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Format: 04/25/2014
Format: 04/25/2014

News

West Penn Allegheny Health System Posts Second Consecutive Quarterly Profit

Monday, November 30th, 2009

• Systems Posts $4.3 Million Profit in First Quarter of Fiscal Year
• WPAHS Improves Operating Performance by 76 Percent
• System Increases Revenue and Days Cash on Hand Year-Over-Year

 West Penn Allegheny Health System (WPAHS) today reported its second consecutive quarterly profit, while demonstrating continued improvement in revenue, operations and liquidity in the first quarter of fiscal year 2010.

WPAHS recorded a net profit of $4.3 million in the first quarter, a considerable improvement over the year-ago period when the System posted a $16 million net loss. In addition, WPAHS improved its operating performance by 76 percent. The System posted an operating loss of $4.1 million in the first quarter of FY10 compared to an operating loss of $17.3 million in the year-ago quarter.

WPAHS also improved its cash and investments by $26.3 million in the first quarter. Despite a decline in inpatient volume, total revenues were $419.1 million, up 4.4 percent year-over-year. WPAHS’ first quarter of fiscal year 2010 ended September 30, 2009.

“We realize that we still have much work to do to improve our operations, but we are certainly on the right path,” said Christopher T. Olivia, M.D., president and CEO, West Penn Allegheny Health System. “We are committed to improving our financial results so that we may continue to fulfill our charitable purpose. We strongly believe in ensuring our actions are always dedicated to serving the community and to improving the health of the people of Western Pennsylvania.”

The System continues to improve local healthcare with several noteworthy research and treatment initiatives launched since the beginning of the new fiscal year:

• Allegheny General Hospital (AGH) joined a select group of leading cardiovascular disease centers in the United States exploring the efficacy of a promising new technology – called the DuraHeart™ Left-Ventricular Assist System – for the treatment of patients with advanced congestive heart failure who are on the waiting list for heart transplantation. AGH is the only medical center in Pittsburgh participating in the clinical trial of the DuraHeart device.
 

• Physicians at West Penn Hospital’s Institute for Pain Medicine recently began performing rhizotomy – a procedure that deadens the nerve branches surrounding the sacroiliac joint – using the new Simplicity III needle. Rhizotomy is an outpatient procedure that takes 30-45 minutes in the operating room under IV sedation. While nerve sensation can return over time, this new procedure should provide relief for several years for those suffering back pain.
 

• AGH opened a new Neuroscience Institute that promises to further advance its already formidable capabilities in the treatment of patients with the complete spectrum of neurological disorders. The Institute expanded its outpatient treatment facility from six treatment rooms to 20 to keep up with increased demand. In addition, the new Institute’s focus on basic and clinical research will help strengthen the System’s role in the study of new devices and surgical techniques to improve care.
 

• Researchers at the AGH Gerald McGinnis Cardiovascular Institute have embarked upon a landmark Phase II clinical trial exploring the safety and efficacy of a novel, adult stem cell therapy for the treatment of acute myocardial infarction or heart attack.
 

• Allegheny General Hospital’s Department of Orthopaedic Surgery and Center for Genomic Sciences launched the nation’s first studies exploring the role of biofilm infections in the failure of joint replacement surgery and bone fracture healing –two of the most common and debilitating orthopaedic complications suffered by men and women.
 

• West Penn Allegheny thoracic surgeons began investigating the potential of a new, less invasive surgical approach for treating patients with early stage lung cancer.

“Our integrated team of physicians, nurses and support professionals continue to provide outstanding clinical care while pioneering new treatments for the residents of Western Pennsylvania,” said Dr. Olivia. “We strongly believe that in order to deliver the best possible patient care, you must involve the people who actually deliver care at the bedside in decision-making. We’re proud to be Pittsburgh’s only physician-led health system. We have made many strides in recruiting top physicians to our organization.”
 

Numerous new physicians have joined WPAHS hospitals’ medical staffs since the beginning of the fiscal year, including:
 

• John Hower, D.O. and Michelle L. Zuba, D.O., both general surgeons, and Jamal M. Aljari, M.D., and Margaret Meals, M.D., both internists, joined the AKMC medical staff. In addition, AKMC welcomed Raymond Drabicki, M.D., an orthopaedic surgeon with Greater Pittsburgh Orthopaedic Associates, as well as family physician, Theodore Riley, D.O.
 

• Alex Senchenkov, M.D., a plastic surgeon, joined Canonsburg Hospital’s medical staff. Sri Jasthy, M.D., an oncologist, also joined Canonsburg Hospital’s medical staff along with the medical staffs at AGH, West Penn Hospital and West Penn - Forbes Campus.
 

• West Penn Hospital and the West Penn Hospital – Forbes Campus added several new physicians to its medical staff including: Uma Yadagiri, M.D. and Steven Wolfe, D.O., both family physicians; J. Edwin Ravano, M.D., Sangeeta Komerally, M.D., and Roberto Bendoni, M.D., all internists; Lindsay Ledwich, D.O., a rheumatologist; Bushra Haq, M.D., Division of Hematology/Oncology; Shirpal Shrishrimal, M.D., Division of Pulmonary Medicine; Brian Kazienko, M.D., a cardiovascular specialist; Laura Childress–Hazen, M.D. and Umapthy Channamalappa, M.D., both psychiatrists; and also Saloni Sharma, M.D., Hairong Peng, M.D., Mark LoDico, M.D., and Paul Lieber, M.D., all advanced pain specialists.
 

• Carlos Rosales, M.D., a vascular surgeon, joined McGinnis Thoracic & Cardiovascular Associates, and is practicing at AGH, AKMC, West Penn Hospital and the West Penn-Forbes Campus, where he will be implementing new approaches to endovascular surgery.
 

• Michael D. Felix, M.D., and Geoffrey H. Wilcox, M.D., both of the Surgical Associates of Sewickley, Ltd., joined the medical staff at AGH-Suburban Campus. Both are experienced physicians in performing laparoscopic chest and peripheral vascular surgeries.
 

• Sheri Mancini, M.D., FACS, and H. Kenneth Williams Jr., M.D., FACS, joined Allegheny Surgical Associates (ASA), AGH’s primary general surgery practice and a longtime regional leader in the field of general and minimally invasive surgical care.

 

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