2020 Annual Report: Here for It All
2020 brought unprecedented challenges to people in Michigan and around the world. We were confronted with responding to and managing a global public health crisis – the COVID-19 pandemic – that not only imperiled the health and lives of our members, but also caused waves of economic disruption impacting our customers and the health care economy in our nation. Through it all, Blue Cross Blue Shield of Michigan and our enterprise companies responded with the commitment we’ve stood behind for more than 80 years – to be here when our members, customers, providers and communities need us. Over those decades, we’ve increased access to affordable health care, enhanced patient care and improved the overall health of Michigan’s citizens. We’ll continue to be here for it all.
A MESSAGE FROM OUR PRESIDENT AND CEO
“We’ve been a trusted partner to the people of Michigan for 82 years, and we’re working harder than ever to provide protection and peace of mind. The backbone of our response to the global crisis is an unprecedented commitment of $1.3 billion to ensure access and support for members, customers, providers and communities.
Blue Cross Blue Shield of Michigan’s comprehensive response during the pandemic was possible because of the strong foundation of our business. We are the nation’s third largest Blue plan with more than 5 million members residing in all 50 states. As a nonprofit mutual insurance company, we are focused on the needs of our members, not meeting short-term expectations of shareholders.”
A MESSAGE FROM OUR CHAIRMAN OF THE BOARD
“The health care industry is always evolving, and the pandemic accelerated the pace of change. At Blue Cross we are working strategically with partners and providers to keep health insurance affordable and bring increased value to members. We continue to embrace innovation and collaboration, seek growth opportunities and partnerships, and fulfill our commitment to keeping our customers first. In 2020, we continued to experience national growth in multiple lines of business, strengthened current partnerships and formed new and innovative partnerships. Our work to serve as a trusted advisor throughout these critical times has been well-received as demonstrated by our continued growth during the pandemic.”
During the COVID-19 pandemic, we supported employer group customers of all sizes while also continuing to innovate on their behalf by launching new network and care management options.
Throughout 2020, Blue Cross worked tirelessly to provide protection and peace of mind to members. We made sure they could access the care they need, when they needed it, to stay healthy.
When the pandemic hit, our health systems, physician practices and dental and vision provider offices experienced significant disruption and financial strain. Blue Cross worked diligently to provide financial support and keep our provider partners informed and connected.
Through volunteerism, corporate contributions and a strong social mission, we worked to meet Michiganders’ needs throughout the pandemic. We continued our work to expand access to health care services, enhance the quality of care patients receive and address major health issues to create a strong, healthy future for Michigan.
Inclusion and diversity are a cornerstone of our business – which we believe should reflect and represent the communities we serve. COVID-19 shined a light on the disparities in health access and outcomes that exist in our communities – and Blue Cross is taking steps to ensure equity in health for all.
2020 FINANCIAL RESULTS
Stable health insurance membership and strong gains from our investment portfolio allowed Blue Cross to remain in a strong position to stand behind our stakeholders and communities throughout the unpredictability of 2020.