Pittsburgh-based UPMC reported an operating loss of $57.6 million (-0.7% margin) in the third quarter ended Sept. 30, 2024, up from a $191 million operating loss (-2.8% margin) reported during the same time period in 2023, according to the system's most recent financial report.
Here are five things to know:
1. UPMC's net income was $95.6 million, up from a net loss of 395.3 million in the third quarter of 2023
2. UPMC saw a total revenue of $7.7 billion in the third quarter of 2024, a 13% increase from $6.8 billion over the same period in 2023.
3. Total expenses for the health system were $7.8 billion for the three months ended Sept. 30, 2024, an 11% increase from $7 billion from the same period last year.
4. Long-term debt for UPMC was $6.2 billion as of Sept. 30, 2024.
5. Total labor costs were $2.5 billion in the third quarter of 2024, up from $2.4 billion during the third quarter of 2023.
6. UPMC's operating loss was $371 million for the nine months ended Sept. 30, 2024. The loss was largely due to UPMC Health Plan's increased medical use and rising pharmacy costs, which include expenses for GLP-1 drugs.