The West Penn Allegheny Health System reported its second consecutive quarterly profit, demonstrating what it calls "continued improvement in revenue, operations and liquidity" in the first quarter of fiscal year 2010.
According to President and CEO Christopher Olivia, The Pittsburgh-based health system recorded a net profit of $4.3 million in the first quarter, a considerable improvement over the same period one year ago, when the health system posted a $16 million net loss.
WPAHS also improved its operating performance by 76 percent, posting an operating loss of $4.1 million in the first quarter of FY10 compared to an operating loss of $17.3 million in the year-ago quarter. And the system improved its cash and investments by $26.3 million in the first quarter. Despite a decline in inpatient volume, total revenues were $419.1 million, up 4.4 percent year-over-year.
WPAHS' first quarter of fiscal year 2010 ended Sept. 30, 2009.
"We realize that we still have much work to do to improve our operations, but we are certainly on the right path," said Olivia. "We are committed to improving our financial results so that we may continue to fulfill our charitable purpose. We strongly believe in ensuring our actions are always dedicated to serving the community and to improving the health of the people of western Pennsylvania."
Comprised of two tertiary and four community hospitals, WPAHS serves Pittsburgh and the surrounding five-state area. The system has nearly 2,000 beds and employs more than 13,000 people. The WPAHS hospitals admit nearly 79,000 patients and log over 200,000 emergency visits each year.