Highmark health stock

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- Highmark Health investing more than $750M to take care of patients, members, providers, and community during COVID-19 pandemic

- Organization sustains financial strength despite COVID-19 pandemic impact

PITTSBURGH, March 22, 2021 /PRNewswire/ -- Highmark Health today announced financial results for year-end 2020, reporting $18 billion in consolidated revenue, an operating gain of $490 million, and excess revenue over expenses of $450 million, excluding a one-time gain.

Highmark Health Year-End 2020 Financials

These results are due to the solid performance of most business units, notably Highmark Health Plan's strong commercial and government business results, driven by continued focus on value creation initiatives; strong results in the Diversified Businesses due to continued positive performance in the dental business and sustained positive margins at HM Insurance Group. These positive results were offset by the negative impact on patient volumes at Allegheny Health Network, due to COVID-19 pandemic related government shut-downs, and other containment measures, as well as consumer reluctance to seek care.

Highmark Health maintained a strong balance sheet with about $11 billion in cash and investments and net assets of about $9 billion as of December 31, 2020.

"While COVID-19 has been everybody's number one priority, and will remain so, strong organizations must also constantly look forward and build for the future," said David Holmberg, president and chief executive officer of Highmark Health. "Our transformation strategy – Living Health – combines two fundamental concepts: payers and providers – along with other strategic partners and collaborators – united to better serve our customers and clinicians. We recognize that we need to re-engage people in their health, eliminate the barriers and cost that get in the way, and leverage technology as a key enabler. Living Health represents our shared purpose and commitment to actively making things better instead of being resigned to how things are."

"These consistently strong earnings through the COVID-19 pandemic reinforce that our blended health approach is working and enabled us to reinvest more than $750 million in the communities we serve through premium credits, provider and local community support, dental safety initiatives, and expanding access to care," added Saurabh Tripathi, chief financial officer and treasurer of Highmark Health. "In 2020, Highmark Health delivered strong results driven by positive operational performance primarily in our insurance businesses despite low Allegheny Health Network patient volumes due to the pandemic. Our financial position, coupled with these investments in communities we serve and unwavering commitment of our exceptional clinicians, positions us well to continue taking care of our patients and members through the current pandemic and beyond."

The Highmark Health Plan reported an operating gain of about $400 million for the 2020 fiscal year excluding a one-time gain, primarily driven by strong performance in the commercial and government business and a continued focus on clinical transformation activities.

These efforts resulted in savings for Highmark members through smaller year over year premium increases, or even premium decreases, for health plan products.

As a result, the commercial business experienced strong retention rates as customers in all regions continue to choose the exceptional value of Highmark coverage despite pressures related to the pandemic and recession. Core health plan membership remains steady with approximately 5.6 million Highmark members through year-end, with total commercial retention rates at 93 percent.

Highmark's diversified businesses reported combined earnings of approximately $370 million through December 31, an improvement of more than $180 million from prior year due to solid performance in dental and stop loss segments. This performance is largely driven by deferred patient care as a result of the COVID-19 pandemic.

United Concordia Dental and our blue branded dental business continued to perform well, delivering an operating gain of $254 million. Highmark Health's stop loss business, HM Insurance Group (HMIG), reported an operating gain of $101 million.

HM Health Solutions, our information technology services company whose platform serves more than 10 million lives across the country, reported an operating gain of approximately $14 million driven by internal transformation initiatives.

Following three years of continued growth, Allegheny Health Network delivered an operating loss of $136 million through December 31, a decrease of $180 million compared to 2019 performance, due to volume declines associated with the COVID-19 pandemic and pandemic-related expenses.

For 2020, patient volumes decreased year over year in several key categories, including a 9 percent decrease in inpatient discharges and observations, a 2 percent decrease in outpatient registrations, and a 7 percent decrease in physician visits. AHN patient volume continues to recover and rebound to pre-COVID levels.

In summary, Highmark Health continued to deliver its financial commitments in 2020 despite the impact of COVID-19 on AHN volumes and reinvested more than $750M across the region to benefit patients, members, and the community.

