Highmark Health owns Highmark Inc., which operates several BCBS affiliates, including in Delaware, West Virginia, and parts of Pennsylvania and New York. Highmark also owns Pittsburgh-based Allegheny Health Network.
Highmark also operates dental insurer United Concordia Dental and stop loss business HM Insurance Group.
The organization’s total revenue for the first half of 2024 was $14.7 billion, with $12.2 billion from insurance. Highmark reported $11.2B in insurance revenue in the first half of 2023.
Here are five things to note:
- The insurer’s membership was 6.9 million as of January 2024.
- Highmark Health Plans’ operating revenue was $1.1 billion in the first half of 2024, and its operating margin was $304 million.
- The company reported positive performance in its commercial business. Its government business is stable, Highmark said, with growing membership. Highmark plans to launch Medicare Advantage plans in southeastern Pennsylvania in 2025.
- Pharmaceutical costs, Medicare Advantage utilization and Medicaid redeterminations are putting pressure on Highmark’s insurance segment, according to the report.
- Highmark brought in $2.5 billion from Allegheny Health Network in the first half of 2024, $867 million from its dental business and $594 million from its stop loss business.
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