The West Penn Allegheny Health System reported a $14.8 million operating loss for the last six months of 2013, a substantial improvement over the $56.2 million loss for the same period in 2012.
While acknowledging there is still work to be done, Allegheny Health Network CFO Liz Allen declared, “This is good news. We’re thrilled” by the numbers, noting that West Penn Allegheny even showed an operating profit in October and November.
The unaudited report released late Wednesday shows a slight increase in patient revenue, from $720.7 million for the last six months of 2012, to $753.6 million in 2013, although inpatient admissions continue to decline.
Also, when including restructuring and other accounting adjustments related to the purchase of West Penn Allegheny by Highmark’s Allegheny Health Network, the health system showed an $81.5 million loss for the six-month period, compared with a $55 million loss a year earlier.
Last week, WPAHS released its audited financials for the fiscal year ending June 30, 2013, that showed a $370.8 million loss.
The latest report can be viewed online at www.dacbond.com under the View Disclosure Documents tab.
Steve Twedt: email@example.com or 412-263-1963.