West Penn Allegheny narrows loss
By Alex Nixon
Published: Friday, March 1, 2013, 3:45 p.m.
Updated: Friday, May 24, 2013
West Penn Allegheny Health System narrowed its loss slightly in the October-December quarter last year.
But Pittsburgh's second-largest hospital network still managed a net loss $30.3 million, compared with a net loss of $34.1 million in the same quarter the year before.
Its loss on operations also was reduced in the quarter, which is the second of its fiscal year, to $33.1 million, compared with losing $36.8 million on operations the year before.
Highmark Inc., the state's largest health insurer, is trying to buy West Penn Allegheny as it builds a new integrated health system to compete against UPMC.
As part of its strategy to turn around the finances of West Penn Allegheny, which owns five hospitals in the Pittsburgh region, Highmark funded the reopening of West Penn Hospital in Bloomfield and helped the system recruit new physicians.
Both those moves brought in new patients, which helped West Penn Allegheny boost revenue to $385.8 million during quarter, up from $365.4 million the year before, the system said. Increased reimbursement rates from insurers also helped increase revenue.
Yet competition from UPMC in Monroeville continues to reduce patient volume at Forbes Regional Hospital, the system said. UPMC opened a new $250 million hospital about a mile away from Forbes last summer.
Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or email@example.com.There are currently no comments for this story.
- Banks violate $25B mortgage settlement
- Bernanke comments on stimulus’ end stagger stocks
- Health care law remains deeply divisive
- FedEx 4Q profit drops as economic growth is weak
- Fed suggests it’s closer to slowing bond purchases
- Familiar face -- and company founder -- loses Men’s Wearhouse job
- Highmark to extend self-insurance plans to small businesses
- More choose to buy into jobs
- It’s about what you can bring
- PNC to phase out free checking accounts
- United makes MileagePlus status harder to achieve