Mark Farrah Associates Assessed Profit Margin Trends of Blue Cross Blue Shield Plans

Business Wire

MCMURRAY, Pa.--()--Blue Cross and Blue Shield (BCBS) organizations’ combined membership comprised 37% of total U.S. health insurance enrollment, or 119.7 million members nationwide as of September 30, 2023, based on statutory reporting. The leading BCBS affiliated insurers with over $14 billion in revenue as of September 30, 2023, include: Elevance (formerly Anthem), Health Care Service Corp. (HCSC), Guidewell Mutual Holding Group, Independence Blue Cross, and Blue Shield of CA. In the latest Healthcare Business Strategy report, Mark Farrah Associates (MFA),, analyzed profit margins of BCBS plans, comparing year-to-date performance from third quarter 2020 to third quarter 2023.

“Improved Profit Margins for Aggregate Blue Cross & Blue Shield Plans in Third Quarter 2023”

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Some highlights include:

  • Elevance Health reported the largest profit margin for top Blues plans with 4.9% in 3Q23.
  • With 54% of its enrollment through Medicaid plans, Independence Blue Cross experienced a marginal increase in profit margin from 3Q20 to 3Q21, from 1.8% to 2.1%, but decreased to 0.9% in 3Q22.
  • Health Care Service Corp. (HCSC) reported a profit margin of 3.9% in 3Q23, a slight decrease from 3Q22.

To read the FREE full text of "Improved Profit Margins for Aggregate Blue Cross & Blue Shield Plans in Third Quarter 2023", visit the Analysis Briefs library on Mark Farrah Associates' website.

Healthcare Business Strategy is a FREE monthly brief that presents analysis of important issues and developments affecting healthcare business today. If you would like to be added to our email distribution list, please submit your email to the "Subscribe to MFA Briefs" on our website.

About Mark Farrah Associates (MFA)

Mark Farrah Associates (MFA) is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Our product portfolio includes Health Coverage Portal™County Health Coverage™Medicare Business Online™Medicare Benefits Analyzer™5500 Employer Health PLUS, and Health Plans USA™. For more information about these products, refer to the informational videos and brochures, available under the Our Products section of the website ( or call 724-338-4100. Follow us on LinkedIn!


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