The Pittsburgh-based payer-provider also reported operating gain of $590 million for the same period.
Highmark Health reported $9 billion in revenue for the first half of 2020, according to financials released Thursday morning.
The Pittsburgh-based payer-provider also reported an excess of revenue over expenses of $511 million and an operating gain of $590 million for the same period.
Due to the effects of the coronavirus disease 2019 (COVID-19) pandemic, Highmark's subsidiary Allegheny Health Network (AHN) reported an operating loss of $116 million due to deferred patient care. This marked AHN's first operating loss after 11 consecutive quarters of positive earnings.
Still, Highmark reported cash and investments of $10 billion at the end of June, along with net assets exceeding $8.2 billion.
C-suite perspective:
"These consistent earnings through the COVID-19 pandemic reinforce that our blended health approach is working and positions us to develop and deliver the value, capabilities and on-demand services our customers need and expect," Saurabh Tripathi, CFO of Highmark, said in a statement. "In the first half of 2020, Highmark Health delivered strong results driven by positive operational performance primarily in our insurance businesses despite market pressures and low AHN patient volumes due to the COVID-19 pandemic. This financial performance allows us to continue to reinvest in the communities we serve through reductions in insurance premium levels, strategic partnerships and the expansion of Allegheny Health Network. Our financial position, coupled with these investments in communities we serve and unwavering commitment to our exceptional clinicians, positions us well to continue taking care of our patients and members through this current COVID-19 crisis."
Highmark Health Plan contributed to Highmark's strong financial, reporting an operating gain of $609 million during Q2 and core health plan membership at 5.6 million.
The company's diversified businesses reported combined earnings of $229 million, an improvement of $80 million year-over-year, though HM Health Solutions, the company's information technology services subsidiary reported an operating loss of $9 million.
Related: Highmark Health, Contessa Launch Home-based Acute Care Model
During Q2, Highmark Inc. announced plans to affiliate with HealthNow New York Inc., a nonprofit Blue Cross Blue Shield health plan based in western New York.
Related: Pennsylvania Rural Hospitals May be Better Positioned to Weather COVID-19 Due to Global Budget Model
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.