Excellus BlueCross BlueShield profit drops 43% in 2020; See how …

Feb 26, 2021 · The health insurer reported net income, or profit, of $97.2 million in 2020, down from $170.8 million in 2019. The financial results are from a report Excellus filed today with the state.

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Excellus BlueCross BlueShield Profit Drops 43% In 2020; See How …

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Excellus Made $60 Million Profit, Paid Four Executives Over

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Mar 1, 2023 · The $58.9 million profit represents 0.9% of the $6.6 billion in premium revenue the insurer collected last year. Because it is a nonprofit, Excellus puts profits into a reserve fund to cover ...

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Excellus BlueCross BlueShield’s Financial Challenges In 2023

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Mar 11, 2024 · Excellus BlueCross BlueShield, in its 2023 report, faced its first net loss since 2008, amounting to $23 million, despite maintaining a steady influx of $6.6 billion in premiums. ... Moreover, the compensation packages of the top 10 highest-paid executives at Excellus witnessed a notable surge, increasing by a staggering 41%. In response to ...

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

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Mar 4, 2024 · Excellus last failed to post a profit in 2008, when it ended the year with a net loss of $54 million. The company’s $6.6 billion in premiums collected in 2023, was unchanged from the prior year.

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

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Mar 14, 2024 · Rochester–based Excellus, Central New York’s largest health insurer, reported the net-loss figure in its annual report filed March 1 with the New York State Department of Financial Services. The 2023 net loss compares to the reported net income of $58.9 million on premium …

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Excellus BlueCross BlueShield Reports Net Loss In 2023

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Mar 4, 2024 · Excellus BlueCross BlueShield experienced a net loss of $23.2 million in 2023, as revealed in its annual report to the New York State Department of Financial Services. Despite receiving $6.6 billion in premium revenue and serving 1.5 million members, the insurer faced a significant increase in medical benefits expenses, totaling $6.2 billion.

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Excellus Made $117.6 Million Profit In 2021; See How Much Insurer …

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Mar 1, 2022 · Syracuse, N.Y. — Excellus BlueCross BlueShield reported net income, or profit, of $118 million in 2021, up from $97.2 million in 2020. The nonprofit health insurer also paid four executives more ...

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Excellus’ Annual Financial Report Reveals Pay, Net-income Data

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Mar 14, 2021 · ROCHESTER, N.Y. — The top three officers of Excellus BlueCross BlueShield, Central New York’s largest health insurer, all had seven-figure salaries in 2020. ... Excellus also noted that it paid $530.5 million in federal and state taxes in 2020. Those taxes included $112 …

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Excellus BCBS Profits Fall 50% In 2022 - Becker's Payer

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As a nonprofit, the payer aims to operate with small profit margins. Profits are invested in the company's reserve fund, which had $1.8 billion, enough to cover 100 days' operating expenses, at the end of 2022. James Reed, president and CEO of Excellus BCBS, was paid $2.2 million in …

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Excellus: $1.4B Reserves Adequate Should Coronavirus Hit Region

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Feb 28, 2020 · Rochester-based Excellus is the region's largest insurer, operating in 39 New York counties with total membership of 1.5 million. ... Excellus paid out $5.3 billion in benefits last year, and now ...

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Excellus Makes $150M Profit, Gives CEO 23 Percent Pay Raise

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Mar 1, 2019 · Insurer collected $5.7 billion in revenue in 2018. ... Excellus BlueCross BlueShield made a profit of $150 million last year and gave its top executive a 23 percent pay raise.

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Excellus BlueCross BlueShield: Revenue, Worth, Valuation

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About Excellus BlueCross BlueShield. Excellus BlueCross BlueShield is an Insurance related company based in Rochester with 4.4K employees an estimated revenue of $1.3B, and. It has 10 competitors including United Claim Solutions, Futurity First and Nassau Re.Excellus …

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FAQs about Excellus BlueCross BlueShield profit drops 43% in 2020; See how … Coupon?

How much revenue does Excellus make?

Excellus generated $6 billion in premium revenue and made a profit of $171 million ($6 billion - $5.3 billion). It has more than 1.5 million members and gained 8,400 new members in 2019, the third consecutive year its membership has grown. Although it is a nonprofit, Excellus paid $403.4 million in federal and state taxes in 2019. ...

How much profit did Excellus make in 2020?

Excellus reported a net income, or profit, of $97.2 million in 2020, down from $170.8 million in 2019. This information comes from a report Excellus filed today with the state. "No one has ever faced a year like 2020," Excellus CEO Christopher Booth said in a prepared statement. ...

How much did Excellus BlueCross BlueShield make in 2022?

Syracuse, N.Y. — Excellus BlueCross BlueShield made a profit of $58.9 million in 2022 and paid four of its top executives more than $1 million each. The $58.9 million profit, or net income, was about half the size of the $117.6 million profit the health insurer made in 2021. ...

How much in taxes did Excellus pay?

Excellus paid $403.4 million in federal and state taxes in 2019. ...

How many members does Excellus have?

Excellus has over 1.5 million members. In 2019, it gained 8,400 new members, marking the third consecutive year its membership has grown. Although Excellus is a nonprofit, it paid $403.4 million in federal and state taxes in 2019. The company had $1.4 billion in reserves at the end of 2019, up from $1.1 billion at the end of 2018. ...

How much did Excellus pay to whom?

Excellus paid $3.25 million to an entity named Booth, which is up from $3.21 million in 2019. It also paid 130 employees more than $200,000 each. Excellus reported it provided $1.25 million in grants last year to hospitals to help pay for testing supplies, testing machines and personal protective equipment. ...