In the year ended June 30, University of Pittsburgh Medical Center's operating income dropped 60 percent to $140.3 million even though patient volumes and operating revenue increased.
UPMC's operating revenue in fiscal year 2013 rose 5.7 percent, totaling almost $10.2 billion, though expenses climbed 8.3 percent year-over to $10 billion. However, including investments, UPMC's total profit actually ballooned 63 percent to $359.4 million.
In a news release, UPMC Senior Vice President and CFO Robert DeMichiei said despite the lower operating profit and operating EBIDA, which was down to $556 million, the health system was still on sound financial grounding on its day-to-day operations. "We continue to see the impact of our evolving healthcare market," Mr. DeMichiei said. "Amidst challenges that all hospitals are facing today, UPMC remains strongly positioned to continue our commitment to the health of our region."
Other key metrics from UPMC's 2013 full-year financials include 131 days cash on hand, 39 days in accounts receivable, a 4 percent increase in admissions and observations visits, a 4 percent increase in average outpatient revenue per workday and a 16 percent increase in membership of its health insurance product, UPMC Health Plan.
More Articles on UPMC:
UPMC, Pitt Open Khazakstan Medical School
Pittsburgh's Case Challenging UPMC Tax Exemption to Stay in State Court
UPMC, Geisinger, Highmark Seek to Sell Plans in Pennsylvania Exchange