Blue Cross converting – Charity to be formed

Blue Cross and Blue Shield of North Carolina has decided to become a for-profit business, a move that would create one of the state’s biggest health-care foundations.

The foundation will get 100 percent of Blue Cross’ stock at the time of conversion, and the value of the stock will be decided by the market, says Bob Greczyn, the nonprofit insurer’s CEO.

“We don’t know how much money the foundation will have,” he says.

Observers have said the foundation’s assets could total $1 billion.

Under state law, Attorney General Roy Cooper will name the new foundation board’s 11 members from among 22 people nominated by an 11-member advisory committee selected by five groups – North Carolina Citizens for Business and Industry, the UNC Board of Governors, the North Carolina Center for Nonprofits, the North Carolina Hospital Association and the North Carolina Medical Society.

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