Blue Cross of CA finances rural, urban providers

Blue Cross of California (BCC) has kicked off a $40 million project offering bond-backed financing to providers serving low-income urban or rural areas. The program will be administered by the California Statewide Communities Development Authority, which will offer guide applicants and issue funds to providers. The program will finance bond offerings of $1 million to $7 million, at rates these providers would otherwise be unlikely to obtain, the insurer said. The bond financing initiative is part of the $200 million Investment in a Healthy California Program, which was created when BCC parents WellPoint and Anthem merged in 2004. The program is part of a deal the two struck with the state's Department of Managed Care when the merger took place, making sure consumers got some benefit from the aggregation of power created by the combination. Through this program, BCC and affiliates will spend 20 years funding initiatives to support healthcare delivery in underserved rural and low-income urban areas.

Get more details on the bond financing:
- read this BCC release