Highmark Health, located in Pittsburgh, announced it had an operating gain of $230 million and net income of $389 million for the first six months of 2023.
As part of its consolidated financial results for the first half of the year, the company reported $13.6 billion in revenue due to the positive performance of most of its business units, most notably Highmark Health Plans, United Concordia Dental and HM Insurance Group. The company said it saw a 5 percent revenue growth year-over-year.
“Highmark Health is in a strong, stable financial position, which allows us to deliver on our longstanding promise to strengthen the health and economic resilience of the communities we serve,” David Holmberg, president and chief executive officer of Highmark Health, said. “We have confidence in our financial performance, capital plan and our people, which enables us to continue to transform our organization and deliver on our Living Health model.”
Highmark said it continues to address challenges due to supply chain issues, inflation and labor shortages, but increased patient volumes at Allegheny Health Network, and positive equity market performance as well as unrealized investment impact added to the company’s total net income.
The company said it had $11 billion in cash and investments, as well as net assets of more than $9 billion as of June 30, 2023.
“Highmark Health’s financial stability and strength, as well as our financial discipline, allow us to continue to successfully navigate through this volatile inflationary environment and various other headwinds,” Janine Colinear, senior vice president of finance and interim chief financial officer and treasurer of Highmark Health, said. “We’re a different organization than we were before the pandemic or even through it. We’ve grown tremendously over the years while strengthening our organization’s diversified business operating model.”