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Format: 04/24/2014
Format: 04/24/2014

News

Pittsburgh Tribune-Review: West Penn Allegheny Health System posts $2.1 million in earnings for quarter

Tuesday, November 3rd, 2009

By Tom Fontaine

Tribune-Review

West Penn Allegheny Health System reported Friday that it turned a $2.1 million net profit in the last quarter of the fiscal year ended June 30 — a gain that CEO Christopher T. Olivia said shows the region's second-largest hospital network is "moving forward at a steady pace."

"We still have much work to do," Olivia said in a statement. "However, our results show that we are headed in the right direction."

The fourth-quarter results are a marked improvement over the same period a year ago, when West Penn Allegheny posted a net loss of $69.8 million.

Despite the quarterly profit, West Penn Allegheny posted a net loss of $25.2 million for the fiscal year. But that, too, was an improvement over last year, when the hospital network reported a net loss of $57.8 million.

Even with the fourth-quarter net profit and reduced net losses year to year, West Penn Allegheny's operations are failing to make money from direct patient care. The six-hospital system is the region's second largest, behind health giant University of Pittsburgh Medical Center.

West Penn Allegheny posted operating losses of $3.8 million in the fourth quarter and $38.5 million for the fiscal year.

The hospital system's fourth-quarter profit resulted from investment income of nearly $5.5 million and gifts and donations totaling $483,000. Likewise, it was able to staunch the bleeding for the year with $12.1 million in investment income and $1.2 million in gifts and donations.

To read more, visit the Pittsburgh Tribune-Review web site.

 

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