New Jersey's Horizon Blue Cross and Blue Shield has filed with the state to convert from not-for-profit to for-profit status, in what it says is a bid to boost its financial options. In its filing with the state's attorney general and Banking and Insurance Department, the health plan said that switching will give it more financial flexibility. In particular, it expects to gain greater access to capital for investment in information technology, pay-for-performance initiatives and business operations. These investments would exceed the plan's annual $35 million by a projected $20 million to $30 million per year during the next five years. The plan has already set aside $500,000 to help hospitals in its network bring up medical history technology.
To learn more about the planned switch:
- read this Modern Healthcare piece (reg. req.)
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