Independence Blue Cross Sustains Positive Financial Results in 2011
|PR Newswire Association LLC|
IBC returned to positive financials in 2010 after two years of losses. A second year of positive results in 2011 demonstrates the company's financial stability and stems from sound investments in better serving customers, preparing for health care reform's changes, and fulfilling IBC's mission: Enhancing the health and wellness of the people and communities we serve.
"We are establishing our company as an industry leader in health care," said
"A few years ago when the overall economy was weakened and health care reform was creating uncertainty, IBC experienced financial hardship. It was critical that we regain financial stability so we could invest in the capabilities our customers expect from us and prepare for the future," said Hilferty. "Our positive 2010 results were a catalyst for our successful 2011. Today, we are proudly heading in the right direction and making great progress. However, we won't rest — we know there's more to be done in the health care system in our region."
IBC's successful 2011 was attributed to multiple factors. By developing new, more flexible, lower cost health plans, the company attracted more than 45,000 new members. Overall, IBC and its affiliated companies had 3.1 million members nationwide in 2011, a 1.4 percent increase above 2010.
To reward physicians and hospitals for providing excellent, cost-effective care, IBC enhanced its nationally-recognized physician and hospital incentive programs. At the same time the company deepened its commitment to a remarkable new patient care model, called patient-centered medical homes, that now delivers care to 500,000 members in southeastern
To expand IBC's capabilities, the company pursued relationships with like-minded organizations also focused on transforming the health care system. In
"Unlike publicly traded companies that have to reward shareholders, we invest our net income in strengthening our products and services to exceed our customers' expectations," said
Krigstein pointed out that in 2011, IBC was recognized by the
In addition, he said, in
Said Krigstein, "In 2011, we also controlled our administrative expenses, just as all our customers have had to do in this challenging economy."
Total 2011 revenues were
In 2011, IBC paid
The company's surplus for 2011 was