Arkansas BlueCross BlueShield Health Insurance
Has been operating since 1948, and has become the largest health insurance company in the state, service well over 825,000 residents. The largest group life insurer in the state, USAble Life, is a subsidiary of Blue Cross Blue Shield of Arkansas, and has over $6.8 billion in force. The company is made up of 2,200 employees, and serves approximately one quarter of the population of Arkansas. On average, the Arkansas Blue Cross and Blue Shield Plans combined with all 38 other independent licensee's make up one of the largest health insurance companies in America, serving about one third of Americans. Arkansas BlueCross and BlueShield offers insurance coverage to individuals as well as groups, and families. Arkansas Blue Cross also offers plans for dental insurance for individuals, families and groups. There are seven regions which the company operates in within Arkansas. These areas are fully staffed regions, and all provide customer service, provider services, and medical management.
The proud vision at Arkansas BlueCross and BlueShield is to be the leader of health care financing solutions and to be able to provide service and information that can go towards improving the health of all in the community. The mission at Arkansas Blue Cross is to be able to provide the best value of health care and products to all families, individuals and organizations. The services include life insurance, and financing products. The products, packages and plans have been formed to provide members with confidence, high quality of life, and peace of mind.
The strength that Arkansas Blue Cross has is formed because they are independent, not-for-profit organization that is dedicated to providing the community with comprehensive and affordable health care insurance. This organization is financially strong, and maintains this strength solely for the purpose to maintaining a long term, beneficial relationship with the community, and not for profit gain. The most important concern of Arkansas Blue Cross is to have a system that protects the community at large and the future of it.
This is made possible by the owners of the company, which are the members themselves, and so all decisions are made in the best interest of the members themselves. There is also an emphasis on knowledge, and so all members are encouraged to get as much information as they can, so that they are able to make informed health and financial decisions.
The employees of Arkansas Blue Cross work in an environment that encourages growth, flexibility, excellence and teamwork, as well as accountability and responsibility. There is an understanding that work is a major part of everyone’s lives, and it should be a rewarding and fulfilling experience at all times. Building long-term and stable relationships with doctors, specialists, hospitals and others is very important to Blue Cross and Blue Shield of Arkansas, as it fosters a positive collaboration and the best care possible. These good relationships are evident in the mutual interest for the highest quality of care and the members themselves.
All operations are known to be of high standards, honest, and equitable, and there is a sense that corporate citizenship is an important part of improving the quality of life that Arkansas residents have. A big part of this is learning from mistakes, being innovative, and priding themselves on their successes. Arkansas Blue Cross and Blue Shield operates differently from other commercial insurers. To start, it is a not-for-profit, mutual insurance organization, and all of the premiums collected are paid back at an extremely high rate. On average, about 85% of what members pay go back into their health claims, and the rest, about 15% is used to pay operating expenses, such as salaries, and reserve funds which are lawfully maintained.
The company is owned not by stock holders, but by the policy holders themselves, and therefore is a mutual insurance company. Premiums are used as effectively as possible, keeping the business stable and claims reimbursed, rather than kept as profit. All excess funds are kept as a part of the reserve. This is the money that non-profit insurance companies must have, as a way of saving for unpredictable future needs.
Arkansas Blue Cross and Blue Shield Quick Facts
- The company was founded in 1948
- There are 2550 employees
- The coverage area is the state of Arkansas
- There are about 413,480 members
- The network is made up of 8,205 physicians and other providers, and 115 hospitals.
What makes Blue Cross Blue Shield of Arkansas different from all the other commercial insurance companies is that it's a non-profit insurance company. Nearly all the money that is collected from premiums is used to pay back to the individuals for benefits, and the other 15% of the premium covers the companies operating costs. Blue Cross Blue Shield of Arkansas is owned by its policy-holders rather than stockholders. For this reason, all premiums are used to pay back claims and maintaining the company financially, rather than to pay stock dividends and profit. All excess funds are used to pay off future claims, and kept in holding to ensure that the company is able to function smoothly at all times.
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