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Independence Health Group reports strong membership and revenue in 2022

By April 5, 2023April 10th, 2023Company Updates Featured Press Releases

Organization saw more normalized healthcare costs not seen since before the COVID-19 pandemic

Independence Health Group, Inc., (Independence) the parent company of Independence Blue Cross, LLC, released its financial results for 2022, a preview of the organization’s annual report. Independence reported total revenue of $27.4 billion, up $2.65 billion or 10.7 percent over 2021. When revenues are combined with claims paid on behalf of self-funded employers, Independence had health care funds under management of $37.7 billion in 2022, up from $34.5 billion in 2021.

Independence’s revenue reflects sustained membership growth in its Medicaid managed care plans due to continuous enrollment requirement extended to Medicaid beneficiaries during the public health emergency. This higher revenue is partially offset by increased medical costs due to a return to more normalized healthcare utilization.

The company had net income of $156 million, due in part to an investment loss of $72 million (after-tax) driven by unrealized losses on equity securities and offset by normal recurring investment earnings within the portfolio. In 2022, Independence saw a net income margin of 0.6 percent of total revenue, down from 3.3 percent in 2021.

“Independence’s balanced 2022 year-end results position us to navigate the challenges of a shifting economy and complicated healthcare landscape, while ensuring our long-term stability,” said Gregory E. Deavens, Independence president and CEO. “We are grounded by an unwavering commitment to equitable, whole-person health care and the well-being of the communities that we serve.”

Independence committed 87 cents of each premium dollar to pay medical costs for its members’ health care. This is up from 83.2 cents in 2021 driven in part by utilization of benefits returning to pre-pandemic levels. In 2022, the organization paid more than $860 million in federal, state, and local nonpayroll taxes, state premium taxes, and other Affordable Care Act-related taxes and fees.

“Across healthcare, we are seeing margin compression due to a shifting economy, a complicated industry landscape, and market volatility. We anticipated this and are bolstered by our geographic and product diversity as well as a conservative and consistent investment portfolio,” said Juan Lopez, Independence executive vice president, chief financial officer, and treasurer.

Chart depicting "How Your Premium Dollar is Spent" for Independence Health Group2022 Key milestones

  • For the second year in a row, remained the largest plan in the Philadelphia five-county region to earn five out of five stars from the Centers for Medicare & Medicaid Services (CMS) for Independence Blue Cross’s Keystone 65 HMO Medicare Advantage plans. Independence’s Personal Choice 65SM PPO plans also earned a strong four-star rating.
  • Earned an overall 4.5-star rating out of 5 stars from CMS for subsidiary, AmeriHealth Caritas’ two Medicare Advantage dual eligible special needs plans in Pennsylvania.
  • Hosted the first Independence Health Equity Summit to engage the community in conversations on health disparities and potential solutions.
  • Successfully renewed the commitment to serve Delaware’s Medicaid population.
  • Two AmeriHealth Caritas Medicaid health plans were named among the highest-rated health insurance plans in the nation based on National Committee for Quality Assurance’s (NCQA) Medicaid Health Plan Ratings 2022 and are the only two Medicaid plans in Pennsylvania, and two of only 13 in the nation, to earn a rating of 4.5 or higher.
  • Committed a total of $20 million to four new diverse investment firms, and 24 percent of Independence’s total Assets Under Management were with diverse managers as of December 31, 2022.
  • Independence Blue Cross renewed its title sponsorship of the Indego bike share system through 2030 to ensure access to healthy, fun, and affordable transportation.

“We are proud to be a national leader in health care and innovation, the hometown team headquartered in Philadelphia for 85 years.  The current environment requires us to focus on increased collaboration and creativity to overcome challenges and unlock the potential that exists in health care. In 2022, we made tangible commitments to support the health and well-being of those we serve, and we continue to look for ways to innovate and reimagine our work for the benefit of our greater community,” Deavens added.

2022 Programs, partnerships, and initiatives

For members and group clients:

  • Behavioral health. A new virtual behavioral health clinic from Quartet Health* aims to fill in care gaps and connect people to quality behavioral healthcare, especially those with moderate to severe mental illness. The Philadelphia region was the first market in the nation covered by the virtual clinic. To date, more than 400 people have been served since it launched in July 2022.
  • Maternal health. Through collaborations with* and Cayaba Care*, two Philadelphia-based, minority-led maternal health companies, Independence is addressing racial disparities in maternal health by ensuring members receive high-quality care during pregnancy, childbirth, and after delivery.
  • Insulin access. Independence Blue Cross joined other Blue Cross Blue Shield plans in partnering with Civica* to increase access to affordable insulin for people living with diabetes.
  • Medicare Advantage primary care. Through a new agreement with Patina, Independence Medicare Advantage members can access primary care services that fit their unique needs through convenient virtual and in-home visits.
  • Financial well-being. A collaboration with AblePay Health* aims to alleviate financial stress by helping members understand and pay out-of-pocket medical expenses.
  • Cancer care. Through a new agreement with Thyme Care*, members with Independence subsidiary AmeriHealth New Jersey who have a cancer diagnosis will be provided with additional support focused on improving outcomes and overcoming health disparities.

