Pittsburgh-based UPMC posted an operating loss of $313 million (-2.2% margin) in the first half of 2024, down from a $15 million operating income (0.1% margin) reported in the first half of 2023, according to the system's Aug. 29 financial report.
UPMC posted total operating revenues of $14.5 billion in the six months ended June 30, up from $13.8 million posted over the same period last year. Net patient service revenues were $5.9 billion, up from $5.5 billion. Insurance enrollment revenues were $7.4 billion, up from $7.1 billion.
Operating expenses rose to $14.7 billion, up from $13.8 billion posted over the same period last year. Salaries, professional fees and benefit expenses were $4.9 billion, up from $4.8 billion. Insurance claim expenses were $5.5 billion, up from $5 billion. Supplies, purchased services and general expenses were $4 billion, up from $3.7 billion. Restructuring costs totaled $88 million for the first half of 2024.
As of June 30, UPMC had 98 days of cash on hand, down from 109 on Dec. 31.
After including the performance of its investment portfolio and other nonoperating items, the system posted a net income of $16 million in the first half of 2024, down from a net income of $150 million posted over the same period in 2023.