Pittsburgh-based Highmark Health reported a $268 million net loss for the first nine months of fiscal year 2022, citing a lower equity market performance.
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."