Regence BlueShield paid $1.9 billion in medical care for its fully insured members in 2023, or $3,956 per member, according to unaudited figures filed today with the Washington Office of the Insurance Commissioner. The costs per member outpaced the 2023 inflation rate of 4%, representing an average increase of more than 7% for doctor visits, hospital care, medications and treatment, and other health care goods and services. The increase in member claims is primarily driven by increases in prescription drugs such as diabetic care medications. Regence continued to grow and ended 2023 serving more than 1.5 million people, including self-funded and BlueCard® members.
On total revenue of $2.28 billion, Regence had a net loss of 2.3%. Although 2023 saw growth in membership and positive investment returns, the loss is largely due to increasing health care costs. The company’s capital reserves remain strong, ensuring stable health care coverage and the ability to pay member claims.
“We work every day to help keep high-quality health care simple, accessible and affordable for the more than 1.5 million Washingtonians we serve,” said Claire Verity, president of Regence BlueShield. “Our financial stability allows us to stay focused on our mission to deliver the best health care experience for our members and customers.”
Regence incurred $66.8 million in federal and state income taxes and fees in 2023.
About the Author: This report was written for Regence.
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