The Regence Foundation, newly established by health insurer The Regence Group, plans to award millions annually to transform healthcare in the U.S., PNN Online reported April 16.

The new foundation will award $2.5 million in grants in its first year and $4 million annually in future years. Funding priorities will include healthcare access and quality, using technology to engage and educate healthcare consumers, and improving end-of-life care.

The Regence Group is the largest health insurer in the northwest and intermountain region of the U.S.

"Philanthropy can be a powerful force for driving deep social change," said Mike Alexander, chair of The Regence Foundation's board of directors. "The Regence Foundation allows us to identify and foster creative, innovative ideas about how to fix our broken health care system."

"We are focused on three funding areas that are rich both in need and opportunity for improvement," added Alexander. "The Foundation will provide flexible, strategically placed funds to local organizations that share our vision and commitment to improving health care for the communities we serve."