Posted: Aug 2, 2013 9:26 AM by Marnee Banks - MTN News
HELENA - Health Care Service Corporation (HCSC) has finalized its acquisition of Blue Cross Blue Shield of Montana.
The buyout was signed off on Thursday, which means that as of Aug. 1, the organization will be headquartered in Illinois.
The company will keep its Blue Cross name, and president Mike Frank will continue to run the business. However, it will join the Blue Cross companies in Illinois, Texas, New Mexico and Oklahoma as one of the five organizations run by HCSC.
The decision to sell the company came after Blue Cross Blue Shield was facing tough financial problems.
HCSC is one of the nation's largest health insurance companies, providing coverage to more than 13 million people.
The acquisition was previously approved by both Montana Attorney General Tim Fox and State Insurance Commissioner Monica Lindeen.