Central City News

 Local small business owners met at the Chamber of Commerce of East Baton Rouge Parish last week to their continue their attacks against a plan by the Board of Directors of Blue Cross of Louisiana to sell the company to a for-profit out-of-state insurance giant, Elevance. But just hours before the meeting, Blue Cross announced […]

By Woody Jenkins, Editor, Central City News – Baton Rouge The Board of Blue Cross of Louisiana is moving forward with its plans to sell the non-profit mutual insurance company to a for-profit mega-insurance company called Elevance (formerly Anthem).  Blue Cross has 1.9 million policy holders in Louisiana, while Elevance has 47 million policy holders […]

By Woody Jenkins, Editor, Central City News – Baton Rouge Some con games are pretty sophisticated.  The taking of $3.4 billion from the owners of Blue Cross/Blue Shield is not one of them.  On the contrary, this slight of hand is quite simple, and it’s out in the open for anyone to see — if […]

The Louisiana State Medical Society has announced its opposition to the proposed sale of Blue Cross to a for-profit, out-of-state company. In a letter to Louisiana Commissioner of Insurance Jim Donelon, Dr. Richard J. Paddock, president of the society, wrote as follows: “On behalf of Louisiana physicians and the patients we care for, I would […]

 Attorney Henry “Tut” Kinney, who has practiced law more than 50 years, predicts the proposed sale of Blue Cross will be rejected. “Honestly, the legal barriers are just too great for this sale to go through,” he said. Kinney said, “Under Louisiana law, specifically La.R.S. 22:232.1, Blue Cross has to show the benefits and risks […]

By Woody Jenkins, Editor, Central City News – Baton Rouge   The proposed $2.5 billion sale of non-profit Blue Cross/Blue Shield to Elevance, an out-of-state, for-profit insurance giant, has been delayed by opposition from policyholders and legislators. The proposed transaction had smooth sailing until a letter announcing the sale was received by policyholders on August […]

Four members of the Board of Directors of Blue Cross/Blue Shield of Louisiana have resigned their positions to serve as initial Board members for a new foundation called Accelerate Louisiana Initiative.  The new foundation would receive $2.5 billion from the sale of Blue Cross to insurance company Elevance and $770 million from the reserves of […]

By Woody Jenkins, Editor, Central City News – Baton Rouge   Insurance executive Derek Babcock testified last week before the Joint Legislative Committee on Insurance on the proposed sale of Blue Cross to a for-profit corporation.  Babcock did not state a position on the sale but said policyholders should be asking questions like these: •Why is […]

An investigative report in the Central City News in July revealed that thousands of patient files and other personally identifiable medical records were abandoned at Delta Women’s Clinic on Colonial Drive in Baton Rouge. Now as a result of the reports, the Louisiana Attorney General’s office has begun a criminal investigation and seized documents and […]

Hause Actuarial Solutions provided the following analysis of the proposed sale of Blue Cross to Elevance and the transfer of Blue Cross funds to a new foundation. Executive Summary •The $2.5 billion valuation of the company as derived in the Cain Brothers opinion appears to be within a reasonable range of values. •The proposed plan […]