BOSTON, Nov. 12, 2024 /PRNewswire/ — In a pivotal move to combat health disparities, Blue Cross Blue Shield of Massachusetts today unveiled an updated Health Equity Business Accelerator (“Accelerator”) program in collaboration with MassChallenge, a nonprofit organization revered for its role in fostering innovation and entrepreneurship.
New for the 2025 Accelerator, five selected health care startups will be awarded a substantial one-time grant of $50,000. These chosen ventures will also be engaged in a comprehensive three-month program that offers customized support, including mentorship from experienced Blue Cross leaders and industry experts, working alongside MassChallenge to maximize their impact in addressing health equity challenges.
As the Accelerator approaches its fourth year, it continues to deliver crucial financial resources, strategic guidance, and invaluable mentorship to startups dedicated to improving health equity. The collaborative effort between Blue Cross and MassChallenge ensures that application processes are rigorous, and the selected startups for the 2025 cohort will gather for an exciting kick-off event scheduled for February.
“The Accelerator stands as a cornerstone of Blue Cross’ broader commitment to fostering diversity, equity, inclusion, and belonging,” stated Ruby Kam, Blue Cross’ chief financial officer. “We are excited about the enhanced collaboration with MassChallenge, which will empower organizations dedicated to developing impactful health care solutions.”
“We are equally enthusiastic about our extended partnership with Blue Cross Blue Shield of Massachusetts, aimed at advancing the next wave of health equity innovations,” remarked Will Magruder, vice president of partnerships at MassChallenge. “Through the Health Equity Business Accelerator program, we are equipping startups with essential tools and resources to create scalable solutions that tackle the pressing health disparities in our systems. This initiative reflects our shared vision of achieving a healthier and more equitable future for all.”
Blue Cross’ commitment to health equity
Blue Cross is committed to being a leader in addressing health inequities. Highlights include:
- We were the first health plan in Massachusetts — and among the nation’s first – to introduce a pay-for-equity financial payment model with a goal of eliminating racial and ethnic inequities in health care.
- As of October 2024, nearly all the major health systems in the state, who collectively provide care to over 800,000 (65%) of our Massachusetts members, are now incentivized and rewarded for making progress on reducing health inequities under our contracts.
- In 2023, we provided $14.7 million dollars in funding and pro-bono support to local not-for-profits focused on issues addressing food, environmental and racial justice.
- In 2022, we funded $25 million in Institute for Healthcare Improvement grants to support physician practices and hospitals in our value-based network in their efforts to eliminate racial and ethnic inequities in care and to share learnings across institutions.
- In 2021, we became the first health plan in our market to collect data on racial inequities in health care from our members and clinical partners; the data is updated and published every year.
About Blue Cross Blue Shield of Massachusetts
Blue Cross Blue Shield of Massachusetts (bluecrossma.org) is a community-focused, tax-paying, not-for-profit health plan headquartered in Boston. We are committed to showing up for everyone like they’re the only one and guiding our members to the exceptional health care they deserve – affordably, equitably and seamlessly. In keeping with our commitment, we are rated among the nation’s best health plans for member satisfaction and quality. Connect with us on Facebook, Twitter, YouTube, and LinkedIn.
SOURCE Blue Cross Blue Shield of Massachusetts
It looks like you’ve provided a detailed summary of initiatives and accomplishments by Blue Cross Blue Shield of Massachusetts focused on eliminating racial and ethnic inequities in healthcare. Here’s a concise overview of the key points:
### Key Initiatives by Blue Cross Blue Shield of Massachusetts to Address Health Inequities:
1. **Incentives for Health Systems**: As of October 2024, major health systems in Massachusetts, serving over 800,000 members (65%), are incentivized to reduce health inequities through contract rewards.
2. **Funding for Local Nonprofits**: In 2023, the organization allocated $14.7 million for funding and pro-bono support to local nonprofits addressing food, environmental, and racial justice issues.
3. **Grants for Healthcare Improvement**: In 2022, $25 million was dedicated to the Institute for Healthcare Improvement to assist physician practices and hospitals in removing racial and ethnic inequities in care.
4. **Data Collection on Health Inequities**: In 2021, they became the first health plan in their market to gather and publish data on racial inequities in healthcare, with annual updates available.
### About Blue Cross Blue Shield of Massachusetts:
Blue Cross Blue Shield of Massachusetts is a community-focused, not-for-profit health plan based in Boston. It aims to provide exceptional healthcare that is affordable and equitable, demonstrating strong commitment to member satisfaction and quality.
### Connect with Us:
For further information, Blue Cross Blue Shield of Massachusetts can be followed on social media platforms like [Facebook](https://www.facebook.com/BCBSMA), [Twitter](https://twitter.com/BCBSMA), and more.
Feel free to reach out if you need additional details or a specific aspect elaborated!
