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Article: Blue Cross clarifies Medex warning Van Faasen: Insurer in no danger of bankruptcy
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- January 11, 1997
- Author:
CopyrightCopyright 1997 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Never mind.
A day after he told a radio interviewer his firm could go
bankrupt unless certain changes were made, Blue Cross and Blue Shield
chief executive William Van Faasen said that's not the message he
intended to deliver.
"We are not going bankrupt," he said yesterday in an interview
with The Boston Globe.
Van Faasen said he was merely trying to explain his company's
problems with Medex, a senior citizen insurance plan that lost $40
million last year. Van Faasen said that if Medex lost money at that
rate for a long period of time -- say five to seven years -- those
losses could threaten the company's survival.
"We are not in any imminent danger," said Van Faasen. Blue
Cross ...