Pittsburgh-based UPMC ended 2021 with strong operating results thanks to revenue gains in its hospital and insurance divisions, according to documents released Feb. 28.
The integrated delivery system with 40 hospitals saw its revenue hit $24.4 billion in 2021, a 5.5 percent increase from 2020. The revenue from UPMC's hospital segment increased to $10 billion in 2021, up from $9.2 billion recorded in 2020. UPMC's Insurance Services Division also saw its revenue grow from $11.4 billion in 2020 to $12.1 billion in 2021.
The health system also saw its expenses rise year over year to $23.5 billion, up from $22.2 billion in 2020.
For the year ending Dec. 31, 2021, UPMC's operating income hit $843 million, a decrease of $35 million compared to the same period one year earlier.
After factoring in nonoperating gains of $810 million, UPMC ended 2021 with a net income of $1.5 billion. In 2020, UPMC saw nonoperating gains of $232 million and ended with a net income of $1.1 billion.
"UPMC's successfully integrated provider-insurer model enables our organization to be strong and nimble in fulfilling our mission of always providing the very best, value-based clinical care, even during challenging times," said Diane Holder, president and CEO of UPMC Health Plan.