Excellus posts $23M year-end loss as net income plummets

Mar 4, 2024 · The region's largest insurer blames increasing prescription drug prices as well as high-cost hospital stays and more outpatient surgeries as the community emerges from the …

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Excellus Posts $23M Year-end Loss As Net Income Plummets

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Mar 4, 2024 · The region's largest insurer blames increasing prescription drug prices as well as high-cost hospital stays and more outpatient surgeries as the community emerges from the …

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Excellus Posts 2023 Net Loss Of $23M After Rise In Insurance Usage

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Mar 14, 2024 · ROCHESTER — Excellus BlueCross BlueShield reported a net loss of more than $23 million for 2023, which it primarily attributed to a $271 million increase in medical benefits …

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Excellus BCBS Posts First Loss In 15 Years - Becker's Payer

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Mar 5, 2024 · Excellus BlueCross BlueShield reported a net loss of $23 million in 2023, its first loss since 2008, NPR affiliate WXXI reported March 4. Excellus President and CEO Jim Reed …

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Excellus Seeks 19.5% Rate Increase For 2025 - WXXI News

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Jun 7, 2024 · The rate increase is estimated to affect 11% of its members across upstate New York, or roughly 167,000 policyholders — mainly small businesses. Excellus blamed rising …

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Excellus Seeks 19.5% Rate Increase For 2025 - WRVO Public Media

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Jun 7, 2024 · Excellus BlueCross Blue Shield is seeking an average rate increase of 19.5% for individual and small group members. The rate increase is estimated to affect 11% of its …

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Drug Prices Inflated By $7.3 Billion, Says FTC - USA TODAY

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Jan 15, 2025 · From 2017 to 2022, the companies marked up prices at their pharmacies by hundreds or thousands of percent, netting them $7.3 billion in revenue.

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Excellus To Raise Rates For Some Customers Amid Healthcare …

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Oct 12, 2024 · Excellus Blue Cross Blue Shield is set to increase premiums for about 12% of its customers after receiving approval from New York State regulators. Rates for individual plans …

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FAQs about Excellus posts $23M year-end loss as net income plummets Coupon?

Are drug prices going up?

Nearly all of the drug price increases are below 10% — most well below. The median price increase of the drugs being hiked Jan. 1 is 4.5%, which is in line with the median for all price increases last year. The increases are to list prices, which do not include rebates to pharmacy benefit managers and other discounts. ...

Which companies offer OTC benefits in Excellus BlueCross BlueShield?

Convey is an independent company offering OTC benefits in the Excellus BlueCross BlueShield service area. FitOn Health is an independent company offering members a fitness benefit. TruHearing® is an independent company offering a network of audiologists and hearing aid providers. ...

Does Excellus BlueCross BlueShield have a Medicare contract?

Excellus BlueCross BlueShield contracts with the Federal Government and is a PPO plan with a Medicare contract. Enrollment in Excellus BlueCross BlueShield depends on contract renewal. The benefit information provided is a summary of what we cover and what you pay. It does not list every service that we cover or list every limitation or exclusion. ...

Will drug prices increase in January?

More drug price increases are likely to be announced by other drugmakers over the course of January — historically the biggest month for drugmakers to raise prices. Pfizer raised prices of the most drugs on the latest list — more than 60 drugs. ...

What services does Excellus BlueCross BlueShield cover?

This is a summary of drug and health services covered by Excellus BlueCross BlueShield. Excellus BlueCross BlueShield contracts with the Federal Government and is a PPO plan with a Medicare contract. Enrollment in Excellus BlueCross BlueShield depends on contract renewal. ...

Why did Pfizer increase list prices in 2025?

"Pfizer has adjusted the average list prices of our medicines and vaccines for 2025 below the overall rate of inflation — approximately 2.4% — across many products in our diverse product portfolio," Pfizer spokesperson Amy Rose said in an email. She said the increases help support investments in drug development and offset costs. ...