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

News

West Penn Allegheny Posts $7 Million Net Profit for First Half of Fiscal Year

Monday, March 1st, 2010

West Penn Allegheny Health System (WPAHS) today reported its financial results for the second quarter and first half of fiscal year 2010, demonstrating that its restructuring efforts continue to yield improvements. This marks the third quarter of consecutive net profit for the System. In addition, the System has seen year-over-year and quarter-over-quarter improvement, showing a positive financial trajectory.

WPAHS recorded a net profit of $2.7 million in the second quarter (October through December 2009), with an operating loss of $2.3 million. The System has improved its financial performance notably over the prior-year period, when WPAHS posted a net loss of $5.6 million with a $9.1 million operating loss. Second quarter revenue increased $4.1 million year over year.

The System also posted a net profit of $7 million in the first half of fiscal year 2010, a $28.5 million improvement over the first half of fiscal year 2009. WPAHS’ operating loss of $6.4 million in the first half is also a significant improvement over the System’s loss of $26.4 million during the first six months of fiscal year 2009. Total revenue was also up in the first half of fiscal year 2010 by $21.6 million versus the first half of the previous year. The first half of WPAHS’ 2010 fiscal year ended December 31, 2009.

“We are on the path from stability to security, becoming a stronger, more vibrant health system for the people of Western Pennsylvania,” said Christopher T. Olivia, M.D., president and CEO, West Penn Allegheny Health System. “We are implementing a plan to reorganize our hospitals to provide exceptional patient care while significantly improving our operating margin. We are committed to improving our financial performance so that we can further invest in our people, programs and clinical services, which are core to fulfilling our charitable mission.”

West Penn Allegheny’s mission is to practice medicine, educate, and conduct research as an integrated team of physicians, nurses, and support professionals who are committed to improving the health of its patients. The System celebrated many significant achievements in the second quarter relating to excellent patient care including:

• Allegheny General Hospital (AGH) was awarded a National Organ Donation Medal of Honor by the U.S. Department of Health and Human Services.

• The West Penn Burn Center celebrated 40 years of delivering excellent patient care. The center is the first and only burn program in the region to receive verification honors by the Committee on Trauma of the American College of Surgeons and the American Burn Association – and is the only burn center in Pennsylvania to have earned verification four times.

In addition, the System continued to make advances in medical research, offering new clinical trials to its patients during the second quarter, such as:

• Researchers at the Allegheny Singer Research Institute were awarded $2 million in NIH Recovery Act grants to explore medical breakthroughs and clinical trials in ischemic stroke, infectious disease and gene therapy for lysosomal storage diseases.
• The WPAHS Division of Gynecologic Oncology in the Department of Obstetrics and Gynecology has established an affiliation with The Cleveland Clinic Foundation, a parent institution in the Gynecologic Oncology Group, to provide the access to the latest clinical trials for ovarian cancer at West Penn Hospital.
• Researchers from AGH’s Department of Orthopaedic Surgery and Center for Genomic Sciences have launched dual groundbreaking studies that may help determine the cause of two common, hard-to-treat problems experienced by patients who undergo orthopedic surgery: a joint replacement that becomes infected and a bone fracture that will not heal properly. Both clinical trials will focus on the role of biofilms – formidable, highly resistant communities of bacteria – as a root cause of these surgical complications.

• Researchers at the System’s 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 as a heart attack treatment. AGH is the only medical center in the region and just the third in the state to offer patients access to this trial, which requires the specialized services of both advanced interventional cardiology and cardiovascular magnetic resonance imaging (MRI) capabilities. AGH has the only dedicated Cardiovascular MRI program in the state.
• In addition, AGH is the only site in the country testing a potentially groundbreaking seizure-detection system. Funded by a grant from the National Institutes of Health’s National Institute of Neurological Disease and Stroke, the initial trial of Optima Neuroscience’s seizure-detection and alert system will include 15 patients in AGH’s Comprehensive Epilepsy Program. The system is designed to be used at the bedside to help health professionals determine when seizure activity is occurring.

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