Highmark Health sails over $26B mark in annual revenue
Highmark Health finished 2022 with $26 billion in revenue and nearly half a million dollars in operating gain, although the weight of the equity markets led it to post a $346 million loss.
The Pittsburgh-based nonprofit, which includes Highmark Health Plans and Allegheny Health Network among other units, saw its revenue rise 18% from $22 billion in 2021. Operating gain in 2022 was $440 million, up from $301 million in 2021.
Highmark Health would have had about $47 million in revenue over expenses if it weren’t for the stock and other markets where the organization has investments. It’s not the only health care organization to have those challenges this year, and it also showed in other metrics: Highmark Health had $11 billion in cash and investments at the end of 2022, down from $12 billion at the end of 2021. It had net assets of $9 billion in 2022, down from $10 billion in 2021.
Read more at Pittsburgh Business Times.
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