Humana, Inc. has reported strong first quarter 2023 profits of $1.24 billion, up from $930 million in the prior year quarter, a 33.1% increase. Humana also reported strong revenues of $26.7 billion for the first quarter, an increase of 12% from the first quarter of 2022. Humana’s first quarter profits equate to $9.38 a share, exceeding analysts’ expectations.
Humana also reported strong membership growth, particularly in the Medicare Advantage individual market. Enrollment in its Medicare Advantage plans was up 11.1% in the first quarter, with a 13.5% increase in its individual Medicare Advantage membership. At the end of the quarter, Humana had 17.1 million members, including 8.6 million members in its Medicare Advantage and standalone Medicare prescription drug plans. Humana expects its individual Medicare Advantage plan membership to grow by at least 775,000 in 2023.
In a news release announcing its earnings, Humana President and CEO Bruce D. Broussard stated: “We’ve had a strong start to the year, with our outperformance underpinned by strong membership growth and favorable inpatient utilization trends in our individual Medicare Advantage business.” Unfortunately, the attorneys of Whatley Kallas, LLP are seeing health insurance companies, including Humana, deny and underpay legitimate inpatient claims of our provider clients, a practice that has no doubt added to the profits of Humana and other health insurance companies.
Humana’s first quarter 2023 earnings release is linked here.