Blue Cross Blue Shield of Massachusetts Hmo Blue Inc

Nonprofit profile at a glance

EIN
043362283
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Boston, MA, USA
Phone
6172465313
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$5,928,518,480
Expenses
$6,149,161,429
Assets
$3,575,326,930
Liabilities
$1,394,642,616

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • SARAH ISELIN (DIRECTOR, PRESIDENT & CEO)
  • ALONA ABALOS (VICE PRESIDENT & ASST. CLERK)
  • ANDREW DREYFUS (FORMER DIRECTOR, PRESIDENT & CEO)

Highest reported compensation

  • SARAH ISELIN (DIRECTOR, PRESIDENT & CEO): $7,197,118 total reported compensation
  • RUBY KAM (DIRECTOR, EVP & CHIEF FINANCIAL OFFICER): $3,072,897 total reported compensation
  • ANDREW DREYFUS (FORMER DIRECTOR, PRESIDENT & CEO): $2,921,387 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The company offers health maintenance organization services and supplementary programs for the benefit of its members, providing hospitalization, medical, and other health benefits to members through contracts with hospitals, physicians, nursing facilities, and other health care providers.

What it reported doing in 2024

Provision of hospital and medical benefits.

Operating model

Revenue model
Other-operating. 98% of the money available for current operations came from other operating revenue.
Distribution model
Member-benefit provider. The nonprofit used 100% of its reported program spending for member benefits.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and program spending has grown recently. A relatively small share of voting board members are independent and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 45
  • Accountability: 42
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.2%; rating input score 91
  • Program expense ratio: 87.5%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.7%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.58; rating input score 22; 22nd percentile among comparable filings
  • Liabilities to assets ratio: 0.39; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 94; 94th percentile among comparable filings

Growth

  • Program expense growth: 5.8% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 3.2% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 5.6% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 91.2% of revenue deployed · 87.5% of spending went to programs
  • Governance: 0 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.4B in reported program spending
  • Leadership: top reported pay $7.2M · 20 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $24.5M reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes foreign activity and executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • High — Sustainability: Total-asset coverage ratio scored 22/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.