BOSTON — November 13, 2020 — Blue Cross Blue Shield of Massachusetts (Blue Cross), Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. today reported a combined after-tax third quarter net income of $107.5 million on revenue of $2.0 billion, an operating income of $70.9 million and investment income of $31.7 million.
“Volatility and uncertainty continue to be the major theme as we head into the final quarter of the year,” said Chief Financial Officer Andreana Santangelo. “Our third quarter results reflect both the continued impact of COVID-19 and investment gains related to the volatile interest rate environment.”
Santangelo said the company continues to proceed cautiously while balancing the needs of its members, employer customers, clinical partners, and the community.
She noted that claims for health care services have rebounded since the second quarter and remain at or near pre-COVID levels for most services. The number of telehealth visits remain substantial but have slowed as face-to-face visits increase; currently, 25% of total visits are via telehealth - lower than the 70% the company saw earlier this year.
The company today also released new, updated data on the impact of COVID-19.
New COVID-19 Data & Trends
March-September 2020
|
Spending on COVID-19 treatment and diagnostic testing |
$200.2 million
|
|
Spending on telehealth (including waiving member cost share)
|
$406 million |
|
Telehealth visit claims
|
4.1 million |
|
Members with confirmed COVID-19
|
27,047 |
|
Members with suspected COVID-19
|
291,806 |
Blue Cross reminds its members not to defer needed care, including for chronic conditions or changes in health, and to trust their clinicians on when in-person or virtual care is appropriate. Blue Cross is covering all medically necessary covered services with in-network providers, via phone (telephonic) or virtually (telehealth), at no cost to members for the entire period of the Massachusetts public health emergency. For more information, members can visit Blue Cross’ Coronavirus Resource Center.
New support for members seeking mental health services
Blue Cross has taken significant steps to expand access to care during the COVID-19 public health emergency and has made mental health care a top priority.
This week, the company launched a new campaign to help connect members to the right mental health care, with more access and options for support. Blue Cross is offering webinars to thousands of members on depression, anxiety, the stress caused by racism, the pandemic, and many other issues, and the company’s new mental health resource center provides simple and clear information and tools that help members find the right support for their unique mental health needs.
“We’re dealing with a perfect storm right now with the combination of social isolation, worries about loved ones getting sick or dying, economic uncertainty, and racial disparities,” said Dr. Ken Duckworth, Blue Cross' senior medical director for behavioral health. “There’s never been a more critical time for our members to have access to high-quality mental health care, and we want to do everything we can to help them find the support they need.”
The new campaign follows the announcement in July of Blue Cross’ bold new initiatives to ensure members have timely access to high-quality, affordable mental health care, including offering a 50% increase in payments to child psychiatrists, permanently paying for telehealth visits at in-person rates, and offering psychiatry visits via its national telehealth platform, WellConnection. Blue Cross has consistently removed barriers and administrative burdens such as referrals and prior authorizations for all outpatient mental health care.
Blue Cross, the leading not-for-profit private health plan in Massachusetts with 2.8 million members, has invested more than $218 million to support its members, customers, clinical partners, and the community throughout the COVID-19 pandemic, including more than $100 million in premium refunds.
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (bluecrossma.org) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are committed to the relentless pursuit of quality, affordable health care with an unparalleled consumer experience. Consistent with our promise to always put our members first, we are rated among the nation’s best health plans for member satisfaction and quality. Connect with us on Facebook, Twitter, YouTube, and LinkedIn.
# # #
CONTACT:
Amy McHugh
amy.mchugh@bcbsma.com
617-246-2311