Civic Intelligence

Blue Cross Blue Shield of Massachusetts Hmo Blue Inc

EIN 04-3362283 • 501(c)4 • Boston, MA

Profile

The company offers health maintenance organization services and supplementary programs for the benefit of its members, providing hospitalization, medical, and other health benefits to members through contracts with hospitals, physicians, nursing facilities, and other health care providers.

M Carder 101 HUNTINGTON AVE 1300Boston, MA 02199

www.bluecrossma.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

53rd percentile

0.39x

Higher debt load relative to assets than 53% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Liabilities / Revenue

25th percentile

0.24x

Higher debt load relative to revenue than 25% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Net Margin

13th percentile

-3.7%

Higher net margin than 13% of similar nonprofits.

$1B+ nonprofits • Source year 2024

Top Officer Pay

93rd percentile

$7,197,118

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

$1B+ nonprofits • Source year 2024

Asset Growth

35th percentile

3.7%

Faster asset growth than 35% of similar nonprofits.

$1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

18th percentile

1.3%

Faster revenue growth than 18% of similar nonprofits.

$1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$3,575,326,930

Up $128,560,086 (+3.7%) from 2023

Liabilities

Up

$1,394,642,616

Up $329,571,295 (+31%) from 2023

Net Assets

Down

$2,180,684,314

Down $201,011,209 (-8.4%) from 2023

Revenue

Up

$5,928,518,480

Up $77,089,837 (+1.3%) from 2023

Expenses

Up

$6,149,161,429

Up $485,461,216 (+8.6%) from 2023

Net Income

Down

-$220,642,949

Down $408,371,379 (-218%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$4.0B$3.0B$2.0B$1.0B$0Assets 2020: $2,876,856,771Liabilities 2020: $980,123,110Net Assets 2020: $1,896,733,6612020Assets 2021: $3,100,726,716Liabilities 2021: $997,615,235Net Assets 2021: $2,103,111,4812021Assets 2022: $3,083,661,495Liabilities 2022: $943,145,098Net Assets 2022: $2,140,516,3972022Assets 2023: $3,446,766,844Liabilities 2023: $1,065,071,321Net Assets 2023: $2,381,695,5232023Assets 2024: $3,575,326,930Liabilities 2024: $1,394,642,616Net Assets 2024: $2,180,684,3142024

Highlighted filing

2024

Assets$3,575,326,930
Liabilities$1,394,642,616
Net Assets$2,180,684,314

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0B$6.0B$4.0B$2.0B$0-$2.0BRevenue 2020: $5,254,246,974Expenses 2020: $4,914,661,962Net Income 2020: $339,585,0122020Revenue 2021: $5,379,580,781Expenses 2021: $5,195,259,923Net Income 2021: $184,320,8582021Revenue 2022: $5,527,610,698Expenses 2022: $5,325,549,852Net Income 2022: $202,060,8462022Revenue 2023: $5,851,428,643Expenses 2023: $5,663,700,213Net Income 2023: $187,728,4302023Revenue 2024: $5,928,518,480Expenses 2024: $6,149,161,429Net Income 2024: -$220,642,9492024

Highlighted filing

2024

Revenue$5,928,518,480
Expenses$6,149,161,429
Net Income-$220,642,949

Filings

Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2023 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$6,316,667,886
Mission and Program Overview

Mission

The Company offers health maintenance organization services and supplementary programs for the benefit of its members, providing hospitalization, medical, and other health benefits to members through contracts with hospitals, physicians, nursing facilities, and other health care providers.

It is a health maintenance organization that provides medical and other health benefits to members through contracts with hospitals, physicians, nursing homes, etc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$2,140,516,397$2,381,695,523▲ $241,179,126
Investments in Publicly Traded Securities$1,731,589,220$1,971,885,950▲ $240,296,730
Investments Other Securities$902,606,726$996,439,563▲ $93,832,837
Accounts Receivable$148,021,449$190,727,230▲ $42,705,781
Savings and Temporary Cash Investments$164,402,574$185,748,064▲ $21,345,490
Land, Buildings, and Equipment, Net$84,687,045$60,555,560▼ $24,131,485
Cash and Non-Interest-Bearing Accounts$14,568,105$7,377,501▼ $7,190,604
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$3,083,661,495$3,446,766,844▲ $363,105,349
Other Assets Total$37,786,376$34,032,976▼ $3,753,400
Liabilities
Other Liabilities$712,685,773$853,515,706▲ $140,829,933
Unsecured Notes Loans Payable$167,708,767$157,683,627▼ $10,025,140
Accounts Payable and Accrued Expenses$62,750,558$53,871,988▼ $8,878,570
Total Liabilities$943,145,098$1,065,071,321▲ $121,926,223
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,140,516,397$2,381,695,523▲ $241,179,126
Total Liabilities and Net Assets / Fund Balance$3,083,661,495$3,446,766,844▲ $363,105,349

