2023 Annual Report: A Message from Our Chairman of the Board
Gregory A. Sudderth
| 2 min read
Gregory A. Sudderth is chairman of the board at Blue...
Blue Cross Blue Shield of Michigan is constantly evolving to ensure we remain a valued and trusted partner to our stakeholders and a mainstay in the state’s health care ecosystem.
While the health care industry experienced rapid change in 2023, our company remained strong: We have more than 5 million members in all 50 states and are one of the nation’s 10-largest insurers.
Financial Strength
We aim to achieve small positive annual operating margins to ensure sustainability and our ability to reinvest to improve our business operations, support our social mission commitments, and promote affordable health insurance for our members and customers.
Key measures demonstrate our financial strength. For a fifth consecutive year, BCBSM received a financial rating of “A (Excellent) Stable” by AM Best, a nationally recognized ratings agency. The margins on our health care business have averaged -0.2% over the past decade, which is within our target range.
Another reason we can keep health care affordable for our members is because we have been able to successfully diversify beyond health care coverage. Additional revenue streams contribute to our financial strength and stability during challenging times in our industry.
Employees inspired to serve
While our company is financially sound, our strength is rooted in the passion of our employees — they work hard day in and day out to ensure our members receive best-in-class health care products and experiences that they expect and deserve.
Our efforts have been recognized with above-the-industry-average ratings for member experience and high Medicare Star ratings by the Centers for Medicare & Medicaid Services for four consecutive years. These Star Ratings affirm that seniors can depend on exceptional Medicare Advantage plans from Blue Cross Blue Shield of Michigan.
Historic commitment
From my perspective as chairman, this company thrives because we never lose focus of our historic commitment: making affordable, high-quality health care accessible to everyone in Michigan and improving the health of the people of our state. We aspire to be clear and simple on a personal level — to offer valuable coverage, help members make the right choices, and help them get quality health care for themselves and those they love.
I invite you to read the 2023 BCBSM Annual Report, which provides a comprehensive look at our unwavering dedication and commitment to those we serve.
Gregory A. Sudderth is chairman of the Blue Cross Blue Shield of Michigan Board of Directors.
