Highmark hurt by investment losses, high labor costs, but still earns money in 2022

Highmark Health said it earned about $47 million in 2022, despite investment losses of $346 million, and tens of millions in extra costs due to the labor shortage and inflation. The Highmark-owned Allegheny Health Network of hospitals lost money.Highmark said it had total revenue of $26 billion in 2022, or 18% more than last year.

Highmark’s United Concordia Dental had an operating gain of $137 million and its stop-loss insurance company had an operating gain of $65 million.A Highmark official said the 2022 results will have no major impact on health insurance premiums for Highmark members. He said members can expect premium increases “in our normal range” of about 5%-9%.CEO David Holberg said: “Despite facing multiple challenges, Highmark Health is in a strong, stable position.

He said: “Highmark Health is built for this. In good times or bad, we have the strength and flexibility to adapt to challenges and continue providing exceptional service to our customers, members, patients and communities.”Highmark does business throughout Pennsylvania as well as Delaware, West Virginia and western New York.

But no reduction in insurance costs…

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Majority of Colorado hospital systems lost money in 2022 as costs surged, stock market tankedColorado hospitals as a whole remained financially healthy through the first two years of the pandemic, but their profit margins were slashed in half in 2022 as costs swelled, pushing the majority of the state’s hospital systems into the red by the fall. No sympathy. Why in the rocky mountain fuck should hospitals turn a profit? Healthcare must be a legal right for every American, and profit shouldn't enter into the equation. Medicare for all is the only civilized solution to this barbarity.
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