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Format: 04/17/2014
Format: 04/17/2014

News

Bloomfield Now: WPAHS Builds Cash to Historically High Levels in Fiscal Year 2010

Wednesday, November 3rd, 2010

WPAHS built cash reserves to historically high levels in fiscal  year 2010 wile also booking a $70.7 million one-time non-cash asset impairment charge, related to West Penn Hospital and the Suburban Campus of Allegheny General Hospital, as well as $11.8 million of other restructuring costs. The impairment charge, required under Generally Accepted Accounting Principles, reduces the carrying value of the hospitals’ buildings and equipment to estimated fair market value. Without these restructuring costs, the System’s operating loss for fiscal year 2010 would have been $7.4 million, while its net profit would have been $19.4 million.

 

To read more, visit the Bloomfield Now website.

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