Highmark Health sees higher revenue, but lower net income and operating gain in 1Q

PITTSBURGH — Highmark Health’s revenue rose to $7.3 billion in the first quarter of 2024 but with lower net income and operating gain as the health care industry sees continued financial struggles.

Revenue was up from the $6.7 billion in the first three months of 2023 for the business units that include Highmark Blue Cross Blue Shield, Allegheny Health Network, HM Insurance Group and Concordia Dental. Highmark Health’s net income was $194 million, down from $227 million a year ago. Operating gain was $84 million, down from $136 million in the first quarter of 2023.

“Broadly speaking, we’re steady and strong from a balance sheet perspective,” CFO Carl Daley said on Thursday. Daley acknowledged the headwinds in the health care industry — particularly on the provider side — but said the overall organization is built to withstand them.