Analysis Shows Excellus BlueCross BlueShield’s Economic Impact to Upstate NY
An economic impact analysis of Excellus BlueCross BlueShield concludes that the health plan and its parent corporation pumped $852 million into the upstate New York economy in 2015 beyond the $5.1 billion in medical benefits it paid out on behalf of 1.5 million members.
Using an economic modeling tool, the analysis shows that the company employed 5,650 people spread out across upstate New York in 2015, spending $657 million on payroll and purchases for goods and services from thousands of vendors and suppliers. This generated $195 million in indirect and induced spending that supported an additional 1,713 jobs in upstate New York.
While the upstate New York-based nonprofit company is exempt from some taxes, the corporation also reported paying $498 million in federal, state and local taxes and fees in 2015.
The analysis is summarized in an infographic that can be found at this link: https://www.excellusbcbs.com/wps/portal/xl/our/compinfo/economic/
“We’re proud to be a local health plan with national strength that serves not only our members, but also benefits upstate New York's economy and improves the overall health of our communities,” said Chris Booth, chief executive officer of Excellus BlueCross BlueShield.
Serving upstate New York for more than 80 years, Excellus BlueCross BlueShield has a long-standing commitment to improving the health of local communities. This year, a number of upstate New York initiatives supported by the health plan and its parent company are highlighted in its 2015 Annual Report of Caring, titled Doing the right thing. The report is available at: https://www.excellusbcbs.com/wps/portal/xl/our/news/annualreport/
The initiatives outlined in the report include Excellus BlueCross BlueShield’s support for the national physician-led Choosing Wisely campaign, as well as grants to local organizations to improve the community’s health.
The national BlueCross BlueShield Association highlighted Excellus BlueCross BlueShield’s Choosing Wisely campaign in its recently issued Investing in America’s Health (IAH) annual report. A copy of the report is available at http://www.bcbs.com/about-the-association/in-the-community-2016.html.