HealthNow New York Inc., the parent company of BlueCross BlueShield of WNY Inc., rebounded in 2012, with higher net income and operating gains than the previous fiscal year.
The company reported net income of $31.5 million and reserves of $565 million for 2012 on revenue of $2.46 billion, compared to net income of $3.94 million on revenue of $2.4 billion in 2011. More importantly, the company had operating gains of $25.6 million compared with losses of $17.6 million.
The 2012 results were on par with the 2010 fiscal year, when the company reported gains of $26.4 million on revenue of $2.4 billion.
In a media release issued Monday, the company pointed to "discipline" in a difficult financial environment.
"The financials reflect rigor and discipline, particularly in the midst of an environment with heavy regulation and the mandates from health care reform," said Steve Swift, executive vice president and chief financial officer. "Our reserves are appropriate, our administrative costs are well below the national average and in spite of medical costs increasing faster than the rate of inflation, we maintained reasonable rates for our members."
The media release came on the heels of HealthNow's filing of mandatory annual reports Friday to the state Department of Financial Services.
Last week, President/CEO Alphonso O'Neill-White announced he would retire from the company after nearly 17 years. His total salary and compensation during the 2012 fiscal year from HealthNow and related companies totaled $1.1 million, down from the $1.6 million earned in 2011 and the $1.8 earned in 2010.