Highmark Health Plans reports negative operating performance while addressing industrywide medical trend costs
Allegheny Health Network reports 9% total revenue growth and improved operating performance year-over-year
PITTSBURGH, March 13, 2025 /PRNewswire/ — Highmark Health today announced consolidated financial results for the full-year 2024, reporting $29.4 billion in revenue, $50 million in net income, and $209 million in operating losses.
These results reflect the negative operating performance of Highmark Health Plans, which faced industrywide medical trend pressures that continued into the fourth quarter of 2024. United Concordia Dental and HM Insurance Group saw steady operating performance, driven by increasing dental membership and pricing discipline. Highmark Health’s provider network, Allegheny Health Network (AHN), also saw operating improvements driven by increased patient volumes across all care delivery areas. Highmark Health maintained a strong balance sheet with $11.7 billion in cash and investments and net assets of $9.8 billion as of December 31, 2024.
“Our industry needs a more economically sustainable approach that delivers better health experiences and outcomes. That is exactly the challenge we’ve taken on with our long-term transformational strategy and Living Health model,” said David Holmberg, president and chief executive officer of Highmark Health. “The most advanced version of our Living Health model is here in western Pennsylvania. In 2024, Highmark and AHN launched a value-based program in which they share the goals and financial risks of managing their shared population. This uniquely integrated economic model builds on more than a decade of consumer-focused payer-provider collaboration that has improved …