Industry Managed health care CEO Paula Steiner (Jan 2016–) Founded 1936 | Website www.hcsc.com Number of employees 22,000 Parent organization HCSC Group | |
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Type Mutual Legal Reserve Company Key people Paula Steiner, Chairman and CEO Products Health plans; group, disability, life insurance Headquarters Chicago, Illinois, United States Subsidiaries Prime Therapeutics, TMG Health, Inc., Medecision Profiles | ||
Hcsc health care service corporation
Health Care Service Corporation (HCSC) is a not-for-profit corporation health insurance company in the United States, and is the licensee of the Blue Cross and Blue Shield Association for 5 states. It concentrates its operations in Illinois and Texas. As the 4th largest health insurer in the US overall, it employs more than 22,000 people and serves nearly 15 million members.
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Health care service corporation invests in healthy kids and healthy families
Geographical area of operations
As of 2015 HCSC's operations are concentrated in Illinois and Texas, which accounted for 84% of total revenue through the first nine months of 2014, followed by Oklahoma (9% of revenue).
Financial information
As of 2014 HCSC was the country's largest nonpublic health insurer and the fourth-largest health insurer overall, with more than 4 million members.
In 2010 HCSC nearly doubled its income to $1.09 billion, and began "a streak of billion-dollar profits for 4 straight years". Between 2009 and 2013, HCSC's five-year average of return on capital was 10.5%. During 2014 HCSC profits decreased "from medical losses and expenses associated with the company's aggressive addition of members sourced from ACA exchanges". Yet in 2015, Fitch Ratings assessed its financial strength still at 'A+' and gave it an 'A' for likelihood of default and senior unsecured rating. Finch stated that "lack of geographic diversification has historically kept HCSC out of the 'AA' rating category and that HCSC would be downgraded if it were no longer to market itself as a Blues plan.