Additionally, the health system reported $19.5 billion in revenue for the first nine months of 2022 and an operating gain of $594 million, according to a Nov. 29 Highmark news release.
Its insurance business units drove the company’s solid results. The company’s hospital business unit, Pittsburgh-based Allegheny Health Network, has experienced ongoing cost pressures because of high labor costs and inflation challenges.
“Highmark Health isn’t immune to the headwinds other health care organizations are facing with regards to inflation, staffing challenges, and the difficult equity market,” Highmark CFO Saurabh Tripathi said. “However, we maintain our strong consolidated financial position despite these challenges because our blended health and diversified business model works. Our balance sheet remains strong, and we’ve grown our consolidated operating revenues by 22 percent year-over-year.”
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.