With providers:

  • Renewed long-term agreement. Independence and Jefferson Health signed a long-term renewal of their innovative contract and extends Jefferson Health’s participation in Independence’s Total Value of Care value-based care program. The contract, for the first time, includes Einstein Healthcare Network and Jefferson Health New Jersey.
  • Tandigm-Penn. Independence and Penn Medicine deepened their longstanding collaborations through Independence’s sale of a minority equity stake in its subsidiary, Tandigm Health, to Penn Medicine. The agreement contains a long-term commitment from Penn Medicine to work with Tandigm for all primary care value-based programs across all payors.
  • Clinical Innovation Grants. Independence awarded six Clinical Innovation Grants to Jefferson Health, Penn Medicine, Temple Health, and Trinity Health Mid-Atlantic to support projects aimed at improving the quality and delivery of health care.
  • Celebrate Caring. Independence celebrated its fourth annual Celebrate Caring campaign that honors extraordinary nurses in the Philadelphia region who demonstrate care and compassion. Honorees were chosen from hundreds of nominations. Independence made donations on behalf of each winner to nonprofit organizations of their choice and provided each winner with a thank you gift.

In the community:

  • Independence Blue Cross Foundation Institute for Health Equity. Funded by a five-year, $15 million commitment, the Institute was created to address long-standing policies and practices that impede health equity. Initial focus areas include digital health, cultural competence, maternal health, and research.
  • Accelerate Health Equity. Independence joined organizations across the region to launch Accelerate Health Equity, a city-wide initiative aimed at addressing health equity and racism and advancing health through a unified approach.
  • Enterprise Center Innovate Capital Growth Fund. Through the Independence Blue Cross Foundation, Independence invested in the Enterprise Center’s Innovate Capital Growth Fund, a new Small Business Investment Company fund focuses on opening doors for minority- and women-owned business.
  • Diverse supplier program: In 2022, Independence spent $280 million with diverse suppliers, up 32 percent from 2021. Since 2018, Independence has spent nearly $1 billion with businesses owned and controlled by women, veterans, people of color, and members of the LGBTQIA+ community.
  • Blue Crew. The Blue Crew Gives 2022 charitable giving campaign raised more than $1.1 million for regional nonprofit organizations through associate donations and a company matching gifts program. More than 1,000 Blue Crew volunteers donated in excess of 3,365 hours of time benefitting 48 nonprofit organizations in our region. Associates engaged in an additional 3,426 hours of independent volunteer time outside of Blue Crew events.


  • Independence Blue Cross was named a Top Workplaces in the Philadelphia region for the fourth consecutive year and a Top Workplaces USA for the second year.
  • Independence Blue Cross earned a 2022 BEST Award for enterprise-wide success as a result of employee talent development.
  • AmeriHealth Caritas was selected as one of America’s Best Employers in Pennsylvania by Forbes.
  • NJBIZ named Independence affiliate AmeriHealth New Jersey a Best Places to Work for the 11th consecutive year.
  • The Philadelphia Foundation, in partnership with Points of Light, named Independence Blue Cross and AmeriHealth Caritas to The Civic 50 Greater Philadelphia 2022 list for the second consecutive year.
  • Research published in the journal Health Affairs from Independence Blue Cross, Massachusetts Institute of Technology, and the University of California Berkeley, highlighted the need to identify and address algorithmic bias in the healthcare industry through data analytics.
  • The Eastern Minority Supplier Development Council named AmeriHealth Caritas the National Corporation of the Year for the second consecutive year.
  • Commerce and Industry Association of New Jersey and COMMERCE magazine named Independence affiliate AmeriHealth New Jersey a 2022 Company that Cares.
  • City & State PA “2022 Pennsylvania Healthcare Power 100” list included four executives from Independence and affiliate AmeriHealth Caritas: President and CEO Greg Deavens and EVP of Public Affairs and Government Markets Steve Fera from Independence, and Chairman and CEO Paul Tufano and Market President Joanne McFall from AmeriHealth Caritas. The publication named Independence EVP and Chief People, DEI, and Communications Officer Crystal Ashby № 1 on its “2022 Impact 50” list.
  • Modern Healthcare named Yavar Moghimi, M.D., chief psychiatric medical officer for AmeriHealth Caritas District of Columbia, a Top Diversity Leader, and Mairead McInerney, corporate director of population health-wellness coordination and member experience, a Top Emerging Leader.
  • Independence Blue Cross earned multiple honors in the Public Relations Society of America (PRSA) Philadelphia chapter’s Pepperpot Awards for its Health Equity blog series, a Beat COVID-19 Childhood Vaccinations and Adult Booster  campaign, and for a Health of America video series.

* Independent companies

About Independence Health Group
Independence Health Group, Inc. (Independence) serves the health insurance needs of Philadelphia and Southeastern Pennsylvania through its subsidiary Independence Blue Cross — both independent licensees of the Blue Cross and Blue Shield Association.  Through its affiliates and subsidiaries, Independence operates in 27 states and the District of Columbia serving 8.3 million members nationally, including 3.5 million in Southeastern Pennsylvania.