INDEPENDENCE BLUE CROSS REPORTS STRONG PROFITS FOR 2020 AS PATIENTS ESCHEWED MEDICAL TREATMENT DURING PANDEMIC

 

Independence Blue Cross (“IBC”) has posted its highest profit margin in a decade, reporting a net income of $622 million in 2020, almost double its 2019 net income of $321 million.  These strong profits were largely the result of declines in surgeries and elective procedures during the Pandemic as officials closed hospitals and medical offices other than for urgent care services and as patients avoided and delayed medical care.  Other health insurers throughout the country have also posted strong profits due to a decline in medical spending during the Pandemic.

IBC is the largest health insurer in Philadelphia and southeast Pennsylvania and is a licensee of the Blue Cross and Blue Shield Association. 

A link to the Philadelphia Inquirer’s April 7, 2021 article about IBC’s strong profits is linked here.