Blue Cross and Blue Shield of Minnesota published their audited financial reports for 2020. It was reported that the organization had an operating income of around $128 million on $13.2 billion in total revenue. Audited results of 2020 included the consolidated financial statements for businesses operating under Aware Integrated Inc (AII), a non-profit enterprise and parent group.
- For 2020, AII paid out $11.5 billion medical claims payments, which approximately represented 87% of every premium dollar going directly to cover members’ health care costs. Along with it, BCBS paid more than $133 million in taxes, evaluations, and surtaxes.
- Jay Matushak, Senior Vice President and Chief Financial Officer at BCBS said, “ Our focus throughout this past year was on doing what is best for our members’ health and wellbeing throughout the Covid19 pandemic. Under such unusual circumstances, we were able to remain financially strong and stable; advance our strategic imperatives, and make critical investments throughout the state in support of our valued community partners”.
- BCBS had sanctified more than 150 million dollars in premiums relief credits, premium, and accelerated payments directed at members, employers, and healthcare to bring stabilization health plan coverage and access which is needed by medical care during a public health crisis and economic downturn.
- Blue cross also had deployed community health workers in Ramsey, Dakota, and Hennepin counties to bridge cultural and language barriers. Along with it Blue Cross also had contracted a housing flex fund to support county and community-led housing stability efforts.