Operating profit, total profit and revenue were up across the board in the first six months of Pittsburgh-based UPMC's 2014 fiscal year thanks largely to growth in its health plan, rising inpatient volumes and a recently finalized affiliation.
For the six months ended Dec. 31, UPMC's operating income rose 32 percent, from $85 million to $112 million. Total profit soared 83 percent to $451 million due to investment gains. Operating EBIDA in the first half of the year stood at $337 million, up from $293 million in the first six months of FY 2013. UPMC's operating revenue climbed 15 percent, exceeding $5.7 billion for the first six months.
UPMC Health Plan grew 11 percent year-over-year and now has about 2.3 million enrollees. UPMC also benefited from its acquisition of UPMC Altoona (Pa.). UPMC Altoona, formerly Altoona Regional Health System, officially merged with UPMC last July. The system now controls 22 hospitals.
"The new competitive insurance market is beneficial to employers and the community," said Robert ' DeMichiei, UPMC senior vice president and CFO, in a news release. "As we've been preparing for this expected 'new normal,' UPMC's position remains strong in its ability to continue our mission of providing outstanding patient care for all of the communities we serve."
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