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Interim CFO reports $167.6 million trust-fund balance, outlines IBNR reserves
Summary
Interim CFO Greg Sass reported the trust fund closed the fiscal year with $167.6 million in cash, a $60.6 million increase from the prior year, and detailed incurred-but-not-reported reserves for Blue Shield Flex ($18.1M), City Plan ($6.2M) and Delta Dental ($3.1M).
Interim CFO Greg Sass gave a preliminary year-end financial report, saying the Health Service System closed the fiscal year on June 30 with $167,600,000 in trust-fund cash — about $60,600,000 more than the same date the prior year.
Sass attributed much of the increase to timing and utilization differences under the Blue Shield Flex plan and to excess collections over claims payments that will be reserved for incurred-but-not-reported…
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