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Cayuga Health, Visiting Nurse Service of Ithaca and Tompkins County announce affiliation
ITHACA, N.Y. — Officials from Cayuga Health and Visiting Nurse Service of Ithaca and Tompkins County (VNS) announced that the two organizations have affiliated, effective
Broome County is accepting applications for Small Community Fund grant money
BINGHAMTON, N.Y. — Broome County’s Small Community Fund grant program is now accepting applications for the seventh round of funding available to municipalities, nonprofits, and
Excellus reports net loss topping $23 million in 2023
ROCHESTER, N.Y. — Excellus BlueCross BlueShield says it ended 2023 with a net loss of $23.2 million. Excellus, Central New York’s largest health insurer, reported the net-loss figure in its annual report filed Friday with the New York State Department of Financial Services. The 2023 net loss compares to the reported net income of $58.9
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ROCHESTER, N.Y. — Excellus BlueCross BlueShield says it ended 2023 with a net loss of $23.2 million.
Excellus, Central New York’s largest health insurer, reported the net-loss figure in its annual report filed Friday with the New York State Department of Financial Services.
The 2023 net loss compares to the reported net income of $58.9 million on $6.6 billion in premium revenue in 2022. The 2022 net–income figure had declined 50 percent from the $117.6 million the health insurer generated in 2021.
In its Friday announcement, Excellus says it received $6.6 billion in premium revenue in 2023 and spent $6.2 billion in medical benefits for its 1.5 million members.
The Rochester–based health plan attributes the 2023 net loss primarily 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 medical benefits and prescription drugs.
“We’re a company that budgets for thin financial margins and giving ourselves such a narrow window can sometimes result in a small net loss when facing the unexpected,”Jim Reed, president and CEO of Excellus, said in a news release. “As our communities emerge from the pandemic, we’re seeing significant increases in high-cost inpatient hospital utilization, outpatient surgeries on hips and knees, and new prescription medications.”
A change in how the federal government sets hospital–reimbursement rates for Medicare Advantage plans has also impacted the health plan’s finances, Excellus said. An update to the Medicare wage index will bring an additional $1 billion of increased federal payments annually to upstate New York hospitals.
“We’re glad to see this increased funding for hospitals in our region,” Reed said. “Our challenge, however, is that we’re now reimbursing hospitals more for providing care to Medicare Advantage members without a corresponding increase in health plan funding for Medicare Advantage premiums from the federal government.”
As a mission-driven nonprofit, Excellus says it strives for a low operating margin. Overall, the health insurer in 2023 spent 93 cents out of every premium dollar collected on direct patient care including medical and pharmacy claims, and activities that improve the quality of care. Over the last 20 years, the health plan has averaged a net margin of 1.7 percent.
Health–plan reserves totaled $1.68 billion at the end of 2023 or the equivalent of 91 days of claims and operating expenses. Excellus says its reserves are “like a savings account to be drawn upon for unforeseen higher expenses” such as a pandemic. The health plan also incurred $441.4 million in federal and state taxes and fees in 2023.
SUNY Poly names two commencement speakers
MARCY, N.Y. — Heather Hage, Griffiss Institute president/CEO, and Mike Ballman, Cornerstone Community/Plymouth Bethesda Church pastor and community activist, will serve as the commencement speakers
Turning Stone Enterprises to host two-day hiring event
VERONA, N.Y. — Turning Stone Enterprises says it will host a two-day hiring event on March 15 and 16 to fill hundreds of seasonal and
SUNY Oswego to use nearly $2 million federal grant to support student equity, success
OSWEGO, N.Y. — SUNY Oswego will use a five-year, $1.9 million federal grant to support a “range of initiatives building student equity and success.” The U.S. Department of Education awarded the nearly $2 million Title III grant, SUNY Oswego announced in a Wednesday news release. The project is titled “Student Success Equity Project: Advancing Equity
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OSWEGO, N.Y. — SUNY Oswego will use a five-year, $1.9 million federal grant to support a “range of initiatives building student equity and success.”
The U.S. Department of Education awarded the nearly $2 million Title III grant, SUNY Oswego announced in a Wednesday news release.
The project is titled “Student Success Equity Project: Advancing Equity Through Intentional Peer-to-Peer Supports and Inclusive Pedagogies.” It was funded under the Title III Strengthening Institutions program, with funding running from 2023 to 2028, SUNY Oswego said.
“We are thrilled to receive the support from the U.S. Department of Education to improve our programs and we see it as an important investment and vote of confidence in the direction that SUNY Oswego is moving,” Kristin Croyle, principal investigator and dean of the College of Liberal Arts and Sciences, said in the school’s release.
The Student Success Equity Project is designed to increase the capacity of SUNY Oswego to “engage, retain and graduate all students” while addressing any “potential gaps” in course performance, retention, and graduation rates.
Scott Furlong, SUNY Oswego provost and vice president for academic affairs, is the project’s co-principal investigator. Michelle Bandla, assistant VP for student support, serves as project coordinator.
One “notable feature” of the project involves establishing peer-to-peer tutoring systems, with mathematics providing an early example, the school noted.
“We have students who serve as embedded tutors both in classes and outside of classes,” Croyle said.
“Making these connections with the classes and the student tutors is very beneficial,”Furlong said in the release “It’s important to see that other students like them have made it and figured things out.”
Another key initiative under the grant is developing financial materials that can help students in both short- and long-term ways, the school noted.
“One thing that came through in the student focus groups was a desire for students to better understand their financial options, and what resources they can access, to support their decision-making,” Croyle said. “The Office of Financial Aid is developing financial literacy materials to address some of the uncertainties many students face.”
In addition, the university will develop a program with student financial–literacy mentors, similar to the mathematics tutoring model, sometimes paired with first-year classes to ensure it reaches students “early in their experiences.”
The grant also supports specific groups of faculty working with the SUNY Oswego’sCenter for Excellence in Learning and Teaching to redesign courses and develop more inclusive lessons and processes that will “enhance a sense of student belonging and course completion,” the university said.
Upcoming symposium highlights STEM opportunities for women
ROME, N.Y. — The Project Fibonacci Foundation’s Women & STEAM Symposium will take place for a full house March 7 at the Beeches Manor in
EPA awards $23M to start cleanup of Ley Creek portion of Onondaga Lake superfund site
SYRACUSE, N.Y. — The U.S. Environmental Protection Agency (EPA) will award about $23 million to begin cleanup of the Ley Creek portion of the Onondaga
Frontier Airlines announced nonstop service from Syracuse airport to Atlanta
SYRACUSE, N.Y. — Frontier Airlines (NASDAQ: ULCC) on Wednesday announced new, nonstop air service from Syracuse Hancock International Airport (SYR) directly to Hartsfield-Jackson Atlanta International
Greater Utica Chamber names Van de Wal 2024 Businessperson of the Year
UTICA, N.Y. — The Greater Utica Chamber of Commerce will celebrate Eve Van de Wal, regional president of Excellus BlueCross BlueShield’s Utica region, as its
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