Health Insurance Industry Needs to Change, Says Blue Cross Chief

Join the health care revolution rather than fight it says Brad Wilson, the chief of Blue Cross and Blue Shield of North Carolina. He was in town to address the Triad Health Under writers Association – a group of health insurance companies for corporate and individual customers. “We have an unsustainable model.” Wilson endorsed the company’s message. He felt the health care industry could join hands with the insurance industry to reduce costs and improve the quality of health care.

Blue Cross and Blue Shield of North Carolina has 3.74 million customers, the state’s major health insurer in 2012 with a revenue of $5.7 million.

A report by Triangle Business Journal stated that Blue Cross and Blue Shield accounted for 41%of health insurance compared to 18% by the Greensboro based United Health Care Group.

Blue Cross and Blue Shield paid 87 cents per premium dollar to the customer and after Affordable Health Care Act it would be 90 cents. Millions would be under insurance cover.

“That is great” for Americans, he said. But “it will come at a cost.”

On October 1^st private companies will compete for customers in market place. The premiums will as a result be higher for small businesses and individuals, because everyone – even those with pre-existing illnesses are eligible.

Advertisement

Blue Cross Blue Shield want to initiate their programs in an effort to cut costs and if successful can work as a model. The insurer has joined UNC Health Care in a bid to cut costs.

He felt that Affordable Health Care was transforming health insurance and he felt it was time to change health care itself.

Advertisement

“We all need to be focused on higher quality care and lower costs,” Wilson said.

References:

Hannah Punitha (IRDA Licence Number: 2710062)

Richard M. Barron, March 2013

Source-Medindia