Blue Cross Spends Money For Affordable Care Act
RALEIGH, N.C. — Blue Cross and Blue Shield executives say the company spent $65 million more on systems projects and initiatives in 2013 than it did the year before, much of which was attributable to the Affordable Care Act.
Chief Financial Officer Gerald Petkau said Friday that North Carolina's largest health insurer spent $220 million in 2013 on projects such as preparing the operating system to handle new products and plans.
Blue Cross is one of only two carriers providing plans through the ACA and the only one in all 100 North Carolina counties.
Revenue increased to $6.4 billion in 2013 from $5.8 billion in 2012, while consolidated net income rose to almost $93 million from almost $58 million. Net income ratio was 1.4 percent, compared to 1 percent in 2012.