Pittsburgh: St. Francis aid sends Highmark into the red

  1. Costs associated with Pennsylvania-based Highmark Inc.'s involvement in the sale of defunct St. Francis Health System hospitals caused the insurer to post an $83.4 million net loss for 2002 and helped shrink its financial reserves nearly 12 percent to $1.86 billion.

    Pittsburgh Post-Gazette, March 21, 2003
    http://www.post-gazette.com/business...markbiz4p4.asp



    "It also said a $34.7 million operating loss in its United Concordia dental insurance subsidiary helped drag it into the red."

    Glad to see the $1,000 Concordia spent to fix my teeth contributed to the decline.
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  2. 1 Comments

  3. by   oramar
    Thank you very much Karen for posting this. I struggle when I read though it to understand what is going on. UPMC buys a hospital and my health insurance gives them money to do it? Will State Farm give me money if I want to buy a car? PS It is partly my fault. UPMC charges and doctor charges for my surgery last year were $60,000. Since I am a HighMark subscriber the total paid to them was $14,000. Since they are HighMark participating hospital they have to accept whatever is paid. I guess I ran everybody into the financial ground.

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