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

News

Pittsburgh Post-Gazette: Olivia declares WPAHS 'stable'

Wednesday, November 4th, 2009

By Steve Twedt

Pittsburgh Post-Gazette

One year after absorbing a $73 million write-down, President and CEO Christopher Olivia says the West Penn Allegheny Health System is "financially stable" and that he remains "very optimistic" about its future, even as the system undergoes significant changes.

Speaking to local media in a wide-ranging discussion yesterday, Dr. Olivia said the hospital system planned to move more complex services -- he did not specify which ones -- from West Penn Hospital in Bloomfield to Allegheny General Hospital on North Side as part of the effort to reduce duplication at the two campuses.

But he also wants to maintain inpatient services at West Penn "if we can find a model to make it work."

On Friday, WPAHS released its annual report that showed a net loss of $25.2 million in the fiscal year ending June 30, but a $2.1 million net profit in the fourth quarter. Dr. Olivia said he was hopeful that those fourth quarter results will signal a move to overall profitability.

"We're not where we need to be, but we've made a lot of progress in the last year, year-and-a-half. The people have really pulled together here."

Already, he said, WPAHS has found approximately $110 million in "financial improvements," with nearly 80 percent of that coming by reducing expenses through renegotiated vendor contracts and changes in the system's benefits structures. About $40 million in savings and revenue enhancements is reflected in the newly released annual report, with the remainder expected to show up next year.

 

To read more, visit the Pittsburgh Post-Gazette web site.
 

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