Pittsburgh-based UPMC reported a $177 million loss on revenues of $20.6 billion for the nine months ending Sept. 30, compared with a $196 million gain on revenues of $18.9 billion during the same period in 2022.
Operating margin for the year was -0.9% as of Sept. 30, compared with 1% for the nine-month period last year.
Year over year for the nine-month period, revenues for the 35-hospital system increased 9.3% to $20.6 billion while expenses grew by 11.4% to $20.8 billion, according to financial documents. Labor costs increased 6.9% to $7.2 billion and supply costs were up 13.6% to $5.5 billion.
As of Sept. 30, 2023, unrestricted cash and investments over long-term debt decreased $181 million compared to Dec. 31, 2022. Days in accounts receivable at Sept 30, 2023, and Dec. 31, 2022, were 43 and 45, respectively.