Daily News | Revenue is up at Independence Blue Cross, and the growth is largely coming from one area: Medicaid
The Philadelphia region’s largest health insurer is seeing a dramatic shift in its growth in an increasingly competitive market.
Annual revenue at Independence Blue Cross’s parent company has grown by an impressive two-thirds over the last five years, adding $10 billion in revenue though 2022.the Center City company’s revenue growth is its majority-owned Medicaid insurance company, AmeriHealth Caritas. The subsidiary with nationwide operations serves people who qualify for the government’s health insurance for lower income families. Itfocused mostly on Southeastern Pennsylvania and South Jersey, including the insurance that employers buy for their workers. For six years, that revenue has remained flatIBC’s uneven growth reflects broad trends in health care. Smaller employers arelower revenue for companies like Independence. At the same time, thebenefited Caritas.
This year, Independence for the first time is facing competition on its home turf from another Blue Cross Blue Shield company. Pittsburgh-based Highmark announced in January that will start selling plans that offer coverage in Southeastern Pennsylvania next year.Juan Lopez, Independence’s chief financial officer, said the company’s 85 years in the Philadelphia market put“We’re a diverse set of companies,” Lopez added. “That geographic and product diversification helps us.
An uncertainty for Caritas is how many enrollees it will lose in the coming months. The federal government recently lifted a
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