Highmark Health revealed a revenue of $20.3 billion and a net income of $431 million for the first three quarters of 2023. The notable performance stems from robust insurance segments, amplified by Allegheny Health Network’s increased volumes. Enhanced patient engagement, notably post-COVID-19, fueled a surge in healthcare services utilization, aligning with industry observations.
Highmark Health achieved remarkable financial milestones, unveiling $20.3 billion in revenue and $431 million in net income within the initial three quarters of 2023. Bolstered by thriving insurance segments and heightened activity within Allegheny Health Network, the company experienced considerable growth. Noteworthy trends indicated a surge in patient utilization post-pandemic, echoing industry-wide observations and a resurgence in healthcare service demand.
AHN witnessed a notable surge in inpatient discharges and observations, marking a 7% increase compared to the same period in 2022. Outpatient registrations surged by 5%, while physician visits rose by 4%. Highmark reported a 6% uptick in emergency room visits, indicating a significant resurgence in healthcare utilization.
Carl Daley, Highmark Health’s Chief Financial Officer, noted a trend aligning with industry observations, signifying patients’ return to healthcare services deferred during the pandemic. This resurgence inpatient utilization has been a common trend among various payers, suggesting a notable industry-wide development.
James Rohrbaugh, AHN’s Chief Financial Officer, echoed these sentiments, citing a rebound in orthopedic procedures for Medicare Advantage enrollees, previously deferred during the pandemic. He anticipated this increased utilization trend to persist throughout the year.
AHN accrued $3.5 billion in revenue and $64 million in EBITDA within the initial nine months of the year. Highmark attributed the augmented utilization to counterbalancing cost pressures stemming from persistent inflation.
Highmark Health Plans exhibited a $430 million operating gain over the first three quarters. The surge in annual membership aided in mitigating escalated claims due to amplified utilization, as indicated in the earnings report.
Highmark’s commendable performance showcases a revenue milestone of $20.3 billion and a net income of $431 million for the first three quarters of 2023. This success is attributed to flourishing insurance segments and increased activity in Allegheny Health Network. The surge in healthcare service utilization, post-COVID-19, aligns with broader industry trends, indicating a rebound in patient care demand. The company’s resilient financials, backed by strategic growth and heightened patient engagement, demonstrate its ability to navigate challenges and thrive amidst evolving healthcare landscapes.