A bill before the Colorado Legislature would allow Blue Cross and Blue Shield of Colorado and other not-for-profit healthcare companies to convert to for-profit status.
The bill only would create a procedure for conversion. To actually convert, the Blues would need approval from the Colorado Division of Insurance.
Blues executives haven't decided to pursue for-profit status, but they are seeking the legislation because access to capital is growing more important, said Carl Miller, Colorado Blues vice president of government and media relations.
"It's impossible for Blues plans to compete in the current marketplace," Miller said.
The Colorado Blues covers 340,000 people under its health plans. The Denver-based company reported net income of $9 million on revenues of $423 million in 1995.