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BlueCross BlueShield of South Carolina Health Plan Offers Assurance of Long-Term Stability

March 02, 2012

Columbia, S.C. — Amid the backdrop of a challenging economy and a health care environment that continues to experience turmoil as the nation moves closer to full implementation of national health care reform, BlueCross BlueShield of South Carolina emphasizes its stability and financial health.

According to David Pankau, president and chief executive officer, we understand that our customers rely on us. He said, “We want them to understand that we have been responsible stewards of our resources. As a result, we remain financially stable and are well positioned for the future. Our year-end 2011 results show that our rate increases remained lower than the national average and our net income margin was 2.9 percent. This compares to our national, publicly traded competitors’ margins, which ranged from a low of 3.9 percent to a high of 6.7 percent.

“Moreover, we continued to work closely with provider partners on achieving the Triple Aim of improved outcomes; enhanced member and patient experience; and reduced medical costs. And, we continued our investment in community services, both through corporate sponsorships and the BlueCross BlueShield of South Carolina Foundation.”

The health plan reported net income of $60.7 million on revenue of $2.1 billion for the year ended December 31, 2011. 
The following is a list of relevant 2011 highlights:

  • A+ rating for the 10th consecutive year from the independent financial rating agency A.M. Best, only one of two plans nationwide to achieve this level of recognition
  • Continued as the state’s only health insurer to offer products across all customer segments
  • Maintained a diversified enterprise with 47 subsidiary companies
  • Engaged in negotiating financial arrangements with providers to include quality and outcome target metrics in contracts to achieve Triple Aim
  • Continued significant investment in technology upgrades
  • Demonstrated commitment to corporate citizenship through leadership participation in civic life and statewide sponsorship of programs in the areas of health and human service agencies, business, education, and the arts
  • Contributed nearly 23,000 hours in employee volunteer service, and through its foundation, donated nearly $8 million to nonprofit community organizations to improve access to health care services throughout the state

Headquartered in Columbia, S.C., and operating in South Carolina for 65 years, BlueCross BlueShield of South Carolina is an independent licensee of the Blue Cross and Blue Shield Association. The only South Carolina-owned and operated health insurance carrier, BlueCross BlueShield of South Carolina comprises more than 47 companies involved in health insurance services, U.S. DoD health program and Medicare contracts, other insurance and employee benefits services, and a philanthropic foundation that funds programs to improve health care and access to health care for South Carolinians.

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