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Blue Shield says it’s capping profits
Sacramento Bee

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.

“This doesn’t solve the affordability problem, but it does represent a paradigm shift for a health plan,” said Blue Shield Chief Executive Officer Bruce Bodaken, in prepared remarks ahead of a speech on the plan in San Francisco on Tuesday.