Pittsburgh-based Highmark Health reported financial gains for the first six months of the year despite COVID-19-related drops in volumes, according to the Pittsburgh Post-Gazette.
Three key insights:
1. Highmark's excess revenue gain over expenses was $511 million, up $100 million year over year. Its operating revenue was up $590 million, and total revenue hit $9 billion. Its net assets surpassed $8.2 billion.
2. Strong operating gains by Highmark affiliate HM Insurance Group, which sells stop-loss coverage, helped offset steep volume drops.
3. Citing COVID-19-related shutdowns, Highmark subsidiary Pittsburgh-based Allegheny Health Network reported a 28 percent drop in ASC cases, a 12 percent drop in outpatient registrations and a 17 percent drop in hospital-based surgeries for the six months ended June 30.