Pittsburgh-based West Penn Allegheny Health System posted a net loss of $137.6 million in fiscal year 2013, which ended June 30, according to a Pittsburgh Post-Gazette report.
West Penn has now lost more than $200 million over the past two years. However, new owner Highmark, a Blue Cross Blue Shield affiliate also based in Pittsburgh, said it will help West Penn return to profitability as soon as next year. In March, Highmark officials said it projected West Penn could post net profit of $4.8 million in 2014 and $113.8 million in 2015.
The Pennsylvania Insurance Department approved the transaction between Highmark and West Penn in April. West Penn is the flagship of Highmark's new integrated delivery system, Allegheny Health Network.
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