Highmark's health system Allegheny Health Network posted a $9 million loss in the first half of 2021, an improvement of nearly $100 million as care volumes grew from pandemic lows.
The healthcare giant released its midyear financial results Thursday, in which it reported $10.4 billion in consolidated revenue for the first half of the year. Revenue over expenses totaled $585 million, Highmark said.
Much like other health systems nationwide, AHN posted significantly losses in 2020 as COVID-19 significantly decreased volumes. AHN, for example, reported a $136 million loss in the second half of the year.
However, as vaccination rates have increased, care utilization has increased to nearly pre-pandemic levels, Highmark executives said. Inpatient discharges and observations were up 9%, and outpatient registrations were up 68% compared to the prior year.
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Physician visits and emergency room visits were also up 18%.
Cynthia Hundorfean, CEO of Allegheny Health Network, told Fierce Healthcare the system's hospitals have been "very busy" as care volumes rebound.
"We have the fortunate ability here to move patients pretty quickly throughout our system," she said. "We use all of our hospitals to the fullest."
Deborah Rice-Johnson, president of Highmark Health Plan and diversified business, told Fierce Healthcare that the insurance arm of the company is also seeing care utilization rebound from lows during the pandemic, though it still remains below pre-COVID levels.
She said Highmark has worked to proactively reach out to members to ensure they're not skipping on critical care services if they're avoiding in-person visits.
Telehealth use is still elevated compared to pre-COVID levels, though below spikes in utilization in the height of the pandemic, she said.
"We still are seeing some of the care come back, but it’s not back at the same level," Rice-Johnson said.