An independent analysis of Colorado’s proposed universal health care system estimates it would cover 83 percent of residents and create a massive new entity that would dwarf most U.S. corporations.

The report predicts the ColoradoCare plan would create a powerful board that would control more money than the state government.

“Supporters estimate ColoradoCare would have $38 billion in annual revenues,” the report says. “If it were a private company, ColoradoCare would rank about 80th in the Fortune 500, just behind New York Life Insurance and ahead of well-known companies such as American Express, Twenty First Century Fox, 3M, Sears, Nike and McDonald’s.”

By comparison, it says, Colorado’s annual state budget totals $25.7 billion.

The report from the Colorado Health Institute, a nonprofit group, is intended as a primer to be followed by other reports that address who would gain and lose under the ColoradoCare plan, whether it would make health care more affordable, and potential benefits and drawbacks that might not be known before Colorado votes.

The referendum going before Colorado voters in November proposes an interim board of 15 members appointed by the governor and legislative leaders, followed by a permanent board elected from seven districts across the state.

It would administer a system that promises 11 categories of coverage, from primary care to end-of-life care. The system would be financed by a payroll tax, with employers contributing two-thirds and employees one-third.

Currently, about 76 percent of Colorado residents get health care coverage from employers, Medicaid or individual markets, and about 7 percent have no coverage. All 83 percent would be covered by ColoradoCare, with the balance continuing to get medical benefits from Medicare, military and other government programs.

“If approved, ColoradoCare would launch the most far-reaching health care reform in any state since the ACA (Affordable Care Act),” the institute reported. While the ACA funneled more people into current systems of private or public insurance, “ColoradoCare would create a new system, displacing both Medicaid and private insurance.”

David Olinger: 303-954-1498, dolinger@denverpost.com or @dolingerdp