Premera ends attempt to become for-profit
Finally, they've made the smart decision:
Premera Blue Cross has been a nonprofit for decades - since it started here in 1933. The company unwisely poured resources into what amounted to a campaign to persuade regulators and the public it should have for-profit status.
We know Premera's executives wanted to raise money. They claimed it was to help the company grow, but we believe Premere can do just fine without becoming a publicly traded corporation.
Executives now say the campaign is over and done with and they won't be reviving it by reapplying to become a for-profit. A good move on their part.
Premera Blue Cross said Monday that it was withdrawing an appeal to the Washington Supreme Court and ending its quest to become a publicly traded, for-profit corporation.Forslund is right in saying that this bid has become "an irritant and a distraction for Premera, its customers and the medical community."
"It's time to put this behind us and focus on the future," said Scott Forslund, a spokesman for the health insurance company, which serves more than 1.3 million people in Washington.
Premera Blue Cross had been seeking for-profit status since 2002. Insurance Commissioner Mike Kreidler denied the request in 2004, and a state Appeals Court ruled against Premera in 2006. The case had been pending before the state Supreme Court for nearly a year.
Premera Blue Cross has been a nonprofit for decades - since it started here in 1933. The company unwisely poured resources into what amounted to a campaign to persuade regulators and the public it should have for-profit status.
We know Premera's executives wanted to raise money. They claimed it was to help the company grow, but we believe Premere can do just fine without becoming a publicly traded corporation.
Executives now say the campaign is over and done with and they won't be reviving it by reapplying to become a for-profit. A good move on their part.
