PORTLAND, Ore. – Regence BlueCross BlueShield of Oregon paid $2.26 billion in medical care for its fully insured members in 2022, or $4,729 per member, according to unaudited figures filed today with the Oregon Division of Financial Regulation. Amid economic uncertainties and lingering pandemic-related challenges, Regence maintained its strong membership and ended 2022 serving nearly 972,000 people, including self-funded and BlueCard® members.
On total revenue of $2.66 billion, Regence had net income of 8.1 percent, which is higher than the average annual net income over the past 10 years of 3.2 percent. 2022 performance was driven by strong member retention, as well as a tax benefit related to prior years. Regence paid $102 million for COVID-19 tests and treatment in 2022 (including $57 million for fully insured claims) for members across Oregon.
Net income is placed in the company’s capital reserves to ensure stable health care coverage so Regence can continue to pay member claims. As a taxpaying nonprofit, this critical safety net is Regence’s only source of funds for investments, cyber defense and paying higher than expected medical costs.
“Being there for our members is center to everything we do. They depend on us to connect them with the care they need, backed by a strong, stable health plan,” said Renee Balsiger, vice president of sales, Regence BlueCross BlueShield of Oregon. “Our financial stability allows us to continue improving health care for nearly a million Oregonians.”
Regence paid approximately $84.4 million for federal and state income taxes and fees in 2022.
Founded in 1941, Regence and its affiliated companies employ nearly 2,300 people across Oregon, driving nearly $850 million in annual economic activity throughout the state, according to the 2020 ECONorthwest analysis. Additionally, Regence, together with its corporate foundation and employees, contributed $2.3 million to benefit Oregon nonprofit organizations in 2022.
About Regence BlueCross BlueShield of Oregon
Regence BlueCross BlueShield of Oregon, headquartered in Portland, has been serving Oregonians since 1941 and now provides nearly 972,000 people 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/regencebluecrossblueshield, or twitter.com/regenceoregon.