Kaiser Permanente posts $3B in profits in Q2 as membership in health plan increases

Kaiser Permanente reported $3 billion in net income for the second quarter of the year as membership in its health plan remains steady.

The health system and insurer posted total operating revenues of $23.7 billion against total operating expenses of $23.3 billion. The revenue was slightly above the $22.1 billion it earned in the second quarter of 2020.

Kaiser noted in its earnings statement Friday that favorable financial market conditions resulted in $3 billion in net income, compared with $4.5 billion for the second quarter of 2020.

“The COVID-19 health threat is not over, and we will continue to focus our resources on providing needed care for our patients and increasing vaccination rates to protect the health and safety of our workforce, members and the communities we serve,” said Kaiser CEO Greg Adams in a statement.

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The $3 billion in profits for the quarter was an improvement on the $2 billion the system posted in the first quarter.

The system’s earnings were boosted in part by steady growth in its Kaiser Foundation Health Plan.

The plan had almost 12.5 million members as of June 30, up by nearly 141,000 since the end of 2020, according to the earnings release.

“The stability of Kaiser Permanente’s integrated model, which provides both care and coverage, continues to help us navigate through the pandemic as we manage ongoing COVID-19 expenses and resumption of care,” said Kaiser Chief Financial Officer Kathy Lancaster.