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 email@example.com
Add Alex Nixon to your Google+ circles.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Gorman: DiNucci perfect fit for Pine-Richland
- FCC chairman floats ‘hybrid’ ruling on net neutrality
- McKeesport native returns to Pittsburgh for exhibit of his photography
- Evaporating cap on Pa. gasoline taxes to offset drops at pump
- Engineer seeks pay for Ford City work before being fired in April
- Nude photos of Penn Hills High School students spur investigation
- Steelers defense takes aim at Ravens QB Flacco
- Pensions a point of dispute as Watson challenges Dermody in 33rd District
- Writers take on novel challenge in Ford City
- Electric cars plug into solar power
- Rothfus has cash advantage over McClelland in 12th District