Legacy Health is currently in talks with Regence BlueCross BlueShield of Oregon to renew their contract. If an agreement is not reached, patients could see a significant increase in their healthcare costs. Legacy Health has warned 200,000 customers that their prices may jump significantly in just a few days if a new contract is not finalized.
If the current contract between Legacy Health and Regence BlueCross BlueShield of Oregon expires on Sunday without a new agreement in place, patients insured with Regence could find that their providers are out of network, resulting in higher costs. Legacy’s chief population health officer, Merrin Permut, has notified patients of the potential contract termination and advised those with scheduled appointments after March 31 to contact their insurance company for information on in-network vs. out-of-network costs.
Both sides seem to be taking a tough stance during the negotiations, with Regence claiming they offered Legacy a competitive contract that has not yet been accepted or rejected while Legacy points out that Regence has been profitable and stockpiling cash while healthcare providers like Legacy have been struggling in the wake of the COVID-19 pandemic.
In the face of reported losses of $172 million in the last fiscal year, Legacy has emphasized the disparity between its financial situation and that of Regence, which reported a 4.8% profit on billions of dollars in revenue. The fate of this contract negotiation will determine the future costs and network access for Legacy patients insured with Regence BlueCross BlueShield of Oregon.