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$48,346,218$38,013,593$86,359,811
Equipment$4,662,566$22,850,834$27,513,400
Land$7,546,776-$7,546,776
Other Securities$275,990,312--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-Associate Director, Natl Sales-$122,715$158,393$281,108
-Chair--$138,759$138,759
-Assistant TreasurerPT$78,036$23,392$101,428
-Physician ReviewerPT$67,360$17,369$84,729

Board Members and Trustees

NameTitle
-Director, President & CEO
-Former Director, President & CEO
-Vice President & Asst. Clerk
-Director, Evp & CFO
-Director, Evp & Chief Financial Officer
-Director, General Counsel and Secretary
-Director, SVP & COO
-Former Director and Former Chief Legal Officer
-SVP & Chief Actuary
-SVP & Chief Audit Executive
-VP of Treasury and Investments

Highest Paid Contractors

ContractorServicesLocationCompensation
Perficient INCIt Consulting455 GRAND UNION BLVD, Somerville, MA 02145$11,694,952
Cognizant Worldwide LimtedIt Consulting6 TRAFALGAR SQ, Nashua, NH 03063$5,888,292
Oliver Wyman INCBusiness Consulting99 HIGH STREET, Boston, MA 02110$2,496,091
Bain & Co INCBusiness Management Consulting131 DARTMOUTH STREET, Boston, MA 02116$1,527,943
Ernst & Young LLPAudit & Consulting200 CLARENDON ST, Boston, MA 02116$1,312,178
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,770,512,275
Investment Income
$80,916,368
Other Revenue
$0
Change in Net Assets
$187,728,430

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,851,428,643
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$5,851,428,643
Total Revenue per Form 990
$5,851,428,643
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$412,201,443
Salaries, Compensation, and Employee Benefits$218,234,215
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$5,033,264,555--$5,033,264,555
Other Salaries and Wages-$170,609,022-$170,609,022
Fees for Services Other$0$121,224,598$0$121,224,598
Depreciation Depletion-$64,699,398-$64,699,398
Information Technology-$45,289,084-$45,289,084
Fees for Services Accounting-$32,627,237-$32,627,237
Other Employee Benefits-$29,205,204-$29,205,204
Occupancy-$11,446,534-$11,446,534
Payroll Taxes-$11,027,787-$11,027,787
Pension Plan Contributions-$7,189,635-$7,189,635
Office Expenses-$6,023,074-$6,023,074
Advertising-$5,496,650-$5,496,650
Travel-$1,969,790-$1,969,790
Other Expenses-$1,919,893-$1,919,893
Fees for Services Management-$837,858-$837,858
Current Officers, Directors, Trustees, and Key Employees$0$202,567$0$202,567
Fees for Services Legal-$55,306-$55,306
All Other Expenses$0$-20,755,795$0$-20,755,795
Total Functional Expenses$5,033,264,555$630,435,658$0$5,663,700,213

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,663,700,213
Total Expenses per Audited Statements$5,663,700,213
Total Expenses per Form 990$5,663,700,213
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$180,652,575

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
North America (Canada & Mexico only)Investments---$71,877,781
Central America and the CaribbeanInvestments---$61,912,672
Europe (Including Iceland and Greenland)Investments---$46,862,122
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Claims Unpaid$534,808,637
Other Liabilities$102,190,389
Premiums Received in Advance$92,932,873
Aggregate Policy Reserves$63,039,284
Payable for Securities$55,791,909
Unpaid Claims Adjustment Expen$4,752,614
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6 Classes of members or stockholders

The organization's board of directors are appointed by, and accountable to, the board of directors of blue cross and blue shield of massachusetts, inc., the organization's parent company, which is comprised of a majority of independent voting members and which reserves the right to act as the board committees of the organization.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The organization's board of directors are appointed by, and accountable to, the board of directors of blue cross and blue shield of massachusetts, inc., the organization's parent company, which is comprised of a majority of independent voting members and which reserves the right to act as the board committees of the organization.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

The organization's board of directors are appointed by, and accountable to, the board of directors of blue cross and blue shield of massachusetts, inc., the organization's parent company, which is comprised of a majority of independent voting members and which reserves the right to act as the board committees of the organization.

Form 990, Part VI, Line 11B Review of form 990 by governing body

The organization's form 990 was prepared by the organization's finance department and reviewed by a paid preparer, with relevant input and review by subject matter personnel from throughout the organization. The completed form 990 was provided to both the voting members of the governing board of the organization and designated representatives of the independent governing board of blue cross blue shield of massachusetts, inc. At the direction of the full board of directors.

Form 990, Part VI, Line 12C Conflict of interest policy

The avoidance of actual or perceived conflicts of interest is important to blue cross blue shield of massachusetts and its related organizations. As a matter of corporate responsibility the board ensures that the company maintains a thorough and robust disclosure process. Members of the board of directors of the organization, its corporate officers, senior leaders, and select other associates participate in an annual conflict of interest disclosure process. The conflict process is managed by the blue cross blue shield of massachusetts legal department and is designed to identify, among other matters, self-reported financial relationships between the organization, its directors, and senior management (including family members) and other organizations. The conflict process provides an opportunity to evaluate and address as necessary actual or perceived conflicts of interest. The conflict of interest policy, a confidentiality statement and a disclosure questionnaire are distributed annually to directors, officers, and members of senior management. Responses are subject to extensive evaluation by the legal department and governance committee. Recommendations and summary reports are provided to and evaluated annually by the governance committee.

