March 06, 2015 1:51 AM ET

Insurance

Company Overview of Blue Cross and Blue Shield of Massachusetts, Inc.

Company Overview

Blue Cross and Blue Shield of Massachusetts, Inc. provides health insurance services for individuals, families, and businesses in Massachusetts. It offers insurance, pharmacy coverage, and Medicare plans for seniors; life and disability insurance; and insurance for individuals. The company also provides individual health plans, vision insurance, federal employee plans, and dental plans. In addition, it operates a plan education center that caters to health insurance related queries. Blue Cross and Blue Shield of Massachusetts, Inc. was formerly known as Blue Cross and changed its name to Blue Cross and Blue Shield of Massachusetts, Inc. in 1988. The company was founded in 1937 and is based i...

401 Park Drive

Landmark Center

Boston, MA 02215-3326

United States

Founded in 1937

Phone:

617-246-5000

Fax:

617-832-4832

Key Executives for Blue Cross and Blue Shield of Massachusetts, Inc.

Chief Executive Officer, President and Director
Chief Financial Officer and Executive Vice President
Chief Operating Officer
Chief Executive Officer of Zaffre Investments and President of Zaffre Investments
Chief Information Officer and Senior Vice President
Compensation as of Fiscal Year 2014.

Blue Cross and Blue Shield of Massachusetts, Inc. Key Developments

Blue Cross Blue Shield of Massachusetts, Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. Reports Combined Earnings Results for the Third Quarter of 2014

Blue Cross Blue Shield of Massachusetts, Inc. and Blue Cross Blue Shield of Massachusetts HMO Blue, Inc. reported combined earnings results for the third quarter of 2014. The companies reported an after-tax net income of $30 million in the third quarter. The results reflect an operating loss of $4.3 million.

Texas Woman Alleges Blue Cross Blue Shield Wrongfully Denied Her Claim for Spinal Surgery That Occurred in 2013 in Germany

A Texas woman alleged Blue Cross Blue Shield wrongfully denied her claim for spinal surgery that occurred in 2013 in Germany. According to the lawsuit filed in Travis County District Court by Kerri Kirby, Blue Cross initially approved the procedure that was scheduled to be performed by a German physician who was a member of the insurer's international preferred provider network. However, after Kirby underwent the procedure, Blue Cross rejected a claim for $68,000 in medical expenses, asserting Kirby's policy does not cover 'medical tourism.' Kirby claims she elected to have the surgery performed in Germany because doctors in Texas told her their procedure would result in long-term deficits. The lawsuit alleges the procedure in Germany resulted in no permanent problems. The lawsuit alleges breach of contract and violations of the Texas Insurance Code.

Blue Cross Blue Shield of Massachusetts Announces Board Changes

Blue Cross Blue Shield of Massachusetts has elected Phyllis R. Yale as its new Chair of the Board. Seasoned financial executive Paula A. Price has also been elected as a new Board member. The election of Ms. Yale as Chair and the addition of Ms. Price demonstrate BCBSMA's commitment to creating a diverse and inclusive environment to serve its nearly 3 million members. The company also announced that William C. 'Bill' Van Faasen will become Chair Emeritus. In this newly created unpaid role, Mr. Van Faasen will continue to serve as an important advisor to BCBSMA, though he will step away from his formal responsibilities as a member of the Board. Mr. Van Faasen has served in leadership roles at BCBSMA for nearly 25 years. Most recently, he was the company's Chairman of the Board. Prior to that he served as President and CEO from 1992- 2005 and was Chairman from 2002-2007. He served as interim President and CEO from March to September 2010. Phyllis R. Yale is an Advisory Partner in Bain & Company's Boston office. She joined the firm in 1982, was elected to the partnership in 1987, is the former Boston Office Head and has been a leader in building Bain's Global Healthcare Practice for over 25 years. Over her career, Ms. Yale has led work with clients on issues including competitive strategy development, marketing strategy implementation, cost/quality management, and mergers and acquisitions. Paula A. Price has been appointed full-time Senior Lecturer at Harvard Business School in the Accounting and Management Unit starting July 2014. She served as Executive Vice President and Chief Financial Officer of Ahold USA until January 2014, having joined the company in 2009.

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