Highmark Health posts record revenues, strong operating performance for 2016
(in millions) |
Period ended |
||
2016 |
2015* |
||
Operating revenue |
$ 18,233 |
$ 17,667 |
|
Operating Results: |
|||
Health Plan |
|||
Commercial Business |
$ 220 |
$ 176 |
|
Government Business |
22 |
(614) |
|
Diversified Businesses |
163 |
216 |
|
|
(39) |
(36) |
|
|
4 |
7 |
|
Corporate & Other |
(306) |
(314) |
|
Operating gain (loss) |
64 |
(565) |
|
Net investment income |
167 |
295 |
|
Interest expense |
(60) |
(61) |
|
Non-operating (expense) income |
(3) |
5 |
|
Net assets acquired of NEPA |
- |
249 |
|
Excess (deficit) of revenue over expenses before income taxes |
168 |
(77) |
|
Income tax provision |
109 |
8 |
|
Excess (deficit) of revenue over expenses |
$ 59 |
$ (85) |
"We began the year determined to improve our financial performance and break new ground in fulfilling the promise of our integrated delivery and financing system. Our focus was on reinforcing the financial strength and stability of the overall enterprise and continuing to build the core operational and technology platforms needed to support the long-term strategy we laid out in 2015. We succeeded, and in the process delivered steady, consolidated and cumulative top-line growth of nearly
"
The Health Plan business reported an operating gain of
The Health Plan also maintained strong membership throughout all of its service areas, with 96 percent member retention in the commercial business and overall member retention of 94 percent. Highmark remains the fourth-largest capitalized Blue Plan in the country, with nearly 5 million core medical health plan members in Pennsylvania. It is also the largest commercial medical health plan in
Following near record performance in 2015, the Diversified Businesses reported combined earnings of
2016 was another year of growth and investment for
These improved results were achieved even after capital investments of
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