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Format: 04/23/2014
Format: 04/23/2014

News

Pittsburgh Business Times: West Penn cuts annual operating losses by more than half; posts quarterly profit

Tuesday, November 3rd, 2009

The West Penn Allegheny Health System cut its operating losses by more than half during the 12-month period ending June 30, the first signs that a turnaround at the region’s second biggest hospital network may be taking hold.

The health care system on Friday reported an operating loss of $38.4 million for fiscal 2009, down from a loss of $88.8 million for the same period in 2008.

During the same period, revenue from patient services, or operating revenue, rose $100 million to $1.5 billion, according to audited financials.

West Penn Allegheny also reported its first quarterly profit in a couple of years in total revenue, $2.1 million for the quarter ending June 30, which was up from a loss of $69.7 million for the same period in 2008.

“This is tangible evidence that the restructuring initiatives launched by the system 15 months ago have begun to yield benefits,” the annual report stated.

To read more, visit the Pittsburgh Business Times web site.

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