About Highmark Health
Highmark Health, a Pittsburgh, PA-based enterprise that employs more than 35,000 people who serve millions of Americans across the country, is the parent company of Highmark Inc., a hospital system, and other businesses. Highmark Inc. and its subsidiaries and affiliates provide health insurance to more than 6 million members in Pennsylvania, West Virginia, Delaware and western/northeastern New York, as well as dental insurance, and related health products through a national network of diversified businesses. Allegheny Health Network is an integrated delivery network comprised of thirteen hospitals, more than 2,500 affiliated physicians, ambulatory surgery centers, an employed physician organization, home and community-based health services, a research institute, a group purchasing organization, and health and wellness pavilions in western Pennsylvania. HM Health Solutions is focused on meeting the information technology platform and other business needs of the Highmark Health enterprise as well as unaffiliated health insurance plans by providing proven business processes, expert knowledge, and integrated cloud-based platforms. To learn more, visit www.highmarkhealth.org.

1Excess Revenue Over Expenses = $1.0B including a one-time gain

(PRNewsfoto/Highmark Health)
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About Us: At-A-Glance

United Concordia Dental

Headquarters: Harrisburg, Pa.

Description: United Concordia Companies Inc. and its subsidiaries — collectively called United Concordia Dental — comprise a leading dental wellness organization that delivers high-quality, cost-effective dental solutions through a network of nearly 103,000 dentists and more than 283,000 access points.

Customers: Consumers, businesses and government entities

Products and Services: Dental care and oral wellness.

Brands Offered: United Concordia Dental; Smile for Health®, UCVision®, UCElect, Healthy Stages

Geographic Service Area: United States and Puerto Rico

Number of Employees: 940

Leadership: Michael W. Sullivan, CEO, and F.G. “Chip” Merkel, President and COO

Website: www.unitedconcordia.com

HM Insurance Group

Headquarters: Pittsburgh

Description: The companies within the HM Insurance Group work to protect businesses and their employees across the nation from the financial risks associated with health costs. With 23 offices across the nation, HM Insurance Group is one of America’s top four stop loss carriers.

Customers: Benefits brokers, consultants and third party administrators on behalf of group policyholders; providers; managed-care entities

Products and Services: Health risk solutions including stop loss, managed care reinsurance and workers' compensation insurance.

Geographic Service Area: Stop loss and managed care reinsurance are offered across the United States. Workers' compensation is offered exclusively in Pennsylvania.

Number of Employees: 426

Leadership: Michael W. Sullivan, CEO; Matt Rhenish, President and COO

Website: www.hmig.com

Integrated Delivery Network:

Headquarters: Allegheny Health Network (parent company) – Pittsburgh

Description: The integrated delivery network and its parent company Allegheny Health Network includes 8 hospitals; more than 2,100 affiliated physicians; 6 ambulatory surgery centers; a research institute; home and community based health services; a group purchasing organization; and three Health +  Wellness Pavilions. The network also serves as a clinical campus for Temple University School of Medicine, Drexel University College of Medicine and the Lake Erie College of Osteopathic Medicine.

Customers: Patients

Products and Services: Integrated health care delivery, health care research, medical education, wellness services.

Brands Offered: Allegheny Health Network, Allegheny General Hospital, Allegheny Valley Hospital, Canonsburg Hospital, Forbes Hospital, Jefferson Hospital, Saint Vincent Hospital, West Penn Hospital and Westfield Memorial Hospital

Geographic Service Area: 29 counties in Pennsylvania and portions of New York, Ohio and West Virginia

Number of Employees: 17,000

Leadership: John W. Paul, President and CEO

Website: www.ahn.org

HM Health Solutions

Headquarters: Pittsburgh

Description: HM Health Solutions meets the information technology platform and other business needs of health insurance plans by providing proven business processes, expert knowledge and integrated cloud-based platforms.

Customers: Businesses, specifically health plans

Products and Services: Advanced, end-to-end health insurance solutions including the enterprise health solution, print management, infrastructure management and data center hosting.

Geographic Service Area: Global

Number of Employees: 2,060

Leadership: Matthew V. T.  Ray, President

Sours: https://www.highmarkhealth.org/annualreport/about/glance.shtml
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Highmark

This article is about the health insurance company. For other uses, see Highmark (disambiguation).

Highmark is a non-profit healthcare company and Integrated Delivery Network based in Pittsburgh, Pennsylvania, United States. It is a large individual not-for-profit health insurer in the United States, which operates several for-profit subsidiaries.

Locality[edit]

It is a health insurer in Pennsylvania, and through a purchase in 1996, an insurer in West Virginia and also later Delaware. As Highmark Blue Cross Blue Shield, it is primarily available in 29 counties of western Pennsylvania. As Highmark Blue Shield, it is available in 21 counties in Central Pennsylvania and the Lehigh Valley. It also has a presence in the border areas of eastern Ohio, and all of West Virginia through its subsidiary, Highmark Blue Cross Blue Shield West Virginia.

