Highmark Health launched Alloyed Works, a new segment for its diversified business and health services offerings.
According to a news release shared with Becker's Feb. 27, the new segment includes dental insurer United Concordia Dental and post- acute care company Helion.
Other Highmark-owned assets in Alloyed Works include:
- EnGen, a cloud platform organization for BCBS plans
- HM Insurance Group, a stop-loss insurer
- HealthNow Administrative Services, a third-party plan administrator
The companies under the new Alloyed Works division helped grow Highmark from a $2.3 billion yearly revenue organization in the mid-1990s to a $26 billion revenue organization in 2023, according to the release.
"Health companies face headwinds in a drastically changing industry from shifting consumer preferences, new competitors and technological revolution," Deb Rice-Johnson, CEO of Diversified Businesses for Highmark Inc. and chief growth officer, said in the release. "Companies that succeed over the long run, like Highmark Health, adapt to changing times."
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.