Through the third quarter of 2020, Pittsburgh-based UPMC saw its operating income more than triple, compared with the same period one year prior, according to recently released financial documents.
The 40-hospital system recorded an operating income of $227 million in the nine months ended Sept. 30, up from $73 million in the same period one year prior.
UPMC recorded operating revenue of $16.9 billion through the third quarter, an increase of $1.6 billion from the same period in 2019. The health system also saw its expenses rise 9.9 percent year over year to $16.7 billion.
UPMC attributed the revenue growth to an increase in its insurance division. Membership grew 9 percent through the third quarter. UPMC also recognized about $318 million in federal aid as other operating income in the nine-month period.
But UPMC's net patient service revenue was affected by the pandemic. Specifically, its outpatient revenue fell 4 percent, physician revenue fell 6 percent, and admissions and observations fell by 11 percent through the third quarter, compared to the same period a year ago.
UPMC also recorded a $178 million loss from its financing activities for the nine months ended Sept. 30. This compares to a nonoperating gain of $214 million last year.
Overall, UPMC ended the first nine months of this year with a net income of $263 million, a decrease of 11.7 percent compared to the same period last year.