June 8, 2011

Blue Shield of California says it's capping profits at 2 percent

In what it called a "bold move" to cut health care costs, Blue Shield of California said Tuesday it will cap profits at 2 percent of revenue and pump any extra cash back into credits for customers, funding to care providers and grant awards to nonprofits that provide health care to poor Californians. But, the move was met with deep skepticism from consumer advocates, who called the move a publicity stunt.

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