Philadelphia-based Penn Medicine has a pipeline of projects on the horizon, but its CEO said the health system's timeline has slowed, Philadelphia Business Journal reported March 6.
Kevin Mahoney, the University of Pennsylvania Health System's CEO, said in the report that groundbreakings haven't happened yet, and he's keeping an eye on "huge macro headwinds" affecting the industry. Impediments include staff shortages, supply costs and declining federal support related to COVID-19.
"We are watching our cash on hand and we are managing responsibly, which is why we continue to make money," Mr. Mahoney said in the report. "We are still looking at how do we come out of all of this stronger. The move [of more care to outpatient settings] continues, and we are constantly looking at how we grow Penn Medicine programs and our regional footprint."
Penn Medicine's planned construction projects include a women's health pavilion, an ambulatory care center, a cancer center and more outpatient care centers. The health system in the first half of fiscal year 2023 reported an operating profit of $103.6 million.