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- Highmark Well being income grows by 24% year-over-year
- Strong efficiency for Highmark Well being Plans drives constructive working outcomes
- Fairness market influence depresses web revenue outcomes
PITTSBURGH, Aug. 30, 2022 /PRNewswire/ — Highmark Well being at this time introduced consolidated monetary outcomes for the primary six months of 2022, reporting $12.9 billion in income, an working achieve of $387 million, and a web lack of $174 million, which incorporates $460 million decline in unrealized fairness market efficiency.
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These outcomes are because of the constructive efficiency of the insurance coverage enterprise models, notably Highmark Well being Plans, United Concordia Dental and HM Insurance coverage Group, pushed by favorable claims and membership. Highmark Well being’s supplier community, Allegheny Well being Community (AHN), skilled a slight enhance in affected person volumes year-over-year however confronted continued price pressures attributable to provide chain challenges, inflation, and better labor prices.
Highmark Well being maintained a powerful stability sheet with $11 billion in money and investments and web property of $9.7 billion as of June 30, 2022.
“Highmark Well being’s robust, consolidated monetary outcomes reinforce that our blended well being method and diversified enterprise working mannequin are stable – each in our core markets and on a nationwide scale. Regardless of challenges affecting your complete well being care sector, we stay strategically and operationally targeted on serving our clients, driving the purposeful execution of our Residing Well being technique, and sustaining our holistic capital plan and technique. We’re constructed to climate these storms,” mentioned David Holmberg, president and chief government officer of Highmark Well being. “Whether or not it is via investments in affected person entry at AHN, strategic collaborations with well being care and expertise innovators, or enhancements geared toward higher assembly the wants of our clients, Highmark Well being is trying ahead and constructing the way forward for well being care.”
“Highmark Well being’s diversified enterprise mannequin is essential to our monetary energy and stability. As we anticipated, Highmark Well being delivered robust monetary efficiency regardless of a difficult financial setting. Constructive operational efficiency for our medical insurance companies drove these outcomes,” defined Saurabh Tripathi, government vice chairman, chief monetary officer and treasurer of Highmark Well being. “We proceed to deal with the fee pressures AHN faces via proactive operational and enterprise methods.”
The Highmark Well being Plans reported an working achieve of greater than $450 million for the primary six months of 2022, primarily pushed by sturdy efficiency within the business and authorities enterprise and favorable claims improvement.
Highmark’s diversified companies reported mixed earnings of greater than $100 million via June 30, 2022.
United Concordia Dental prolonged its constructive efficiency, delivering an working achieve of $68 million for the primary six months of 2022. Highmark Well being’s cease loss enterprise, HM Insurance coverage Group (HMIG), reported an working achieve of $35 million for a similar interval.
enGen, previously generally known as HM Well being Options (HMHS), Highmark Well being’s data expertise companies firm, whose platform serves roughly 11 million lives throughout the nation, reported robust monetary ends in the primary half of 2022 pushed by greater platform enrollment and demand to assist shopper tasks.
AHN skilled losses earlier than curiosity, taxes, depreciation, and amortization of $71 million for the primary six months of 2022, as rising labor and provide chain prices continued to offset secure affected person volumes. Excluding unrealized funding influence, AHN’s EBITDA was $18 million. It reported an working income of $2 billion for the interval ending June 30, 2022.
For the primary half of 2022, affected person volumes rose general in comparison with the identical interval in 2021, with a 2 p.c lower in discharges and observations, a 12 p.c enhance in outpatient registrations excluding vaccination appointments, a 3 p.c enhance in doctor visits, and a 13 p.c enhance in emergency room visits. Births additionally elevated 6 p.c throughout the community in comparison with the primary six months of 2021.
About Highmark Well being
Highmark Well being, a Pittsburgh, PA-based enterprise that employs greater than 37,000 individuals who serve hundreds of thousands of Individuals throughout the nation, is the father or mother firm of Highmark Inc., Allegheny Well being Community, and enGen. Highmark Inc. and its subsidiaries and associates present medical insurance to roughly 6.8 million members in Pennsylvania, West Virginia, Delaware and New York in addition to dental insurance coverage, and associated well being merchandise via a nationwide community of diversified companies. Allegheny Well being Community is an built-in supply community comprised of 14 hospitals, greater than 2,500 affiliated physicians, ambulatory surgical procedure facilities, an employed doctor group, residence and community-based well being companies, a analysis institute, a bunch buying group, and well being and wellness pavilions in western Pennsylvania. enGen’s dynamic ecosystem of good automation, and expertise helps and streamlines advanced operations for well being plans and their supplier companions. Based in 2014 as HM Well being Options (HMHS), enGen is an entirely owned subsidiary of Highmark Well being. enGen has greater than 3,500 workers and works with well being care plans serving 11 million members nationwide. To study extra, go to Engen.well being. Lumevity, an entirely owned subsidiary of Highmark Well being, helps firms remodel in ways in which drive direct monetary advantages whereas enhancing high quality and rising worker engagement. To study extra, go to www.highmarkhealth.org.
SOURCE Highmark Well being
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