Remember All Those Insurance-Company 'Profits' the President Wanted to Use to Pay for Obamacare?
Not so much:
The chief executive of Blue Cross and Blue Shield of Massachusetts, the state’s largest private health insurer, abruptly resigned yesterday, just weeks after he was replaced as chairman of the board.
Cleve L. Killingsworth, 57, who helped lead Blue Cross for six years, departed shortly after the company posted a towering $149 million loss and reported it lost 89,000 subscribers last year. . . .
The departure comes at a challenging time for Blue Cross, which has 3 million members and 3,600 employees in Massachusetts. The insurance giant has been struggling to hold down payments to doctors and hospitals. It is facing new scrutiny from Beacon Hill and Capitol Hill.
Like many other regional insurers, the company finished last year in the red. Blue Cross said it lost $149.2 million in 2009 on revenue of $13 billion, the first annual loss during Killingsworth’s tenure. Blue Cross blamed most of the red ink on investments in stocks and property, but $55 million of the losses was from its core business.
If only Massachusetts already HAD an Obama-style health-care system, we wouldn’t be having these prob . . . oops. Oh, yeah. Nevermind.