Providence Bcbs and Regence Bluecross Blueshield Negotiations

Providence Bcbs has been in negotiations with Regence Bluecross Blueshield, a major health insurance provider, to secure better rates for its customers.

These negotiations have been ongoing for several years, with both parties working to reach a mutually beneficial agreement.

Regence Bluecross Blueshield has a large network of providers, which is a significant factor in the negotiations.

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The insurance contract between Providence and Regence BlueCross BlueShield of Oregon has been a long time coming. It expired at the end of last year and negotiations had been deadlocked for weeks over reimbursement rates.

Providence needs higher rates to keep up with rising labor and supply costs. Regence argued that Providence's proposal would be too expensive and result in higher premiums for customers.

The two companies finally reached an agreement on Monday, just in time to avoid any interruption in coverage for Regence customers at Providence facilities. The new contract is still being finalized, but it will keep Providence in the Regence network.

About 260,000 Oregonians have coverage at Providence hospitals through Regence.

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Regence BlueCross BlueShield of Oregon and Providence Health and Services have reached an agreement to keep Providence hospitals in-network, ensuring Oregonians with Regence coverage won't face out-of-network bills.

The contract between the two companies expired at the end of last year, but negotiations were deadlocked for weeks over reimbursement rates.

Providence claimed it needs higher rates to keep up with rising labor and supply costs, while Regence argued that Providence's proposal would be too expensive and result in higher premiums for customers.

About 260,000 Oregonians have coverage at Providence hospitals through Regence.

The new contract is still being finalized, but Providence will remain in the Regence network while the details are worked out to avoid any interruption in coverage for Regence customers.

Regence acknowledged Providence's need to meet rising costs and compensate caregivers, and Providence looks forward to working in continued partnership with Regence.

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At Providence BCBS, medical benefits are a top priority. We have a dedicated team to help you navigate your coverage.

To reach us with medical benefit questions, you can call (401) 429-2290 if you're a local resident or 1-866-987-5857 if you're from out of state. You can also visit our website at www.bcbsri.com for more information.

We offer comprehensive medical coverage that includes routine eye exams. One annual routine eye exam is covered per calendar year, with a co-payment required.

Our medical policy also includes coverage for Gender Reassignment Surgery. This is a significant aspect of our comprehensive coverage.

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Negotiations between Providence and Regence are ongoing, with both sides expressing a hope to reach a deal.

Providence is asking for a fair and equitable increase in its reimbursement rate to help pay its caregivers, who have seen significant wage increases in recent years.

The insurer Regence is taking a stand against Providence's unprecedented demand, citing concerns that higher provider prices will affect patients.

Regence bases its premiums on what it expects care to cost, and is seeking to strike a balance between provider reimbursement rates and controlling health care costs.

Additional reading: Providence Equity

Providence has seen financial losses since the pandemic, and a 19% increase in health care costs between 2020 and 2022, including pharmaceutical drug prices, supplies and staffing costs.

Regence is arguing that Providence's price hike runs contrary to the state's goal of keeping per capita health care costs from rising above 3.4% annually.

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