"Our sincere hope was to cut costs without impacting people, but this was a tough decision that we could not avoid," said Bill Gracey, CEO-elect for BlueCross. "The health insurance industry is undergoing tremendous changes. It is growing more competitive by the day, and we are facing unprecedented challenges that require us to operate more efficiently."
Specifically, the release cities the Affordable Care Act's medical loss ratio (MLR) restriction and new $200-million-plus annual excise tax that BlueCross will have to pay starting in 2014.
Bizjournals, "Blue Cross TN cutting jobs"
Doesn't that make you see red?
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