Highmark Health’s revenue increases in first nine months of 2022
Highmark Health’s fiscal performance for the first nine months of 2022 saw it on track to meet or exceed its $22 billion in revenue it achieved last year, clearing the $19 billion mark by September, according to data released Wednesday.
The Pittsburgh-based nonprofit organization, which owns Highmark Inc. and Allegheny Health Network among other companies, posted $19.5 billion in revenue for the first nine months of 2022, up 22% from the $15.9 billion in the same period a year ago. Operating margin was $594 million, up from $515 million a year ago. Highmark Health posted a $268 million loss over the nine months, which CFO Saurabh Tripathi told the Business Times in an interview was due to a $670 million loss on Highmark Health’s investments in the volatile equity market. He said that they were paper losses and that without them, Highmark Health would have recorded a $287 million gain.
Read more at Pittsburgh Business Times.
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