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| ▲ | lotsofpulp 15 hours ago | parent [-] | | Highmark is non profit: https://projects.propublica.org/nonprofits/organizations/821... Wellmark is a mutual insurance company (profits go back to policyholders, seems not comparable to a for profit insurance business, and for this discussion, is not going to have a profit margin that results in higher costs to policyholders): https://en.wikipedia.org/wiki/Wellmark_Blue_Cross_Blue_Shiel... https://en.wikipedia.org/wiki/Mutual_insurance >Mind you a few of the "non-profit" BCBS licensees have been sued over claims that they ought not be considered not-for-profit. I see no successful lawsuits, though. Still seems like Elevance is the only for profit BCBS licensee. >In 2014, BC/BS of Illinois (Health Care Service Corporation) was sued over its nonprofit status. The lawsuit was dismissed, with prejudice, and the dismissal ruling was upheld on appeal.[62] Similar suits occurred with similar results in other states such as Oregon.[63] | | |
| ▲ | inferiorhuman 15 hours ago | parent [-] | | To be clear if Elevance is the only remaining for-profit BCBS licensee it's because they bought the others. Highmark got labeled as for-profit on its Wikipedia entry likely because they own a variety of for-profit companies including e.g. Highmark BCBSD Inc. and Celtic Hospice LLC. https://projects.propublica.org/nonprofits/organizations/453... | | |
| ▲ | lotsofpulp 14 hours ago | parent [-] | | But Highmark, the parent organization, is still a non profit. Based on their revenue and expenses on their 990 going back a decade, the entire organization is not delivering profit to any owners, it’s just spending money earned in its for profit subsidiaries elsewhere in its org. Specifics aside, I think it is conclusively shown that no health insurance / managed care organization earns a ton of profit margin. No one is going to become billionaire rich by starting up a managed care organization, because they will spend almost all they earn. It’s such a low profit margin business, that Buffett, Dimon, and Bezos abandoned it: https://www.healthcarefinancenews.com/news/haven-disbands-en... | | |
| ▲ | inferiorhuman 13 hours ago | parent [-] | | But Highmark, the parent organization, is still a non profit.
So? The Mozilla Foundation is non-profit but Mozilla Corporation is for profit. They're delivering profit, just with an added layer of indirection. In this case the Highmark parent is technically a non-profit but e.g. Highmark BCBSD, the Delaware arm, is a for profit BCBS licensee. | | |
| ▲ | lotsofpulp 13 hours ago | parent [-] | | > They're delivering profit To who? Are there shareholders profiting? Employees on the take? > Unlike the non-profit Mozilla Foundation, and the Mozilla open source project, founded by the now defunct Netscape Communications Corporation, the Mozilla Corporation is a taxable entity. The Mozilla Corporation reinvests all of its profits back into the Mozilla projects. https://en.wikipedia.org/wiki/Mozilla_Corporation It’s the same with Highmark, assuming there isn’t massive fraud happening. |
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