The affiliation will go by the Cambia Health Solutions name and Blue Cross North Carolina CEO and President Patrick Conway will take over as CEO of Cambia, in addition to his existing role. "Together, we have the power to accelerate transformation, be a model for what is possible and positively impact the lives of those we serve". Both are not-for-profits with a Blue Cross Blue Shield history. About 2.6 million people are enrolled in Cambia's health plans in the Pacific Northwest, while Blue Cross NC boasts 1 million members in North Carolina.
The parent company of Illinois' largest health insurer, Blue Cross and Blue Shield of IL, made a profit of $4.1 billion last year - more than three times as much as it did the year before, according to recent financial statements.
Through that collaboration, executives discovered that the two companies share a similar vision and culture.
The two companies have worked together previously, forming Echo Health Ventures, which invests in health care companies.
Cambia isn't just a health insurer. Cambia will benefit from the increased scale where technology can be applied and Blue Cross of NC gains access to Cambia's technology and experience.
It's been a rough couple years for the health insurance industry. Conway joined Blue Cross NC in 2017, after working in administration at the Centers for Medicare and Medicaid Services.
The two companies, with total net revenue of almost $16 billion, will maintain separate headquarters, names and health plans but they'll combine management, administrative, operational and other corporate services under the Cambia Health Solutions name.
In what the parties are dubbing a "strategic affiliation", the companies will share management, administrative, operational, and other corporate services.
Headquarters will be located in both Durham, North Carolina, and Portland, Oregon.
Blue Cross NC will retain its own separate board and name, and the two companies will retain their separate, tax-paying, not-for-profit corporate structures. Through the transition to the strategic affiliation, members, employers and providers will continue to receive the same high-quality service they have come to expect. Cambia operates Regence BlueCross BlueShield of Oregon, Regence BlueShield in Washington, Regence BlueShield of Idaho and Regence BlueCross BlueShield of Utah.
Cambia Health Solutions, Inc.is the fifth largest health insurance group in Washington state with 11.46 percent of the state-regulated market and approximately 530,000 enrollees. We are a family of more than 20 companies that work together to make the health care system more economically sustainable and efficient for people and their families. To learn more about us, visit CambiaHealth.com or Twitter.com/cambia.
The largest insurance company in North Carolina is expanding.
Though the costs of health insurance remain a worry for many IL residents, Blue Cross and Blue Shield of IL actually lowered average premiums for many of its plans for individuals who buy insurance through the Obamacare exchange this year.
Blue Cross and Blue Shield of IL is, by far, the dominant insurer in the state. All other marks are the property of their respective owners.