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View Diary: BREAKING: Health Care Scandal in Kent Conrad's ND (updated) (287 comments)

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  •  Non-profit, for-profit...... (2+ / 0-)
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    Marie, Pris from LA doesn't matter- it's all about the investors and rewarding the CEO.

    •  Non-profits don't have investors (7+ / 0-)

      Mutual insurance companies are like certain co-operatives in that the customers are the owners (there are also cooperatives where the staff are the owners or the suppliers are the owners). Not all BCBS are mutuals, some were incorporated under special laws, some are mutuals, some have been transformed into for-profit organizations (Anthem, etc.).

      The problem is that the executives have captured control from the boards of directors and treat the companies as their piggy banks to make them rich, even though they are not the owners.

      •  oh, thanks.... (0+ / 0-)

        ...BCBS always screws my thinking up.  :)

      •  The premium payers are not, in any sense (0+ / 0-)

        owners of Blue Cross/Blue Shield, and there are never any announced annual meetings, as there are no shareholders or investors. If I am wrong as to any state, I would like to hear about it.

        Patriotism may be the last refuge of scoundrels, but religion is assuredly the first.

        by StrayCat on Tue Sep 08, 2009 at 07:46:45 PM PDT

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        •  BCBSND calls itself member owned (1+ / 0-)
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          And if you look at page 7 of the Insurance Commissioner's report (here) it says each policy-holder gets one vote at the annual meeting, which happens in December. That's when they vote for the Board of Directors. Members can vote in person or by proxy.

          Wikipedia says:

          Mutual insurance is a type of insurance where those protected by the insurance (policyholders) also have certain "ownership" rights in the organization. These "ownership" rights typically consist of the ability to elect the management of the organization and to participate in a distribution of any net assets or surplus should the organization cease doing business.

          Listen, strange women lying in ponds distributing swords is no basis for a system of government.

          by Dbug on Tue Sep 08, 2009 at 08:40:18 PM PDT

          [ Parent ]

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