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PARKERSBURG, W.Va.– Highmark Health reports midway through the fiscal year, they are holding their own amid some difficult financial conditions which have plagued the industry in recent years.
“We recorded strong financial performance across most of our business unit,” said David Holmberg, President and Chief Executive Officer, Highmark Health during a conference call on the mid-year financial performance .
Holmberg reported the result was $13 Billion in consolidated operating revenue for the first half of the year. The company had an operating gain of $387 Million and earnings of approximately $286 Million, excluding unrealized investment impact.
However, Holmberg noted the year isn’t without its challenges.
“We weren’t immune to many of the financial headwinds the entire industry has faced. These include labor shortages, supply chain disruptions, and inflation cost pressures alongside the unrealized impact of the financial markets on our investment portfolio. All of this resulted our reporting a net loss of $174 Million,” he added.
Despite the struggles company officials believed the company remained in a strong position going forward. Holmberg credited it to several key decisions on strategy to navigate the pandemic.
“Thanks to the diversified business operating model, unique growth strategy, national scale and scope and financial strength and stability, we’ve weathered the storm” he said.