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Financials: Overview

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Highmark Health remained financially strong in 2022, reporting $26 billion in consolidated revenue — 18% growth year over year. As of December 31, 2022, the organization had $11 billion in cash and investments and net assets of $9 billion.

Highmark Health Plans

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An independent licensee of the Blue Cross Blue Shield Association, Highmark Inc. (the Health Plan) and its affiliated health plans (collectively, Highmark Health Plans) reported an operating gain of more than $500 million for the 2022 fiscal year. This positive performance was driven by increased membership, more affordable options for consumers, and better health outcomes. Core health plan and Blue Card membership increased slightly to 7 million Highmark members.

Allegheny Health Network

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Allegheny Health Network delivered earnings before interest, taxes, depreciation, and amortization of $19 million through December 31. Operating revenue was $4.4 billion for the year, an improvement of nearly $350 million year-over-year. Like provider networks nationwide, AHN faces cost pressures related to labor due to nursing shortages, ongoing supply chain concerns, and inflationary pressures. However, outpatient registrations, physician visits, ER visits, and births all continued to rise compared to 2021.


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enGen, a healthtech company whose platform serves millions of lives across the country, reported more than $1 billion in technology-related revenue while making significant investments in its platform capabilities.

Diversified Businesses

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Highmark Health diversified businesses reported combined earnings of more than $200 million through December 31, 2022. Notably, United Concordia Dental continued to perform well, delivering an operating gain of $137 million in 2022. A stop loss business, HM Insurance Group, reported an operating gain of $65 million.