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Independence Blue Cross’s profits shrink amid higher utilization

Posted On: Apr. 6, 2023 10:12 AM CST

Independence Blue Cross on April 5 reported a steep decline in profits in 2022, as the pandemic waned and people again started using medical care in greater numbers, the Philadelphia Inquirer reports. The biggest health insurer in Philadelphia — whose coverage lines include Medicaid, Medicare Advantage, and private insurance — had $575 million in operating income last year, down from $1.4 billion the year before. Revenue climbed to $27.4 billion from $24.7 billion.