The headline may sound fictional — but it really isn’t. It’s actually a compilation of two articles that appeared just one week apart earlier this month.
The first was a press release from the Blue Cross Blue Shield Association (BCBSA) — the parent organization of the 37 independent Blue Cross Blue Shield companies around the country.
Initial reports from the survey [of BCBS companies] show savings of $500 million in 2012. BCBSA Press Release — July 9, 2014
The second article appeared earlier this week based on state filings by BlueCross BlueShield of Tennessee (BCBST).
BlueCross BlueShield of Tennessee — the state’s dominant health insurance provider — is asking to raise rates by an average of 19 percent for its exchange plans in 2015, according to documents filed with the state of Tennessee. The Tennessean — July 16, 2014
In effect, the move to “value-based” care has resulted in $500 million in “savings” across the 37 independent BCBSA companies, but at least one of the 37 — BlueCross BlueShield of Tennessee — still needs a rate increase of 19% for 2015 to stop hemorrhaging millions per month.