Blue Cross thiab Blue Shield ntawm Minnesota Tshaj Qhia 2023 Cov Txiaj Ntsig Tau Los Fab Nyiaj Txiag

EAGAN, Minn. (April 1, 2024) – Blue Cross and Blue Shield of Minnesota (Blue Cross) today announced a summary of financial results at the parent company level for 2023. The organization reported operating income of $103.7 million on $15.3 billion in total revenue, for an operating margin of less than 1 percent.

"I am pleased with our financial performance for 2023, as our results underscore our proven capabilities to operate as a responsible and sustainable health organization across increasingly competitive markets," said Dana Erickson, president and CEO of Blue Cross and Blue Shield of Minnesota. "In a year marked by higher-than-average utilization of health care services, we were still able to advance numerous initiatives tied to our key goals of expanded access and affordability and maintain our overall top market share. Our modest margins allow for the continued reinvestment in infrastructure and capabilities designed to serve all of our members and communities."

Financial results for 2023 are inclusive of all businesses operating under Aware Integrated, Inc. (AII), the nonprofit corporation and parent organization for Blue Cross, Blue Plus and additional for-profit subsidiaries (including Coupe Health) that offer health products and services. AII also includes premium equivalent dollars administered by Blue Cross for select self-insured ERISA benefit plans offered by national corporations headquartered in Minnesota.

For 2023, AII administered a total of $13.8 billion in medical claim payments, with approximately 90 cents of every premium dollar going directly to cover members' health care costs. Additionally, the organization paid more than $63 million in taxes, assessments and surcharges. Total member enrollment for the year ended at approximately 2.5 million. As a taxable, nonprofit organization, Blue Cross participates in all markets to serve Minnesotans. From 2019-2023, AII maintained an average operating margin of 1.2 percent.

2023 Social Impact Highlights

In living the organization's mission of paving the way for everyone to achieve their healthiest life, Blue Cross aligns its work to advance racial and health equity. In 2023, Blue Cross provided $16.5 million in community investments to address key drivers of health in the community, from physical environments to social and economic factors like income, community safety, housing, education and food security.

Additionally, Blue Cross associates donated nearly 13,800 hours to charitable organizations through the company’s volunteer paid time-off policy, in which associates have 20 hours each year to give back to the community in ways that are meaningful to them. The complete 2023 Report to the Community can be found at Bluecrossmn.com/SocialImpact.