- Strong operating performance of the insurance business unit drove the overall performance
- Allegheny Health Network reports 8% year-over-year operating income growth and 5% EBITDA growth
Pittsburgh, August 29, 2024 /PRNewswire/ — Highmark Health today announced its consolidated financial results for the first six months of 2024, reporting $14.7 billion Revenue, operating profit $307 millionnet income $417 million.
Highmark Health 2024 Interim Financial Overview
These results were attributed to strong operating performance in the organization’s insurance business segments, particularly Highmark Health Plans, United Concordia Dental, and HM Insurance Group, which benefited from stable membership and affordable product options. In addition, Highmark Health’s provider network, Allegheny Health Network (AHN), saw an increase in patient volume in nearly all areas of care in the first half of 2024.
Highmark Health maintains a strong balance sheet. $11 billion Cash and Investments and Net Assets $10 billion As of June 30, 2024.
“As a client-first, purpose-driven nonprofit, Highmark Health’s continued strong financial performance enables us to invest, grow and innovate in ways that create client and community value,” David HolmbergPresident and CEO of Highmark Health. “Our Living Health model is at the heart of this work. We are transforming the ecosystem around personal health, insurance and care to make it simpler, more connected, proactive and personalized. From the perspective of our health plan members and patients, that’s ‘value’.”
“Highmark Health continues to maintain a strong and stable financial position, enabling our organization to adapt and succeed as the healthcare landscape continues to evolve.” Carl DaleyCFO and Treasurer of Highmark Health. “Our diverse portfolio of businesses, markets and products enables us to continually adjust and recalibrate in the face of headwinds and enables us to deliver on our mission to provide exceptional health experiences that enable people to be their best.”
Highmark Health Plan
Highmark Health Plans reported operating income of $11.1 billion Operating profit is $304 million Government and commercial memberships grew steadily in the first six months of 2024. The health insurance organization reported better-than-expected commercial membership enrollment in the Southeast U.S. Pennsylvania After entering the market in this area.
Allegheny Health Network (AHN)
AHN reported EBITDA of $71 million In the first six months of 2024, as more and more patients in Western countries Pennsylvania Select AHN facilities for care. The health network reported operating income of $2.5 billion As of June 30, 2024.
In the first six months of 2024, AHN’s patient volume increased year-over-year, with inpatient discharges and observations up 3%, outpatient registrations up 6%, physician visits up 4%, and emergency room visits up 7%.
Diversified Business
United Concordia Dental continues to perform well, with revenue reaching $867 million Operating profit is $45 million First six months of 2024.
Highmark Health’s stop-loss business, HM Insurance Group (HMIG), reported operating income of $594 million Operating profit is $33 million First six months of 2024.
Highmark Health’s IT services company, enGen, whose platform serves millions of people nationwide, reported revenue of $558 million And it delivered strong financial results in the first six months of 2024, driven by steady platform registrations.
About Highmark Health
Highmark Health, a Pittsburgh, PennsylvaniaThe U.S.-based company has more than 44,000 employees and serves millions of Americans across the country. It is the parent company of Highmark Inc., Allegheny Health Network, enGen and Helion. Highmark Inc. and its subsidiaries and affiliates provide health insurance to 6.9 million members in the U.S. Pennsylvania, West Virginia, Delawareand New Yorkand dental insurance and related health products through a nationally diversified network of businesses. Allegheny Health Network is an integrated delivery network in the West Pennsylvania The Highmark Health Group includes 14 hospitals, more than 2,600 affiliated physicians, ambulatory surgery centers, an employed physician organization, home and community health services, a research institute, a group purchasing organization, and health and wellness pavilions. enGen is dedicated to meeting the information technology platform and other business needs of the Highmark Health enterprise and unaffiliated health insurance plans by providing proven business processes, expertise, and an integrated cloud platform. Helion works with payers to foster high-performing networks while enabling providers to operate at their best. To learn more, visit www.highmarkhealth.org.
SOURCE Highmark Health
