LANSING, Mich. (WILX) – Blue Cross Blue Shield of Michigan says it will need to cut its budget by hundreds of millions of dollars over the next few years.
The state's largest health care provider says it needs to cut jobs because of rising prescription drug prices and more people seeking treatment.
Blue Cross said it is offering financial incentives to employees who are eligible to leave but are not union members to do so. A company spokesperson said 700 employees are currently eligible for retirement in 2025. Headcount reductions can reduce the impact of administrative cost reductions on remaining employees.
The company added that it has lost more than $1 billion over the past two years and may need to consider additional cuts if it cannot reduce its $600 million in administrative costs.
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