Pittsburgh-based Highmark is also a major employer in the Harrisburg region.
Highmark Health said it earned about $47 million in 2022, despite investment losses of $346 million, and tens of millions in extra costs due to the labor shortage and inflation. The Highmark-owned Allegheny Health Network of hospitals lost money.Highmark said it had total revenue of $26 billion in 2022, or 18% more than last year.
Highmark’s United Concordia Dental had an operating gain of $137 million and its stop-loss insurance company had an operating gain of $65 million.A Highmark official said the 2022 results will have no major impact on health insurance premiums for Highmark members. He said members can expect premium increases “in our normal range” of about 5%-9%.CEO David Holberg said: “Despite facing multiple challenges, Highmark Health is in a strong, stable position.
He said: “Highmark Health is built for this. In good times or bad, we have the strength and flexibility to adapt to challenges and continue providing exceptional service to our customers, members, patients and communities.”Highmark does business throughout Pennsylvania as well as Delaware, West Virginia and western New York.
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