Blue Cross must create foundation before Highmark merger

Blue Cross Blue Shield of Delaware must create and fund a healthcare foundation if it wants to merge with Pittsburgh-based Highmark, Attorney General Beau Biden announced last week. The foundation would ensure that BCBSD's $165 million pot of reserves that accrued at the expense of Delaware taxpayers be used for the benefit of Delaware residents. Biden's order came as part of a determination that the Blue Cross-Highmark deal constitutes a "nonprofit healthcare conversion" under a 2004 state law, which was designed to protect public investment in nonprofits that had become takeover targets. --To learn more, read the full story in FierceHealthPayer