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Letter from the Chairman and President
Today, Blue Cross and Blue Shield of the National Capital Area (BCBSNCA) is meeting its mission as a health care services company. With solid financial gains during the last three years, we have reestablished the company as a leader in the local health care marketplace and are now exploring new avenues and partnerships for further improving our quality and products, and growing our business even more in the future.
Since 1994, BCBSNCA has posted a total statutory net gain of almost $95 million - $33.9 million in 1996 alone. We've reduced administrative expenses by $117 million since 1992. Statutory reserves, which stood at $53 million at the end of 1993, now total $132.9 million. Also in 1996, we enrolled more than 35,000 new non-federal members, the largest single-year growth in the past 10 years, while maintaining a 94 percent customer retention rate. The company now insures one in five insured individuals in the metropolitan area.
But we've done more than post good financial results and enrollment gains. Last year we achieved the highest customer satisfaction ratings in the history of the company. National Research, Inc. ranked BCBSNCA the top local health care company among six D.C. metropolitan area competitors in dependability, flexibility, health care expertise, quality of physician and hospital networks, hassle-free service and national acceptance.
We believe we've achieved this success by being responsive to our customers' needs and
developing new products and programs to help them live healthier lives. We expanded our HMO and PPO networks in Virginia and Maryland, offered a new wellness program of health-related
discounts, and reintroduced CapitalCare to the Federal Employees Health Benefits Program open enrollment season offerings. The fact that our membership growth exceeds industry and local
market averages and trends suggests that these changes have been well received by our customers.
Our associates also continued to play a key role in our long standing tradition of community service. In 1996, BCBSNCA and its associates contributed almost a quarter of a million dollars
and countless volunteer hours to more than 76 charitable organizations, such as the United Way, the American Cancer Society, the Leukemia Society of America and the Boys and Girls Club of Greater Washington. Our friends and neighbors know they can count on BCBSNCA and its
associates to lend a helping hand.
At the end of a successful year, we look forward to meeting the new challenges and opportunities that 1997 will bring. With an eye toward enhancing customer service and continued growth, in 1996 we entered into joint ventures with Blue Cross and Blue Shield of Maryland (BCBSMD) to market a Medicare risk product and an HMO point-of-service product with a single point of administration for national and regional accounts. In January 1997, we signed a letter of intent with BCBSMD to combine operations of the two companies under a new not-for-profit holding company. By combining the operations of our two companies, we will be able to better serve the members in the region of both companies in delivering high quality health care services.
Today, and in the future, our members can count on Blue Cross and Blue Shield of the National Capital Area to set the health care standard.
| Andrew P. Czajkowski | Larry C. Glasscock |
| Chairman, Board of Trustees | President and Chief Executive Officer |
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Serving Maryland, the District of Columbia and portions of Virginia. CareFirst BlueCross BlueShield is the shared business name of CareFirst of Maryland, Inc. and Group Hospitalization and Medical Services, Inc. CareFirst BlueChoice, Inc., an affiliate company, also offers health benefit products and services on this site.
CareFirst BlueCross BlueShield and CareFirst BlueChoice, Inc. are independent licensees of the Blue Cross and Blue Shield Association.
® Registered trademark of the Blue Cross and Blue Shield Association. ®' Registered trademark of CareFirst of Maryland, Inc. |
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