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Blue Cross Blue Shield of Massachusetts’ Supplier Diversity Program is commitment to promoting sustainable business opportunities for diverse businesses. The mission of the program is to procure products and services from minority-owned, women-owned, veteran-owned, LGBT-owned business enterprises as well as small businesses. Additionally, the program offers creative ways to assist diverse suppliers in their pursuit of procurement engagements. Blue Cross Blue Shield of Massachusetts collaborates with the Center for Women and Enterprise to offer a mentoring program to woman-owned businesses and partners with the Greater New England Minority Supplier Development Council to provide scholarships for minority-owned businesses to attend the Greater New England Advanced Leadership Program.
The Supplier Diversity Program is also helping to address the societal issue of wealth gap. According to reports, the wealth of median Black and Latino households is on a path to hit zero by 2053 and 2073, respectively. One of the ways these households can build long-term wealth is to own a business. Blue Cross Blue Shield of Massachusetts is doing its part to help narrow the wealth gap by growing its procurement spend with Black and Latino businesses. In 2017, the Company’s procurement spending with Black-owned and Latino-owned businesses grew by 139% and 52%, respectively. In addition, 50% of the Company’s minority vendor base comprises Black and Latino owned businesses.
Not resting on its laurels, Blue Cross Blue Shield of Massachusetts’ Supplier Diversity Program is positioned to have a greater impact in 2019. The Company is currently exploring a future partnership that will help Blue Cross Blue Shield of Massachusetts include disability-owned businesses in the Supplier Diversity Program. To further its commitment to minority-owned businesses and closing the wealth gap, Blue Cross Blue Shield of Massachusetts will join the Greater Boston Chamber of Commerce’s Pacesetters initiative, which is a partnership of large and midsized Greater Boston Chamber member organizations who use their collective purchasing power to create opportunities for minority-owned business enterprises.
Blue Cross Blue Shield of Massachusetts is an All-Inclusive Award winner in the category of Supplier Diversity – Organization. To celebrate Blue Cross Blue Shield of Massachusetts and purchase tickets to the All-Inclusive Awards click on the link below.
