2024 Blue Cross Blue Shield of Michigan Annual Report: Accelerating Efforts to Drive Innovation and Change
Blue Daily
| 3 min read
In the face of adversity, Blue Cross Blue Shield of Michigan doesn’t quit — we move forward faster. Our resilience reflects that of the members, customers and health care providers we serve. They inspire us to power through times of challenge.
In 2024, Blue Cross persevered through national economic headwinds to continue to serve our members, customers, provider partners and communities. Due to rising health care costs and surging use of an expensive health care system, Blue Cross Blue Shield of Michigan paid $3 billion more for our members’ medical and pharmacy services in 2024 than we did in 2023.
Pharmacy claims increased by 15% – five times faster than inflation. Total claims grew by $12 million more per day. These financial pressures affected our organization in profound ways. But we remained strong and never lost sight of what matters most — our commitment to our members’ care, our communities and our social mission.
Even in difficult times, we’ve continued to earn the trust of our valued customers and members. We continually receive customer satisfaction awards, and our Medicare Advantage PPO and HMO plans both earned 4.5 out of 5 Stars in the annual CMS Star Ratings.
As a nonprofit mutual health insurer, we place service above profits and emphasize affordability of care and coverage.
Transforming faster for the future
In 2024, we introduced BCBSM Accelerated, an enterprise-wide endeavor that focuses on four key areas:
- Talent — How we build to compete today and in the future
- Technology — Delivering efficiency and value through analytics, automation and responsible artificial intelligence
- Collaboration — Being better together by promoting a culture that engages the right people, at the right time to identify solutions
- Rigor and agility — Strengthening speed, accountability and commitment to delivery
BCBSM Accelerated aims to transform our operations, introduce new technology and identify smarter ways to work. It’s a proactive approach to address the new realities facing the health care industry. And it will help uphold our commitment to providing quality products, services and support for many more years to come.
A Message from our President and CEO
As the health care landscape continues to evolve, our direction is clear and full of opportunity. We will continue to advance our mission by delivering value to our members and helping shape a more affordable, effective health care system for the future.
A Message from our Chairman of the Board
We are especially proud of Blue Cross Blue Shield of Michigan’s ability to sustain long-term focus, even amid short-term pressures. The company continues to demonstrate steady leadership and strategic discipline. Whether supporting employees through talent development, maintaining operational stability in an unprecedented environment, or delivering on its commitments to members and partners, Blue Cross remains a trusted and capable steward of health care coverage in Michigan and beyond.
2024 Financial Results
As a non-profit mutual insurer, Blue Cross Blue Shield of Michigan has been working diligently to maintain the affordability of health insurance for its members and group customers. While facing significant economic headwinds, the company has reported a loss of $1.02 billion on enterprise revenue of $40.6 billion for 2024. These losses were partly offset by strong performance from the nonprofit company’s investment portfolio.
View our 2024 financial performance and our 2024 Consolidated Financial Statements.
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