregon president. “This stability is especially important to our members as we look to fuller implementation of the health care reform law in 2014.”
 
Although Regence is a nonprofit insurer, it is required to pay taxes, which totaled $36 million; that includes an assessment of $17.2 million for the Oregon Medical Insurance Pool and $10 million in state premium taxes.
 
Community impact. Regence employs more than 2,000 people in Oregon in Portland, Salem, Medford, Bend and Pendleton, driving more than $700 million in economic activity throughout the state.
 
About Regence BlueCross BlueShield of Oregon

Regence BlueCross BlueShield of Oregon is a leading health plan in Oregon, with nearly 750,000 members, offering health, life and dental insurance. Regence BlueCross BlueShield of Oregon is a nonprofit independent licensee of the Blue Cross and Blue Shield Association, and is affiliated with Regence BlueShield of Idaho, Regence BlueCross BlueShield of Utah and Regence BlueShield (selected counties in Washington). Together, the companies serve more than two million members in the Northwest/Intermountain Region. The Regence affiliated companies are committed to improving the health of its members and communities, and to transforming the health care system. For more information, please visit www.regence.com or www.twitter.com/RegenceOregon.