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Format: 04/19/2014
Format: 04/19/2014

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Healthcare Finance News: Pittsburgh health system touts first-quarter profits for fiscal 2010

Monday, December 7th, 2009

Richard Pizzi, Editor

PITTSBURGH – The West Penn Allegheny Health System reported its second consecutive quarterly profit, demonstrating what it calls "continued improvement in revenue, operations and liquidity" in the first quarter of fiscal year 2010.

According to President and CEO Christopher Olivia, The Pittsburgh-based health system recorded a net profit of $4.3 million in the first quarter, a considerable improvement over the same period one year ago, when the health system posted a $16 million net loss.

WPAHS also improved its operating performance by 76 percent, posting 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. And the system 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.

 

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