HCSC - Health Care Service Corporation
Financials
2022 revenue: $49B
2022 net income: $1.5B
Market share: 3-6%
Summary:
HCSC is the larges customer-owned health insurer, and covers 17 million members, mostly in Illinois and Texas, but also in Montana, New Mexico and Oklahoma. It has taken pride in being the first insurer to cover certain procedures such as heart and bone marrow transplants in the states in which it operates. Now, as with many of the large insurance companies, it’s venturing into value-based care arrangements.
The company also prides itself in its involvement in the communities in which they operate and in the way it treats its employees. Some of the recognitions listed in its annual report include:
Forbes Best Employers for Women
Disability Equality Index Best Places to Work
Corporate Equality Index 100% score
Military-Friendly employer
Computerworld’s Best Places to work in IT
World’s Most Ethical Companies
HCSC was inspired by Justin Kimball’s model of affordable health insurance, developed at Baylor in 1929. It implemented this model in Chicago in 1936. It adopted Blue Cross and Blue Shield symbols in 1939 and 1947 respectively.
Relatively recently, HCSC began expanding to Texas (1998), New Mexico (2001), Oklahoma (2005) and Montana (2013).
Unlike UHG and CVS, HCSC is solely focused on insurance, but they provide dental, life and disability insurance in addition to health insurance.
I have not encountered HCSC yet in my personal or professional life, but something about the marketing materials exudes genuine good intent and vibes. I hope I get to work with them one day.
Sources
https://www.hcsc.com/pdf/hcsc_annual-report_2022.pdf
https://en.wikipedia.org/wiki/Health_Care_Service_Corporation
https://www.beckerspayer.com/payer/health-care-service-corp-posts-1-5b-profit-in-2022.html
https://www.hcsc.com/