Blue Cross to establish charitable foundation

BOSTON — After the most successful year in its history, Blue Cross and Blue Shield
of Massachusetts announced it will spend $55 million to create a new charitable
health care foundation. Blue Cross executives announced the organization would
distribute $3 million to $5 million a year to nonprofit groups that improve residents
access to medical services. The Boston Globe reported that William C. Van Faasen,
chief executive office for Blue Cross Blue Shield of Massachusetts predicted the
company will have achieved profits of more than $100 million in year-end results
that will be announced officially next month.