Form 990, Part VI, Line 15A Process to establish compensation of top management official

The organization's senior level management services are provided by blue cross blue shield of massachusetts, inc., a related organization, under an arm's length services agreement. The organization's ceo is compensated solely by blue cross blue shield of massachusetts inc. The organization's ceo compensation is determined under the direction of the human resources committee of the blue cross blue shield of massachusetts, inc. Board of directors using market assessment information provided by independent compensation consultants. Final approval of the organization's ceo compensation is performed by the full board of directors of blue cross blue shield of massachusetts, inc.

Form 990, Part VI, Line 15B Process to establish compensation of other employees

The organization's senior level management services are provided by blue cross blue shield of massachusetts, inc., a related organization, under an arm's length services agreement. The organization's ceo is compensated solely by blue cross blue shield of massachusetts inc. The organization's ceo compensation is determined under the direction of the human resources committee of the blue cross blue shield of massachusetts, inc. Board of directors using market assessment information provided by independent compensation consultants. Final approval of the organization's ceo compensation is performed by the full board of directors of blue cross blue shield of massachusetts, inc.

Form 990, Part VI, Line 19 Required documents available to the public

The organization's governing documents, conflict of interest policy, and financial statements are available at the company's headquarters at 101 huntington avenue, suite 1300, boston, ma 02199-7611.

Filing and Contact Details

Filer

Filer Name
Blue Cross Blue Shield of Massachusetts Hmo Blue Inc
EIN
04-3362283
Phone
6172465313
Address
M Carder 101 HUNTINGTON AVE 1300, BOSTON, MA 02199

Signing Officer

Name
Ruby Kam
Title
CFO
Signed
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
2005
Legal Domicile
Ma
Voting Board Members
5
Independent Board Members
0
Employees
144
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
2100 ONE PPG PLACE, PITTSBURGH, PA 15222
Preparer
Eileen Webb
Phone
4126447800
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Changes in non-admitted assets - -391206; unrealized foreign exchange capital gain - 707383;

Raw XML AppendixShowing 400 of 976 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt60.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt70.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt815.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt90.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1015.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt110.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1211.5
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt133.5
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1411.5
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1511.5
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt1611.5
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt170.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt180.0
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt0ANDREANA SANTANGELO
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt1DONALD SAVERY
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt2DOROTHY PUHY
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt3RICHARD LYNCH
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt4RUBY KAM
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5SARAH ISELIN
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6ALONA ABALOS
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7ANTHONY CRISCUOLO
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8ENRICO GIAMMARCO
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9LINDA WILLIAMS
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10MARK COLLURA
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11MICHAEL GURRIERE
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt12JOSEPH SCHWARTZ
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13MICHAEL CONTI
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14MONICA RUEHLI
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt15PETER CELLUCCI
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16RICHARD LEWIS
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17ANDREW DREYFUS
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18STEPHANIE LOVELL
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIRECTOR, EVP & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR, GENERAL COUNSEL AND SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR, SVP & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR, EVP & CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR, PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE PRESIDENT & ASST. CLERK
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP OF TREASURY AND INVESTMENTS
IRS990/Form990PartVIISectionAGrp/TitleTxt8ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9SVP & CHIEF AUDIT EXECUTIVE
IRS990/Form990PartVIISectionAGrp/TitleTxt10ASSISTANT TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt11SVP & CHIEF ACTUARY
IRS990/Form990PartVIISectionAGrp/TitleTxt12PHYSICIAN REVIEWER
IRS990/Form990PartVIISectionAGrp/TitleTxt13ASSOCIATE DIRECTOR, NATL SALES
IRS990/Form990PartVIISectionAGrp/TitleTxt14PHYSICIAN REVIEWER
IRS990/Form990PartVIISectionAGrp/TitleTxt15PHYSICIAN REVIEWER
IRS990/Form990PartVIISectionAGrp/TitleTxt16PHYSICIAN REVIEWER
IRS990/Form990PartVIISectionAGrp/TitleTxt17FORMER DIRECTOR, PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt18FORMER DIRECTOR AND FORMER CHIEF LEGAL OFFICER
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IRS990/MissionDesc0THE COMPANY OFFERS HEALTH MAINTENANCE ORGANIZATION SERVICES AND SUPPLEMENTARY PROGRAMS FOR THE BENEFIT OF ITS MEMBERS, PROVIDING HOSPITALIZATION, MEDICAL, AND OTHER HEALTH BENEFITS TO MEMBERS. THROUGH CONTRACTS WITH HOSPITALS, PHYSICIANS, NURSING FACILITIES, AND OTHER HEALTH CARE PROVIDERS.
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