Pittsburgh-based Highmark Health reported a net income of $431 million in the first nine months of 2023.
The organization also reported $20.3 billion in revenue and an operating gain of $406 million through the first three quarters of the year, according to a Nov. 29 Highmark news release.
It attributed the results to the positive performance of its insurance segments, particularly Highmark Health Plans, United Concordia Dental and HM Insurance Group, which were driven by strong membership. Highmark Health Plans reported an operating gain of $430 million through the third quarter, and United Concordia Dental posted an operating gain of $74 million for the same time period. HM Insurance Group, the company's stop loss business reported an operating gain of $52 million through Sept. 30.
Highmark Health's provider network, Pittsburgh-based Allegheny Health Network, also saw increased patient volumes year over year, which boosted revenue, according to the release. Compared to the first nine months of 2022, AHN saw a 7% increase in inpatient discharges and observations, a 5% increase in outpatient registrations, a 4% increase in physician visits, and a 6% increase in emergency room visits.