CareFirst BlueCross BlueShield

Last updated
CareFirst BlueCross BlueShield
Industry Managed care
Founded1937;87 years ago (1937)
Headquarters Baltimore, Maryland
Washington, D.C.
Area served
 Baltimore
Washington metropolitan area
Key people
Brian D. Pieninck (President & CEO)
Products Health insurance, Medigap
Revenue$10.1 billion
$240 million
Number of employees
8,480
Website www.carefirst.com
Footnotes /references
[1]

CareFirst BlueCross BlueShield is a health insurance provider serving 3.5 million individuals and groups in Maryland and the Washington metropolitan area. It has dual headquarters in Baltimore, Maryland and Washington, D.C. [2] [3] It is a nonprofit organization and an independent licensee of the Blue Cross Blue Shield Association. [4]

Contents

The company has a 75 percent market share in Maryland. [5] It also serves more than 626,000 members in the Federal Employees Health Benefits Program. [1]

History

The history of CareFirst BlueCross BlueShield can be traced back to 1934 when a hospital association in Washington, D.C. formed Group Hospitalization, Inc. In 1942, the company was sanctioned to use the Blue Cross service mark, and in 1951 became a full participating member of the Blue Cross system. [6] In 1969, Maryland Hospital Service, Inc. (Blue Cross) and Maryland Medical Service (Blue Shield) changed their names to Maryland Blue Cross and Maryland Blue Shield. [6] In 1998, the Maryland and District of Columbia companies merged to form CareFirst BlueCross BlueShield. [6] [7]

In July 2000, CareFirst announced that it was leaving the Medicare HMO marketplace at the end of the year. [8] In 2001, Wellpoint (now Anthem) offered to acquire the company for $1.37 billion, including $119 million in bonuses to Carefirst executives. [9] In 2003, the offer was rejected by the Maryland insurance commissioner. [10]

In 2013, CareFirst partnered with Cognizant to provide its members with information access and management of health coverage via smartphones and tablets using mobile technology. [11] In May 2015, the company announced that a cyber attack in June 2014 compromised the data of 1.1 million current and former members. The breach did not include Social Security numbers, medical claims, employment, credit card or financial information, and CareFirst subsequently blocked member access to these accounts and requested members create new user names and passwords. [12]

During the COVID-19 pandemic, CareFirst contributed $8 million to organizations on the front lines for COVID-19 relief, recovery and equitable vaccination efforts for communities in the region of Maryland. [13] The company also covered services that are medically necessary for any of their members that are diagnosed with COVID-19. [14] In early 2021, the company began providing Medicaid and Medicare Advantage options to consumers. [15] In 2021, CareFirst dedicated $10.5 million toward addressing the root causes of diabetes in certain regional communities. [16] The company also launched Better Together, a public health campaign urging people to get COVID-19 vaccines. [17] In October 2021, the company launched CloseKnit, a virtual primary care practice providing a variety of care services including behavioral health services and care coordination. [18] [19]

Management

In 2018, Brian D. Pieninck was named Chief Executive Officer. [5] In April 2021, CareFirst appointed Dr. Tich Changamire as its new Chief Medical Officer. [20]

Partnerships

In October 2019, CareFirst partnered with Halcyon, an incubator program, to financially support healthcare startups. [21] In September 2020, the company partnered with MedStar Health to provide value-based health care to communities. [22] In August 2021, the company collaborated with Pittsburgh, PA-based healthcare provider Highmark to offer health insurance designed specifically for labor unions and members. [23]

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References

  1. 1 2 "Company Overview". Carefirst.
  2. ↑ Eddy, Nathan. "CareFirst BlueCross BlueShield requires workforce get vaccinated". Healthcare Finance News.
  3. ↑ Berinato, Chris (16 August 2021). "CareFirst BlueCross BlueShield will require COVID vaccine for its workers". WBFF .
  4. ↑ Staff (22 September 2021). "Loyola Md. receives $50K CareFirst grant to expand health equity services". Daily Record (Maryland) .
  5. 1 2 Eichensehr, Morgan (May 23, 2018). "CareFirst promotes from within to fill CEO post". American City Business Journals .
  6. 1 2 3 "Our History". Carefirst.
  7. ↑ Salganik, M. William (January 1, 2002). "CareFirst pays well as a nonprofit". The Baltimore Sun .
  8. ↑ Graham, Scott (8 April 2002). "CareFirst CEO fighting for merger's future". Baltimore Business Journal. Archived from the original on 2004-05-20.
  9. ↑ Graham, Scott (November 21, 2001). "WellPoint to acquire CareFirst BlueCross BlueShield". American City Business Journals .
  10. ↑ Page, Leigh (March 6, 2003). "Maryland insurance commissioner rejects WellPoint acquisition of CareFirst". Modern Healthcare .
  11. ↑ Finance Staff (August 19, 2013). "CareFirst to offer mobile apps to manage health". Healthcare Finance.
  12. ↑ "CareFirst Says Cyber Attack Stole Data of 1.1 Million Users". Vox Media. Reuters. May 20, 2015.
  13. ↑ Staff (5 October 2021). "CareFirst BlueCross BlueShield invests an additional $2.2M in COVID-19 relief and equitable vaccine efforts". State of Reform.
  14. ↑ Pennic, Fred (8 March 2020). "CareFirst Will Cover Medically Necessary Diagnostic Tests for COVID-19". hitconsultant.net.
  15. ↑ Eichensehr, Morgan (26 November 2018). "CareFirst weighs rejoining Medicaid, Medicare Advantage markets after nearly 20-year absence". Baltimore Business Journal.
  16. ↑ Eichensehr, Morgan (January 28, 2021). "CareFirst to dedicate over $10 million to address 'root causes' of diabetes". Baltimore Business Journal .
  17. ↑ "CareFirst launches 'Better Together' public health campaign". Greater Baltimore Committee. 22 February 2021.
  18. ↑ Babcock, Stephen (25 October 2021). "CareFirst launched a virtual primary care practice. It's the first new company from the health insurer's innovation team". Technical.ly Baltimore.
  19. ↑ Eichensehr, Morgan (September 16, 2021). "Health insurer CareFirst launches new virtual primary care company". Baltimore Business Journal .
  20. ↑ Staff, Daily Record (2021-04-30). "Dr. Tich Changamire | CareFirst". Maryland Daily Record. Retrieved 2021-05-09.
  21. ↑ Gilgore, Sara (14 October 2019). "CareFirst, Halcyon team up to advance more health care startups". Washington Business Journal.
  22. ↑ Minemyer, Paige (September 16, 2020). "CareFirst, MedStar launch multiyear value-based care partnership". Fierce Healthcare.
  23. ↑ Staff (August 31, 2021). "CareFirst and Highmark introduce Union Blue". www.highmark.com.
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