Anthem Blue Cross Profits Soar As Patients Postpone Care In Pandemic
By: Bruce Japesen
Health insurer Anthem's profits doubled to $2.3 billion in the second quarter as elective procedures the large health insurer pays for were postponed or delayed amid the spread of the Coronavirus strain Covid-19.
Anthem, which operates Blue Cross and Blue Shield plans in 14 states, Wednesday said net income doubled to nearly $2.3 billion in the second quarter ended June 30 compared to $1.1 billion in the year ago quarter. Revenues rose 15% to $29 billion, the company said in its earnings report.
Anthem, ConnectiCare seek premium increases for 2021 health plans
By: Jenna Carlesso
The CT Mirror
Insurance companies that sell plans on Connecticut's exchange, Access Health CT, are seeking premium increases for 2021, pointing to rising medical costs and a higher demand for services.
Anthem Health Plans has asked for a 9.9% average increase in its individual policies, which serve about 22,000 people on and off the exchange.
"The company's price calculation does account for a 7.7% impact of medical cost inflation and increased demand for those medical services, a factor known as 'trend,'" Anthem officials wrote in their request. A spokesperson for the company was not immediately available for comment Friday.
Anthem is seeking a 9.5% average increase for its small group policies, which serve 22,500 workers and their dependents on and off the exchange. Employers with 50 or fewer staff members qualify for the plans.
California Blues earned $1B ACA risk adjustment payment last year. Here's how other insurers fared
By: Paige Minemyer
Fierce Healthcare
Risk adjustment transfers totaled $10.8 billion in 2019, with some insurers on the ACA's exchanges earning substantial payouts, according to new data from the Trump administration.
The Centers for Medicare & Medicaid Services released (PDF) its annual look at the Affordable Care Act's risk adjustment program, and said that 561 insurers participated in 2019. The $10.8 billion was split evenly between payments made to insurers and payments to CMS to maintain budget neutrality.
The individual market accounted for the largest share of transfers, or about $7.98 billion.
Payments made to some insurers were significant; for example, Blue Shield of California earned more than $1 billion in risk adjustment, with the bulk coming from an $873.8 million payout for its individual market plans.
Blue Cross Blue Shield of Texas earned a payout of nearly $400 million, and Independence Blue Cross raked in about $41 million.
Health Insurers Could Post Record Profit as Patients Stay Home
By Cristin Flanagan
Second-quarter profits could prove to be the best ever for health insurance companies as delayed surgeries and doctor visits promise to keep costs in check — for now.
If analyst estimates are to be believed, industry bellwether UnitedHealth Group Inc. is poised to show record-high adjusted earnings per share when it becomes the first in the group to report quarterly results on July 15. Record-breaking profit reports may be in store for Anthem Inc. and Centene Corp. as well.
AHA: HOSPITAL LOSSES COULD TOP $323B IN 2020
Financial woes for the nation's hospitals are worsening as the coronavirus pandemic continues to surge.
By: John Commins
HealthLeaderMedia.com
The nation's hospitals, with flattened patient volumes because of the coronavirus pandemic, are projected to lose more than $20 billion a month for the rest of 2020, according to a new report today from the American Hospital Association.
Those losses, combined with an estimated $202.6 billion in red ink hospital booked between March and June, mean that hospitals could see losses of $323.1 billion or more in 2020, the report said.