SEATTLE, Wash. – Regence BlueShield paid $1.44 billion in medical care for its fully insured members in 2015, or $3,572 per member, according to unaudited figures filed March 1 with the Washington Office of the Insurance Commissioner.
Regence spent 80.6 cents of every premium dollar for doctors, hospitals, medications and other health care goods and services.
On gross revenue of $1.78 billion, Regence had a net gain of 0.7%, or less than one penny per dollar, the majority of which came from investment income. This net income of $11.8 million is placed in the company’s capital reserves to ensure stable health care coverage for its nearly 1.1 million members.
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.
“Guided by our strong financial position and nonprofit values, Regence is delivering on our commitment to creating a better health care experience for our members across Washington,” said Don Antonucci, president of Regence BlueShield.
Regence paid $91.2 million in taxes and fees, including $42.0 million to fund the Affordable Care Act, and $22.4 million for Washington premium tax, and $26.8 million for other taxes and assessments.
Community impact. Founded in 1917, Regence and affiliated companies employ more than 1,700 people in Washington, driving more than $400 million in economic activity throughout the state, according to ECONorthwest. Regence and its Washington employees also contributed $5.5 million and 1,500 volunteer hours to nonprofits in 2015.
About Regence BlueShield
Regence BlueShield has been serving Washingtonians in select counties for nearly a century and now provides nearly 1.1 million members with comprehensive health insurance solutions. As a nonprofit 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 nationwide experience health care. For more information, please visit regence.com, facebook.com/regenceblueshieldwa or twitter.com/regencewa