Highmark acquired Blue Cross of Northeastern Pennsylvania, BCNEPA, in June 2015.[3][4]

Company history[edit]

Highmark was created in 1977 and in the 1990s by the consolidation of two Pennsylvania licensees of the Blue Cross and Blue Shield Association — Pennsylvania Blue Shield (now Highmark Blue Shield) based in suburban Harrisburg, and Blue Cross of Western Pennsylvania based in downtown Pittsburgh (now Highmark Blue Cross/Blue Shield). The consolidated group is available in 62 of the state's 67 counties.[3] In West Virginia, the company operates as Highmark Blue Cross Blue Shield West Virginia, and in Delaware, it operates as Highmark Blue Cross Blue Shield Delaware. The new company based its head offices in downtown Pittsburgh.

On March 28, 2007, Highmark announced it intended to consolidate with Independence Blue Cross of Philadelphia. The combination of the 2 insurers would have created a new company with over 18,000 employees, dual-headquarters in both Pittsburgh and Philadelphia and an economic impact of over $4 billion throughout the Commonwealth of Pennsylvania.[citation needed] On January 22, 2009, Highmark and Independence Blue Cross withdrew their applications to consolidate due to the unacceptability of conditions that the Pennsylvania Insurance Department was going to place upon the merger: to give up either of their well-known "Blue Cross" or "Blue Shield" trademarks.[5]

In 2011 the company announced it would buy the financially troubled West Penn Allegheny Health System (WPAHS) for about $500 million, expanding from insurance into owning hospitals.[6] This began a period of conflict between Highmark and UPMC, which had expanded from hospitals into insurance, and caused difficulties for patients to access care at the conflicting institutions.[7] The conflict included a lawsuit by Highmark against UPMC alleging that UPMC over-billed it by $300 million for cancer drugs,[8][9] arbitrators ordered Highmark to pay $188 million.[10]

In 2014, a gay couple criticized Highmark for not providing family coverage to same-sex couples under the Affordable Care Act.[11] Highmark later reversed their policy.[12]

In January 2020, the company earned distinction as "Best Place to Work for LGBTQ Equality" from the Human Rights Campaign Foundation, receiving a perfect score of 100 points in the national Corporate Equality Index.[13]

Organizational structure[edit]

Highmark Inc. has several wholly owned for-profit subsidiaries: United Concordia Companies, Inc., a dental insurer; Davis Vision, a provider of managed care vision benefits; Visionworks of America, a vision retail provider offering frames, lens and accessories; and HM Insurance Group, a reinsurer providing stop-loss, limited benefit medical plans, worksite, life, disability, and administrative services.

  • Highmark Health Plan aka Highmark Inc
    • Highmark Blue Cross Blue Shield (Western PA)
    • Highmark Blue Shield (Central PA)
    • Highmark Blue Cross Blue Shield West Virginia
    • Highmark Blue Cross Blue Shield Delaware
    • Highmark Health Options (Delaware)
  • Allegheny Health Network
  • Diversified Businesses
    • United Concordia (Dental)
    • HM Insurance Group (Health-related Insurance)
    • HM Health Solutions (IT Services)
    • The Highmark Foundation
    • HM Home and Community Services

References[edit]

External links[edit]

Sours: https://en.wikipedia.org/wiki/Highmark
Highmark Health Enterprise – Employee Benefits \u0026 Wellness

Highmark Health reports $9 billion in revenue and $511 million in consolidated earnings through first two quarters of 2020

PITTSBURGH, Aug. 13, 2020 /PRNewswire/ -- Highmark Health today announced financial results for the first six months of 2020, reporting an excess of revenue over expenses of $511 million and an operating gain of $590 million.

(PRNewsfoto/Highmark Health)

These results are due to the solid performance of most business units, notably Highmark health plan's strong commercial business results, driven by continued focus on value creation initiatives; stable results in the Diversified Business due to continued strong performance in the dental business, as well as sustained positive margins at HM Insurance Group.  These positive results were offset by the anticipated negative impact of deferred patient care at Allegheny Health Network, as the COVID-19 pandemic required rescheduling routine procedures.

