Pittsburgh-based Highmark Health, which operates health insurer Highmark and Allegheny Health Network in Pittsburgh, posted an $83 million net loss in 2014, compared to a total loss of $134 million in 2013.
The company had an operating loss of $178 million last year compared to an operating loss of $126 million in 2013.
Highmark's health plan reported breakeven operating results in 2014, a substantial reduction from the $309 million operating gain it experienced the preceding year. The company's health plan membership was 5.3 million as of Jan. 31, which makes it the market share leader in western Pennsylvania, Delaware and West Virginia.
Highmark's Allegheny Health Network reported an operating loss of $37 million in 2014, which was a $365 million improvement over 2013.
Highmark Health's revenue increased to approximately $16.8 billion in 2014, up from about $15.8 billion in 2013.
David Holmberg, president and CEO of Highmark Health, said the company "had a solid 2014." Karen Hanlon, executive vice president and CFO of Highmark Health, said, "Highmark Health continues to manage costs and operational performance, and we will take the steps that are necessary to sustain a solid financial foundation in order to support our customers and members."
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