26
November
2019
|
03:45 PM
America/New_York

Horizon Seeks Technical Change to Corporate Form

Summary

Becoming a not-for-profit mutual preserves mission and member focus, but accelerate investments in technologies and innovations to continue meeting consumers’ changing needs and expectations

(Newark, NJ) – Working with State leaders, Horizon BCBSNJ is seeking legislation that would make it possible for the company to become a not-for-profit mutual and adopt the same corporate form as Blue Cross Blue Shield plans in 18 other states. Legislation introduced on November 25, 2019 by Assemblyman John McKeon establishes a process through the Department of Banking and Insurance that would enable the change.

The new corporate form will preserve Horizon’s obligation to operate for the benefit of its members and its historic not-for-profit status, while allowing the company to better respond to a rapidly evolving healthcare marketplace by permitting increased investments in new technologies and innovations that positively impact members and the state economy.

“Our members are and have always been Horizon’s top priority,” said Horizon BCBSNJ Chairman, President and Chief Executive Officer Kevin Conlin. “Our current structure was created decades ago at a time that could not have anticipated that the healthcare system would become what it is today, let alone what it may be five years from now. This technical change to our corporate form reaffirms Horizon’s commitment to our historical mission as New Jersey’s not-for-profit health insurer, but gives us the flexibility to accelerate the pace and scale of investments that will help us continue to deliver for our members in the face of a rapidly changing healthcare marketplace.”

Horizon BCBSNJ is currently a not-for-profit health services corporation, a corporate form that restricts its ability to invest in technologies and innovations that support Horizon’s goal to improve health care cost, quality and consumer experience.

About Horizon Blue Cross Blue Shield of New Jersey

Horizon Blue Cross Blue Shield of New Jersey, the state's oldest and largest health insurer is a tax-paying, not-for-profit health service corporation, providing a wide array of medical, dental, vision and prescription insurance products and services. Horizon BCBSNJ is leading the transformation of health care in New Jersey by working with doctors and hospitals to deliver innovative, patient-centered programs that reward the quality, not quantity, of care patients receive. Learn more at www.HorizonBlue.com. Horizon BCBSNJ is an independent licensee of the Blue Cross and Blue Shield Association serving more than 3.4 million members.