Ah, a positive story in the midst of continuing financial pain out there! Always nice to hear. This time it's the tale of the University of Pittsburgh Medical Center, which saw operating revenue rise $653 million during the 12-month period ending June 30, to $7.7 billion. UPMC ended the fiscal year with an operating margin of 2.8 percent, versus 2.6 percent for the same period in 2008, the non-profit said.
Key to UPMC's gains was a 3 percent increase in total admissions, to 187,685, for the 12-month period. Income from core services was $213 million for the year, up 15.8 percent, or $29 million, from the same period in 2008. (That excludes a one-time charge of $21 million related to a furlough of 500 to 600 of its 50,000-odd employees.)
During the same stretch, enrollment in its insurance plans grew 9 percent, to almost 1.4 million members, always a nice bonus when hospitals are getting slammed.
The one clear financial drain continuing to face UPMC was the value of its investments, whose value has continued to fall in the down economy. At fiscal year's end, they stood at $2.8 billion, down from $3.1 billion in 2008.
To learn more about UPMC's performance:
- read this Pittsburgh Business Times piece
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