Highmark BCBS Insurance Company
Highmark BCBS Insurance Company
Fifth Avenue Place
120 Fifth Avenue
Pittsburgh, PA 15222-3099
Highmark Blue Cross and Blue Shield Insurance (BSBC) is the largest health insurance company in the area of Pennsylvania. Its goal is to supply the citizens with quality health care that is affordable. It aims to encourage and enable people to have healthier and longer lives.
It is based in Pittsburgh and has a clientele of 4.7 million members including those residing in West Virginia. These are obtained through company health care benefits. Highmark is also actively involved in community-based programs that promote a more health-conscious society. Pennsylvania enjoys a yearly $2.5 billion increase in its economy through the company’s procurement of goods and services from reliable vendors. In total and combined revenue, the company boasts an amount of $13.7 billion. It has maintained its “A” rating from A.M. Best and Standard & Poor. Corporate work force is estimated at 20,500 people with the 11,000 located in Pennsylvania. A total of $143 million was given in aid of programs that are aligned with the corporate mission. Charitable grants made possible through the Highmark Foundation gave amounts worth more than $19.5 million.
Highmark is an independent licensee of BCBA. It offers various types of insurance coverage and managed health care products. These are health plans that prioritize consumer needs and include Medicare supplemental products in Central and Western Pennsylvania, also the Lehigh Valley.
The company handles Medicare Parts A and B and other administrative functions for New Jersey, Delaware, Pennsylvania, District of Columbia (metropolitan area) and Maryland. Across the country, the company has alliances with many Blue Cross and Blue Shield agencies that facilitate processing for Medicare Part D.
Its success story started in 1930 at the time of the Great Depression. This was the start of the Blue Cross and Blue Shield movement. This was created in order to guarantee that funds would be available and accessible when it was time to pay for medical and other hospital services. The Pittsburgh-based association was responsible for sponsoring the formation of the group that would later be known as Western Pennsylvania’s Blue Cross. Founding for the Blue Shield was made possible through the support of the Pennsylvania Medical Society. Highmark was established in 1996 through the consolidation of the two Blue plans.
These plans were very unique since day one. Their structures were similar to those of traditional business ventures but were categorized as non-profit. Since there are no shareholder interests to be taken into account, margins could be placed under reserve and used to subsidize costs for members who have poor health risks. It was also possible to reinvest in the business.
At present, this serves as the clear distinction separating Highmark from for-profit corporations. This is especially true for underwriting health care coverage programs which deal with population that are at-risk.
Over the decades, the central theme of Highmark remains constant. It is to provide health care coverage which is affordable. Its mission and strategies were created to serve this purpose including the improvement of people’s general health. It works hard to help its members and the cities they serve.