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Format: 04/18/2014
Format: 04/18/2014

News

Pittsburgh Business Times: West Penn reports $2.7M 2Q revenue gain

Wednesday, March 3rd, 2010

By Kris B. Mamula
Improving investment returns helped West Penn Allegheny Health System turn profits for the three- and six-month periods ending December 31 compared to a year ago, while operating losses during the same periods continued to shrink, according to results released on Monday.

The region’s second largest hospital network reported a total revenue gain of $2.7 million for the quarter, up from a loss of $5.6 million for the same period in 2008 and a six-month profit of about $7 million, up from a loss of $21.5 million during the same period in 2008. The results mark the third consecutive quarter in the black for the network.

Those gains compare to an operating loss of $2.3 million for the quarter, down from a loss of $9 million for the same period a year ago, and a loss of $6.4 million for the six months ending December 31, a reduction from the $26.4 million loss reported for the same period in 2008.

“We are on the path from stability to security, becoming a stronger, more vibrant health system for the people of western Pennsylvania,” President and CEO Dr. Christopher Olivia said in a prepared statement. “We are implementing a plan to reorganize our hospitals and to provide exceptional patient care while significantly improving our operating margin.”

Outpatient volume helped drive a patient revenue gain of $21.2 million or 2.7 percent from fiscal 2009, according to the system. At the same, the number of inpatients declined, blamed in part on a difficult economy with patients delaying or canceling medical procedures.

Late last month, West Penn announced it was furloughing 213 positions.

 

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