Low inpatient volumes hit West Penn’s revenues hard and led to lower profit figures. West Penn executives also said UPMC East, the University of Pittsburgh Medical Center’s new hospital in Monroeville, Pa., has negatively affected patient volumes at West Penn’s Forbes Regional Hospital, also in Monroeville.
For the nine months ended March 31, West Penn’s net losses stood at $89.7 million compared with losses of $75.7 million in the first nine months of FY 2012.
In somewhat positive news, West Penn executives notified bondholders that the Securities and Exchange Commission has closed its investigation of West Penn. Last year, the SEC looked into West Penn’s consolidated financial statements from 2008 due to an accounting error. West Penn issued a restatement later in 2008.
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