BOISE – Regence BlueShield of Idaho paid $369.9 million in medical care for its fully insured members in 2015, or $3,469 per member, according to unaudited figures filed March 1 with the Idaho Department of Insurance.
Regence spent 85.3 cents of every premium dollar for doctors, hospitals, medications and other health care goods and services.
“Maintaining our financial stability ensures that we have the strength and resources to serve members over the long-term,” said Scott Kreiling, president of Regence BlueShield of Idaho. “As we enter our 70th year in Idaho, Regence remains focused on helping consumers access quality care at an affordable price.”
On gross revenue of $433.4 million Regence’s net results came within 3.4 percent of its target after paying claims and administrative costs, including taxes and fees. While Regence had a net loss of $10.2 million for 2015 that was paid out of the company’s reserves, its five-year performance is positive with an average 0.5 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 high dollar specialty drugs.
Regence paid $17.5 million in taxes and fees, including $11.3 million to fund the Affordable Care Act and $5.1 million for Idaho premium tax.
Community impact. Founded in 1946 in Northern Idaho, Regence employs more than 550 people in Boise, Lewiston, Pocatello 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 $730,000 and nearly 1,200 volunteer hours to nonprofit organizations in 2015.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho, based in Lewiston, has been serving Idahoans for 70 years and now provides more than 133,000 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