ROCHESTER, N.Y. — The top three officers of Excellus BlueCross BlueShield, Central New York’s largest health insurer, all had seven-figure salaries in 2020. CEO Christopher Booth was paid a salary of more than $3.2 million; Stephen Sloan, chief administrative officer and general counsel earned more than $1.4 million; and CFO Christopher Gorecki received more than […]
ROCHESTER, N.Y. — The top three officers of Excellus BlueCross BlueShield, Central New York’s largest health insurer, all had seven-figure salaries in 2020.
CEO Christopher Booth was paid a salary of more than $3.2 million; Stephen Sloan, chief administrative officer and general counsel earned more than $1.4 million; and CFO Christopher Gorecki received more than $1 million in 2020.
Executive compensation is set by the nonprofit company’s board of directors based on “comparable market data and performance.”
The health insurer also reported net income of $97.2 million on $6.2 billion in premium revenue in 2020. Excellus’ net income fell 43 percent last year from the $171 million it generated in 2019.
The Rochester–based nonprofit insurer disclosed the figures in an annual financial report filed with the New York State Department of Financial Services.
The 2020 results amount to a net income of $68.40 per member for the entire year, down from $113.87 in 2019, Excellus said in a Feb. 26 news release.
“No one has ever faced a year like 2020,” Booth said. “The COVID-19 crisis required a strong and comprehensive response to assure our members were able to receive the care they needed and to help assure the health care system itself would survive. The pandemic devastated the economy and sickened tens of thousands of upstate residents.”
Excellus’ reserves stood at $1.2 billion at the end of 2020, or the equivalent of 70 days of claims and expenses. Reserves are like a savings account to be drawn upon for unforeseen higher expenses such as a pandemic or lower revenue, the insurer said.
“The health plan spent more than $5 billion, or an average $14.2 million every day, covering the health-care cost for our 1.5 million members,” Gorecki said.
The health plan’s total membership grew by more than 13,000 during 2020, representing the fourth consecutive year in which membership has grown, Excellus said. Total membership now totals more than 1.5 million.
Excellus also noted that it paid $530.5 million in federal and state taxes in 2020. Those taxes included $112 million for the federal tax to pay for the Affordable Care Act, which had been suspended for 2019 but reinstated for 2020.
The health insurer says it also addressed community needs resulting from the COVID-19 pandemic through financial support last year.
The support included $102 million to pay for increased telemedicine coverage and increased provider-reimbursement rates. It also included more than $40 million in cash advances to providers approved beyond the normal $192 million in advances, $1 million in grants to hospitals for COVID-19 testing supplies and personal protective equipment, and $250,000 in grants to hospitals for COVID-19 testing machines.