PROVIDENCE – Blue Cross & Blue Shield of Rhode Island reported an operating loss of $30 million through the first three quarters of 2024.
A continuing surge in the volume and cost of medical services – which increased $92 million over the same period last year – contributed to the loss. The increase in costs included a $63 million rise in expenses for medical care and a $29 million rise in prescription drug expenses, including the new class of drugs prescribed for weight loss and diabetes.
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The insurer said the rise in health insurance claims started last year, when Blue Cross reported a total $26 million operating loss in 2023.
Blue Cross expects the health care costs to remain higher than expected through 2025, despite efforts to manage medical and pharmacy expenses.
The insurer’s full-year earnings will be released in March.
Katie Castellani is a PBN staff writer. You may contact her at Castellani@PBN.com.
BLUE CROSS & BLUE SHIELD of Rhode Island recently reported an operating loss of $30 million through the first three quarters of 2024.
