BOISE – Regence BlueShield of Idaho paid $370 million in medical care for its fully insured members in 2017, or $3,476 per member, according to unaudited figures filed March 1 with the Idaho Department of Insurance.
Regence spent nearly 80 cents of every premium dollar received from members for doctor visits, hospital care, medications and other health care goods and services. The nonprofit health insurer grew total enrollment, including self-funded membership, by 2,287 members.
On gross revenue of $467 million, Regence Idaho had a net gain of 5.9 percent, or less than six cents per premium dollar. This net gain was driven in large part by lower than expected claims—a trend broadly experienced across the health insurance industry—as well as by operational efficiencies and responsible cost stewardship. Over the past 10 years, Regence’s net gain has averaged 0.9 percent.
Net returns are placed in the company’s capital reserves to ensure stable health care coverage for its total membership, including self-funded enrollment, of more than 140,000 members. As a nonprofit, this is Regence’s only source of funds for improvements, investments and paying for higher than expected medical costs such as high-cost specialty drugs.
“Regence’s financial stability is a testament to our more than 70 years of experience navigating changes in our industry,” said Scott Kreiling, president of Regence BlueShield of Idaho. “2017 results help offset recently challenging financial years, ensuring that we are strongly positioned to continue offering high-quality, affordable care to Idahoans while making investments to improve their health care experiences.”
Regence incurred $26.3 million in taxes and fees in 2017, which includes federal and state income tax.
Community impact. Founded in 1946 in northern Idaho, Regence employs more than 630 people in Boise, Lewiston, Pocatello and Coeur d’Alene, driving more than $68 million in economic activity throughout the state every year, according to ECONorthwest. Additionally, Regence and its Idaho employees contributed more than $700,000 and more than 2,600 volunteer hours to nonprofit organizations in 2017.
About Regence BlueShield of Idaho
Regence BlueShield of Idaho, based in Lewiston, has been serving Idahoans for 72 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.