About Blue Cross and Blue Shield of Massachusetts, Inc.
The state's largest health insurer, Blue Cross and Blue Shield of Massachusetts (BCBSMA) covers some 2.8 million members in Massachusetts and neighboring states. The company, an independent licensee of the Blue Cross and Blue Shield Association, offers a variety of individual and employer-sponsored health care plans, including HMO, PPO, and point-of-service plans, as well as various hybrid options and personal spending accounts to cover out-of-pocket costs. BCBSMA also provides Medicare options and dental, vision, life, disability, and accident coverage. Its provider network includes about 25,000 physicians and 75 hospitals across the state. The health care firm was founded in 1937.
BCBSMA reported premium revenue of $8 billion in 2018. It paid some $7.1 billion in claims and reported net income of $159.6 million that year.
The company regularly exceeds government standards on health plan administrative spending by allocating more than 90% of every premium dollar towards medical care and quality enhancements. Less than 10% of BCBSMA's spending goes to administrative costs.
BCBSMA strives to help employer clients keep health costs down by finding ways for members to control what they spend on care. It partners with other organizations to promote health and wellness and has introduced low-cost plans and other consumer-friendly options.
The firm is expanding its value-based reimbursement model for network physicians to help improve quality while lowering costs. It is also working to extend the model to network hospitals.
BCBSMA focuses on emerging health care issues such as addressing the opioid crisis, improving patient access to affordable care, and improving end-of-life protocols. For instance, the company implemented a prescription pain medication safety program and has provided overdose toolkits and training programs to employers.
Technology is another area of improvement. BCBSMA refreshed its MyBlue web portal and app in 2018 to provide more personalized access to benefits and claims information. The company also has established partnerships with American Well to provide telehealth (remote health consultation) services and with Landmark Health to provide home health services to chronically ill patients.
101 Huntington Ave STE 1300
Boston, MA 02199-7603
Phone: 1 (617) 246-5000
Employer Type: Privately Owned
President and CEO: Andrew Dreyfus
Vice Chair: Paul Guzzi
Chair: Phyllis R. Yale
Employees (This Location): 2,600
Employees (All Locations): 2,800