Regence BlueShield of Idaho paid $359 million for members’ health care in 2014
BOISE – Regence BlueShield of Idaho paid $359.7 million in medical care for its fully insured members in 2014, or $2,881 per member, according to unaudited figures filed March 2 with the Idaho Insurance Department.
Regence spent 81.5 cents of every premium dollar for doctors, hospitals, medications and other health care goods and services.
“The best protection for our members is financial stability,” said Scott Kreiling, president of Regence BlueShield of Idaho. “Our nearly 70-year history in Idaho shows we have the strength and resources to serve members over the long-term, and that we stay true to our nonprofit values.”
On gross revenue of $442.2 million, Regence came within 2.5 percent of its operating target after paying claims and administrative costs, including taxes and fees. While Regence had a net loss of $5.6 million for 2014 that was paid out of the company’s reserves, its three-year performance is positive with an average 1.7 percent net gain.
As a nonprofit, reserves are Regence’s only source of funds for improvements, investments and paying higher than expected medical costs, such as $59.2 million for total 2014 prescription medications including Sovaldi for Hepatitis C patients.
Regence paid $21.8 million in taxes and fees, including $12.3 million to fund the Affordable Care Act, collected for the first time in 2014, plus $9.5 million for Idaho premium tax and other taxes and assessments.
Community impact. Founded in 1946 in Northern Idaho, Regence employs nearly 600 people in Boise, Lewiston, Pocatello, Twin Falls and Coeur d’Alene, driving more than $100 million in economic activity throughout the state every year, according to ECONorthwest. Additionally, Regence and its Idaho employees contributed $830,000 and 1,500 volunteer hours to nonprofit organizations in 2014.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho, based in Lewiston, has been serving Idahoans for nearly 70 years and now provides more than 140,000 members with comprehensive health insurance solutions. As a nonprofit mutual insurance company and independent licensee of the Blue Cross and Blue Shield Association, Regence is part of a family of companies dedicated to transforming health care by delivering innovative products and services that change the way consumers in Idaho and nationwide experience health care. For more information, please visit regence.com, facebook.com/regenceblueshieldofidaho or twitter.com/regenceidaho.