Although the University of Pittsburgh Medical Center experienced growth in net patient revenue and total operating revenue in the second quarter of its 2012 fiscal year, the health system's net profit was down 29 percent from the same quarter a year ago due to higher operating expenses and lower investment gains, according to UPMC's quarterly disclosure (pdf).
UPMC's excess of revenues over expenses totaled $143.7 million in the second quarter, down from $202.2 million in FY 2011. Total operating revenue in the second quarter of FY 2012 was $2.35 billion, up more than 14 percent from last year. Total operating expenses were $2.29 billion this past quarter, a jump of 15 percent from last year.
For the first six months of UPMC's FY 2012, operating EBIDA totaled $416 million, up from $400 million in the first six months of last year. Operating revenue ($4.76 billion) and operating income ($220 million) were also up in the first six months. Net income in the first six months was only $24 million, down from $427 million in the first six months of FY 2011.
On the year, many of UPMC's key operating metrics were up: Outpatient revenue increased 32 percent, total hospital admissions were up 13 percent, the number of employed physicians increased 14 percent and the UPMC Health Plan also had a 14.5 percent spike in membership.
UPMC's excess of revenues over expenses totaled $143.7 million in the second quarter, down from $202.2 million in FY 2011. Total operating revenue in the second quarter of FY 2012 was $2.35 billion, up more than 14 percent from last year. Total operating expenses were $2.29 billion this past quarter, a jump of 15 percent from last year.
For the first six months of UPMC's FY 2012, operating EBIDA totaled $416 million, up from $400 million in the first six months of last year. Operating revenue ($4.76 billion) and operating income ($220 million) were also up in the first six months. Net income in the first six months was only $24 million, down from $427 million in the first six months of FY 2011.
On the year, many of UPMC's key operating metrics were up: Outpatient revenue increased 32 percent, total hospital admissions were up 13 percent, the number of employed physicians increased 14 percent and the UPMC Health Plan also had a 14.5 percent spike in membership.
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