Jefferson Regional able to staunch loss in 3Q
Jefferson Regional Medical Center on Tuesday reported an operating loss of $683,000 in the July-September quarter, an improvement during the same period last year.
The 369-bed hospital, which is in the process of being acquired by Highmark Inc., had an operating loss of $1.1 million last year.
The operating results do not include investment income and donations, which the Jefferson Hills hospital reports as operating revenue in the income statement it makes public for its bond investors.
With investment income and donations, Jefferson Regional had net income of $4.4 million, improved from a net loss of $12.5 million the year before.
Hospital officials declined to comment on the results.
Jefferson Regional in June announced a deal with health insurer Highmark to be acquired. In exchange to control of the hospital's board of directors, Highmark will give Jefferson Regional's foundation $75 million, guarantee the hospital's about $200 million in pension and debt liabilities, and provide up to $100 million for facility improvements.
Highmark is creating a $1 billion health system to compete with UPMC, the dominant hospital network in Western Pennsylvania.
Jefferson Regional had net patient revenue of $63.2 million, up 3 percent from $61.6 million the year before.
Hospital discharges fell by 14 percent in the quarter to 3,605. Outpatient visits jumped 25 percent to 62,228.
Alex Nixon is a Trib Total Media staff writer. He can be reached at 412-320-7928 or firstname.lastname@example.org
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