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

News

Pittsburgh Business Times: West Penn posts $4.2 million quarterly profit

Tuesday, December 1st, 2009

By Kris B. Mamula

West Penn Allegheny Health System continued to staunch the flow of red ink at the Pittsburgh region’s second largest hospital network by cutting operating losses by $13.2 million during the three-month period ending Sept. 30, according to first quarter financials.

Operating results represent revenue generated from core medical services and West Penn Allegheny finished the quarter with a $4.1 million operating loss compared to a loss of $17.3 million for the same period a year ago. Buoyed by investment gains, the system reported an overall gain of $4.2 million for the quarter, which compares to an overall loss of $15.9 million for the same three-month period in 2008.

Income from investment rose $7.3 million to $8.3 million during the most recent quarter, which was attributed to a “sharp rebound” in the market, according to the system.

The operating gains were attributed to ongoing restructuring efforts in the face of an 8.1 percent decline in inpatient discharges, mostly at the system’s community hospitals and West Penn Hospital. The system is continuing to consolidate and integrate services while reviewing the community’s needs for the Bloomfield hospital.

“We realize that we still have much work to do to improve our operations,” President and CEO Dr. Christopher Olivia said in a prepared statement, “but we are certainly on the right path.”

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

 

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