Pittsburgh-based West Penn Allegheny Health System (pdf) recorded a net loss of $19.8 million in the third quarter, yet another red quarter in its financially turbulent 2012 fiscal year.
Higher expenses and less investment income contributed to the losses in the third quarter. In the nine months ended March 31, 2012, WPAHS lost a cumulative $75.7 million compared with a net loss of $20.3 million in the first nine months of 2011.
Net patient service revenue in the first nine months of FY 2012 also decreased 2.2 percent to $1.18 billion. WPAHS executives said there was a 7.7 percent decline in acute inpatient discharges, most of which have come at Western Pennsylvania Hospital.
This past October, WPAHS received a $100 million cash infusion from Pittsburgh-based health insurer Highmark. Last year, Highmark announced it would acquire WPAHS, but the deal is still undergoing regulatory and legal review.
Higher expenses and less investment income contributed to the losses in the third quarter. In the nine months ended March 31, 2012, WPAHS lost a cumulative $75.7 million compared with a net loss of $20.3 million in the first nine months of 2011.
Net patient service revenue in the first nine months of FY 2012 also decreased 2.2 percent to $1.18 billion. WPAHS executives said there was a 7.7 percent decline in acute inpatient discharges, most of which have come at Western Pennsylvania Hospital.
This past October, WPAHS received a $100 million cash infusion from Pittsburgh-based health insurer Highmark. Last year, Highmark announced it would acquire WPAHS, but the deal is still undergoing regulatory and legal review.
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