The West Penn Allegheny Health System posted an operating loss of almost $94 million for the fiscal year ending June 30, according to unaudited financial results that were released Monday.
The $93.9 million loss from its core medical services in fiscal 2008 compares with a loss of $19 million during the same period in 2007.
Investment income of $30.1 million helped soften the hit to West Penn Allegheny's bottom line in fiscal 2008, with excess of expenses over revenue of negative $62.8 million compared with negative $78.9 million in fiscal 2007, according to the statement.
Of the $73 million fiscal 2008 write-down suffered by the health system, $67 million was attributed to a change in the way revenue is estimated, including $5.4 million related to fiscal 2007 and $13.1 million in fiscal 2006.
The adjustment was announced in July, but West Penn Allegheny's auditors, Deloitte & Touche LLP, have not yet signed off on the accounting change, which was identified by Grant Thornton LLP.