HealthLeaders-InterStudy, a leading provider of managed care market intelligence, reports that CareFirst BlueCross BlueShield, the largest healthcare insurer in the Mid-Atlantic region, has been able to attract the majority of the small- to mid-size group business in its market. According to the new report, Blue Profiler: CareFirst BlueCross BlueShield, CareFirst will also likely continue to enroll members from self-insured companies.
"Insurers in Maryland have a hard time distinguishing themselves from competitors on price because the state requires that all insurers pay hospitals about the same rate for each procedure," said Jan Shuxteau, analyst with HealthLeaders-InterStudy and author of the report. "One way that CareFirst has succeeded in this market is by providing service to self-insured companies that are not under state mandates."
According to the report, nearly 1.58 million people are enrolled in self-insured plans in Maryland. Of that group, about 44 percent are in a CareFirst plan. In Maryland, Washington, D.C. and Virginia, CareFirst has a combined self-insured membership of more than 896,000 as of January 2008.
On the financial side, CareFirst's premium revenue increased by nearly 11 percent from 2006 to 2007, from $5.28 billion to $5.86 billion, while net income rose by almost 10 percent, to $180.5 million.
Serving about 3.1 million members in Maryland, northern Virginia and the District, CareFirst is not only the largest healthcare insurer in the area, but it also is a large employer with more than 5,400 employees in the Mid-Atlantic region. Additionally, CareFirst serves more than 540,000 members of the Federal Health Benefits Program.
About Blue Profiler
Blue Profiler offers the most comprehensive analysis of the nonprofit Blue Cross Blue Shield plans. Each report focuses on an individual nonprofit Blue plan and includes valuable analysis that will allow companies to more effectively partner with these dominant organizations. Each report includes information on:
-- Competitive analysis -- Enrollment trends -- Company-wide financials -- HMO financials -- Consumer-driven products -- Medicare strategy -- Pharmacy -- Disease management About HealthLeaders-InterStudy
HealthLeaders-InterStudy, a company of Decision Resources, Inc., is the authoritative source for managed care data and analysis. For more information, please visit www.HealthLeaders-InterStudy.com .
All company, brand, or product names contained in this document may be trademarks or registered trademarks of their respective holders. For more information, contact: Elizabeth Marshall Decision Resources 781-296-2563 email@example.com
First Call Analyst:
CONTACT: Elizabeth Marshall of Decision Resources, +1-781-296-2563,
firstname.lastname@example.org, for HealthLeaders-InterStudy