PROVIDENCE – After two years of operating losses, Blue Cross & Blue Shield of Rhode Island reported that it had reached “near break even” in its operating results for the year ending Dec. 31, 2011.

“Blue Cross has been working very hard over the last two years to find ways to improve members’ health and reduce the cost of running our business,” said Peter Andruszkiewicz, president and CEO. “The combination of those efforts, as well as a $92 million reduction to our premium-deficiency reserve, has helped stabilize our financial situation.”

Blue Cross said that its revenue totaled $1.57 billion in 2011. In turn, payments to hospitals and doctors, which totaled $1.34 billion, accounted for 85.3 percent of the company’s expenses last year.

Blue Cross also said that its reserves increased to 20.6 percent of premium revenue, which is on par with the reserve levels maintained by other regional health insurers. •