- Associated Press - Friday, October 2, 2015

PITTSBURGH (AP) - Pittsburgh-based health insurance giant Highmark Inc. says its western Pennsylvania hospital network will lose $48 million this year, but hopes to cut that annual loss to $8 million by 2017.

The loss projection is included in a report Highmark filed with the Pennsylvania Insurance Department. The report is a condition of the department’s June decision to let Highmark transfer $175 million from its $5.5 billion in insurance reserves to prop up the eight-hospital Allegheny Health Network.

The report was filed by the state-imposed deadline of Wednesday, but wasn’t publicized until Friday.

The insurance department approved the funding plan after Highmark executives, health care workers and Pittsburgh-area political leaders told Insurance Commissioner Teresa Miller that Highmark’s hospital network was needed to compete with the University of Pittsburgh Medical Center, which operates western Pennsylvania’s dominant hospital network.

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