Economic equity creates healthier communities
Everyone should have a fair opportunity to succeed in business and contribute to their local economy. At Independence Blue Cross (IBX), we firmly believe economic equity leads to happier, healthier communities. That’s why we are committed to advancing diverse-owned businesses and supporting organizations that strengthen diverse communities.
Here's how we see our role in advancing economic equity in our region:
As an economic engine
Supplier Diversity Program
Established in 1991, IBX’s Supplier Diversity Program creates opportunities for businesses to grow while promoting job creation and helping to stimulate the economy. Through this program, we build alliances with businesses that are owned and controlled by women, veterans, people of color, and members of the LGBTQIA+ community.
We are proud to make a positive impact on these businesses and our community. One way we do this is by continuing to increase our annual spend with diverse suppliers and businesses. In 2023, IBX and our affiliates spent $317 million with diverse suppliers — up 13 percent from 2022. In fact, from 2018-2023, we collectively spent more than $1 billion with diverse suppliers.
Supplier Diversity videos
We're proud to highlight our outstanding diverse supplier partners. Hear from them about what makes this collaboration invaluable!
- The Long-Term, Positive Impact of Supplier Diversity Programs
- An LGBTQIA+ Supplier Success Story
- Supplier Diversity is a Key Ingredient to Business Success
- Con Inclusión: How Supplier Diversity Increases Access to Health Care
How to become an IBX supplier
We look for businesses that offer a high-quality, competitively priced product or service that comes with an assurance of excellent customer service. Some of the products and services IBX currently purchases include: facility supplies and maintenance; information systems, including staffing; AV equipment and services; marketing materials and promotional items; and staffing and consulting.
If your company is interested in working with IBX, we invite you to send an email to vendor.info@ibx.com.
To be eligible to participate in IBX’s Supplier Diversity Program, a company must be certified as at least one of the following:
- Women-owned business
- Minority-owned business
- LGBTQIA+-owned
- Veteran-owned
Vendors must provide us with certification from one of the following agencies:
- National Minority Supplier Development Council (NMSDC)
- Business Enterprise National Council (WBENC)
- Other — certifications from additional city, state, or federal agencies may also apply.
Questions? Email us at vendor.info@ibx.com.
Economic impact study
A recent study looking at the economic impact of IBX and our affiliates showed that in 2022, our hiring of diverse suppliers created 1,920 jobs paying $137.8 million in employee compensation, and generated $702.1 million in economic output and $51.4 million in federal, state, and local tax revenue.
As a source of capital
Helping diverse businesses to scale and grow
“Helping minority- and women-owned companies access capital is critical to setting them on an equal footing for growth and success,” said Gregory E. Deavens, IBX president and CEO.
Highlights
- Investing in small businesses. IBX invests in the Enterprise Center’s Innovate Capital Growth Fund through the Independence Blue Cross Foundation. This Small Business Investment Company fund focuses on opening doors for minority- and women-owned business.
- Supporting diverse investment companies. We committed to spend $5 million each within four diverse investment firms for a total of $20 million. This commitment allows those firms to continue providing early-stage funding to diverse venture capitalist, accelerating DEI in private markets, and addressing the underrepresentation of Black entrepreneurs in the venture capital community.
- Using diverse portfolio managers. With our affiliates, the organization had 19.6 percent of our total $4.6 billion in corporate invested assets with diverse asset managers.
*As of December 31, 2023
As a coalition builder
We are invested in the long-term success of our diverse suppliers and diverse businesses in our community. Here are some of the ways we’re working to positively impact diverse-owned businesses:
- We founded an African American Supplier Networking and Mentoring program with a select cross-section of suppliers from across our organization.
- We are a proud sponsor and advisor for the Greater Philadelphia Hispanic Chamber of Commerce’s Accelerate Latinx education program.
- We mentor companies in the Philadelphia region on how to implement supplier diversity best practices. We do this through the Diverse Procurement Collaborative with the Greater Philadelphia Chamber of Commerce and as a participant in the Philadelphia Anchors for Growth and Equity Industry Accolades initiative led by the Economy League of Philadelphia.
- Through the Chamber of Commerce for Greater Philadelphia CEO Access Network IBX senior leaders are mentoring executives at disability-, minority-, veteran-, women-, and LGBTQIA+-owned business enterprises.
- We are creating financial literacy and banking partnerships with diverse entrepreneurs to help stimulate the local economy, especially in traditionally underserved communities. Partnerships with PIDC and Community College of Philadelphia help small businesses learn how to apply for financing, address business needs, and seize opportunities.
We are proud to be recognized for our commitment to partnering with diverse suppliers
- Eastern Minority Supplier Development Council Paving the Way Award
- Eastern Minority Supplier Development Council Emmett T. Vaughn Corporate Advocate of the Year
- Eastern Minority Supplier Development Council Regional Corporation of the Year Award
- Top 25 Diversity Change Leader (Diversity Plus)
- Women’s Business Enterprise Center-East Advocate of the Year
