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.
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