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Excellus posts 2023 net loss of $23M after rise in insurance usage

Excellus building
The Rochester–based parent company of Excellus and Albany–based CDPHP on Wednesday announced plans to affiliate, bringing together two of upstate New York’s largest nonprofit health insurers. Pictured here is the Excellus office in DeWitt. (Photo credit: zoeyadvertising.com)

ROCHESTER — Excellus BlueCross BlueShield reported a net loss of more than $23 million for 2023, which it primarily attributed to a $271 million increase in medical benefits paid last year. Excellus, like other health insurers nationwide, continues to “experience increases in utilization and costs” for health-care services and prescription drugs.  “We’re a company that […]

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