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FINANCIAL MANAGEMENT
UPMC OPERATING INCOME DROPS 82%
Alan Condon - Thursday, August 24th, 2023
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Pittsburgh-based UPMC reported $15 million in operating income (0.1 percent
margin) for the six months ended June 30, an 82 percent drop from the $82
million operating income (0.7 percent margin) it posted for the same period in
2022, according to financial documents published Aug. 24.
For the six-month period, revenue increased 10.6 percent year over year to $13.8
billion while expenses rose 11.2 percent to $13.8 billion.
UPMC said the financial results reflect the ongoing challenges in the
post-pandemic healthcare environment, including increased costs to deliver
high-quality care.
After including the performance of its investment portfolio and other
nonoperating items, the 40-hospital system reported an overall gain of $150
million in the first six months of the year, compared with a $844 million loss
in the same period last year.
Since June 30, 2022, UPMC's health plan grew by 11 percent to more than 4.5
million members, with expansion of behavioral health and Medicaid products into
new regions of Eastern Pennsylvania.
"With patient preference shifting from inpatient to outpatient care delivery
closer to home, we continue to substantially invest to improve access to UPMC's
clinical excellence and community services in ambulatory settings throughout all
our regions," CFO Edward Karlovich said in a news release. "UPMC's $363 million
in capital expenditures for the year's first six months are aimed at supporting
the right level of patient-centered, high-quality, cost-effective care in the
right places."
Capital projects include major construction and improvements at UPMC facilities
in Central and North Central Pennsylvania, the new UPMC Mercy Pavilion and UPMC
Presbyterian in Pittsburgh.
Subscribe to the following topics: upmcrevenuehealth planexpensesoperating
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