Total consolidated revenues were $9 billion for the first six months of the year.    Highmark Health maintained a strong balance sheet with $10 billion in cash and investments and net assets of more than $8.2 billion as of June 30, 2020.

"In the midst of all this uncertainty and unrest, we have continued to make good progress on our strategic initiatives.  Thanks to our efforts to date in 2020, we believe that we are very well-positioned for the long term, and have now charted a course for the balance of the year, and well into the future," said David Holmberg, president and chief executive officer of Highmark Health.  "As we move forward, and set our sights on the next five years of our transformation journey, our focus will be on operating as a blended health organization. We are not focused on just fixing today's system; we are on a bold mission to create a whole new system -- one that delivers a remarkable health experience, freeing people to be their best." 

"These consistent earnings through the COVID-19 pandemic reinforce that our blended health approach is working and positions us to develop and deliver the value, capabilities and on-demand services our customers need and expect," added Saurabh Tripathi, chief financial officer and treasurer of Highmark Health. "In the first half of 2020, Highmark Health delivered strong results driven by positive operational performance primarily in our insurance businesses despite market pressures and low AHN patient volumes due to the COVID-19 pandemic. This financial performance allows us to continue to reinvest in the communities we serve through reductions in insurance premium levels, strategic partnerships and the expansion of Allegheny Health Network. Our financial position, coupled with these investments in communities we serve and unwavering commitment to our exceptional clinicians, positions us well to continue taking care of our patients and members through this current COVID-19 crisis."

The Highmark Health Plan reported an operating gain of $609 million for the period ended June 30, primarily driven by effective performance in the commercial and government business and a continued focus on clinical transformation activities.

These efforts resulted in savings for Highmark members through smaller premium increases – or even decreases – for health plan products and have led to a more stabilized risk pool and appropriate pricing.

As a result, the commercial business experienced high retention rates as customers in all regions continue to choose the exceptional value of Highmark coverage despite pressures related to the pandemic and recession. Core health plan membership remains steady with approximately 5.6 million Highmark members through June 30, with July 2020 commercial retention rates across the Western Pennsylvania region at 98 percent.

Highmark's diversified businesses reported combined earnings of $229 million through June 30, an improvement of $149 million over prior year due to solid performances in dental and stop loss segments. This performance is largely driven by deferred patient care during the first half of the year as a result of the COVID-19 pandemic.

United Concordia Dental and our blue branded dental business continue to perform well in both government and partner business, delivering an operating gain of $193 million. Highmark Health's stop loss business, HM Insurance Group (HMIG), reported an operating gain of $32 million.  

Following 11 consecutive quarters of positive earnings, Allegheny Health Network delivered an operating loss of $116 million through June 30, a decrease of $136 million compared to the same period last year, due to sharp volume declines associated with the COVID-19 pandemic.

For the six-month period ended June 30, patient volumes decreased year over year in a number of key categories, including a 13 percent decrease in discharges and observations, an 11 percent decrease emergency department visits, a 12 percent decrease in outpatient registrations, a 17 percent decrease in hospital surgical cases, and a 28 percent decrease in ambulatory surgery center cases. During this same period births increased three percent year-over-year.

AHN has returned to a more normalized clinical and surgical schedule, with substantial volume increases in July 2020.

HM Health Solutions, our information technology services company, experienced an operating loss of approximately $9 million driven by strategically planned technology investments to their platform, which serves more than 10 million lives across the country. 

About Highmark Health
Highmark Health, a Pittsburgh, PA-based enterprise that employs more than 35,000 people who serve millions of Americans across the country, is the parent company of Highmark Inc., a hospital system, and other businesses. Highmark Inc. and its subsidiaries and affiliates provide health insurance to more than 5.6 million members in Pennsylvania, West Virginia, and Delaware as well as dental insurance, and related health products through a national network of diversified businesses. Highmark Health's other subsidiaries include an integrated delivery network comprised of eight hospitals, more than 2,500 affiliated physicians, ambulatory surgery centers, an employed physician organization, home and community-based health services, a research institute, a group purchasing organization, and health and wellness pavilions in western Pennsylvania; and an information technology business focused on meeting the information technology platform and other business needs of the Highmark Health enterprise as well as unaffiliated health insurance plans by providing proven business processes, expert knowledge, and integrated cloud-based platforms. To learn more, visit www.highmarkhealth.org.  

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SOURCE Highmark Health

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

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The future of an evolving industry with Highmark Health CEO David Holmberg

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