Highmark Health sees higher revenue but loss in net income in first half
Highmark Health saw higher revenue in the first half but reported a loss in net income due to a volatile investment market and labor costs, supply chain disruptions and inflation hitting its Allegheny Health Network subsidiary.
The Pittsburgh-based health organization posted a $174 million net loss in the first half of 2022 compared to a excess of $600 million in revenue over expenses in the first six months of last year. The costs and investments weighed on Highmark Health’s results; Highmark said net loss included $460 million in equity market results as well as a $71 million loss at AHN. Highmark also posted about a $2 billion increase in operating revenue to $12.9 billion. Operating margin fell from about $500 million last year to $387 million in the first six months of 2022.
CEO David Holmberg told reporters during a conference call Tuesday that Highmark Health’s posted a strong financial performance across most of its business units.
Click here to read more from the Pittsburgh Business Times.
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