In its third financial disclosure in a week, the West Penn Allegheny Health System reported a $14 million operating loss for the first three months of 2014 in a new filing with the Pennsylvania Insurance Department.
That loss was based on expenses of $417.8 million against $402.6 million in revenue. Compared with the same period a year earlier, WPAHS showed an increase in operating income of more than $22 million and a $25 million increase in revenue. The health system has 56.9 days of cash on hand.
The results show “significant progress” in the health system’s “efforts to strengthen the operational performance of the WPAHS hospitals and position them for long-term success,” said Dan Laurent, spokesman for the Allegheny Health Network which purchased West Penn Allegheny last year.
The new filing was required as part of the insurance department’s approval of the acquisition.
On Wednesday, WPAHS released financials for the last six months of 2013 that showed a $1.7 million operating loss in the fourth quarter and a $13.1 million loss in the July-September quarter.
“There are various dynamics that play into the results over any specific period,” said Mr. Laurent, “but we believe the broader picture is the year-over-year continuing progress the organization is making.”
A week ago, WPAHS reported a $370.8 million loss for its fiscal year that ended June 30 in an audited annual report.
Steve Twedt: email@example.com or 412-263-1963.