BOSTON — Blue Cross Blue Shield of Massachusetts (BCBSMA) plans to establish a charitable foundation dedicated to expanding health care access. The organization, The Blue Cross Blue Shield of Massachusetts Foundation, will receive an endowment of $55 million from BCBSMA over a four-year period, the BCBSMA said.
According to BCBSMA, the foundation will broaden health care access through a combination of grants, social research, demonstration projects and advocacy, rather than financing the direct provision of care. The foundation’s board of directors will be chaired by former Regional Director of the U.S. Department of Health and Human Services, Phil Johnston, BCBSMA said. Andrew Dreyfus, executive vice president of the Massachusetts Hospital Association, will serve as the foundation’s president.
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BCSMA estimates that the foundation endowment will result in annual income of $3 million to $5 million per year.
