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Blues double net income for 2003 to $368M; Insurer to use money to boost $1.5B reserves.

Publication: Crain's Detroit Business
Publication Date: 01-MAR-04 		Format: Online - approximately 604 words
Delivery: Immediate Online Access

Article Excerpt
Byline: Katie Merx

Blue Cross Blue Shield of Michigan more than doubled its net income in 2003 thanks to administrative cost cuts, lower-than-expected medical costs and improved earnings by the Blues' health maintenance organization.

The nonprofit health insurer posted net income of $367.7 million on revenue of $13.7 billion in 2003. That compares with net income of $161.4 million on revenue of $12.6 billion in 2002.

The company saved $62.9 million by reducing staff through attrition and making other administrative cuts, said Blues CFO Mark Bartlett.

It also saved...

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