Pittsburgh-based Highmark Health, the parent company of insurer Highmark and Allegheny Health Network in Pittsburgh, recorded operating revenue of $9.3 billion in the first six months of 2016, up nearly 6.9 percent from revenue of $8.7 billion in the same period of the year prior.
Highmark Health said the financial boost was primarily attributable to strong performance in its commercial health plan business, improved performance in its Affordable Care Act exchange products and the ongoing turnaround of Allegheny Health Network.
"Highmark Health has been working aggressively to address the challenges we reported at year end 2015 in the ACA book of business and at Allegheny Health Network and we have seen some benefits of our actions in 2016," said Karen Hanlon, executive vice president and CFO of Highmark Health.
Highmark's health plan business posted an operating gain of $80 million in the first half of this year, a significant improvement from a $146 million loss in the same period of the year prior.
On the provider side, Allegheny Health Network recorded an operating loss of $17 million for the first six months of 2016, a slight improvement over the same period of the year prior.
Highmark ended the first half of 2016 with operating income of $31 million, up from an operating loss of $171 million in the same period of 2015.
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