Thursday, September 06, 2007
Bad, Bad Blue Cross
I have read many viewpoints regarding the tug of war between Moses Cone and Blue Cross Blue Shield, but I think Karl Fields gets it right in today's News & Record.
He illuminates two important facts - Moses Cone shows its commitment to community and patients by treating thousands without insurance each year, and BCBS' executives have demonstrated their greed publicly in the past.
BCBS' attempt to convert from not-for-profit to for-profit a few years ago bordered on criminal behavior. The billion dollar net worth of the company was accumulated with essentially no income tax paid, so any conversion to for-profit status had to be to the benefit of the public. Instead, it was a raw cash grab by the executives that would have led to increased premiums and greater numbers of uninsured in North Carolina.
It was a despicable move a few years ago, and it leaves Blue Cross with no credibility today when it tries to put the blame on Moses Cone.
He illuminates two important facts - Moses Cone shows its commitment to community and patients by treating thousands without insurance each year, and BCBS' executives have demonstrated their greed publicly in the past.
BCBS' attempt to convert from not-for-profit to for-profit a few years ago bordered on criminal behavior. The billion dollar net worth of the company was accumulated with essentially no income tax paid, so any conversion to for-profit status had to be to the benefit of the public. Instead, it was a raw cash grab by the executives that would have led to increased premiums and greater numbers of uninsured in North Carolina.
It was a despicable move a few years ago, and it leaves Blue Cross with no credibility today when it tries to put the blame on Moses Cone.
