The West Penn Allegheny Health System on Friday reported a net loss of $22.4 million in the three months ending March 31, including a $22 million operating loss. That compares with a $5.2 million operating loss for the same period a year ago.
Health system officials attributed the losses to restructuring expenses, lower patient volumes and the consolidation of services at West Penn Hospital and Allegheny General Hospital.
In the financial disclosure, the health system said it had 45.1 days of cash on hand as of March 31, which is 5.6 days fewer than it had Dec. 31. For the same period a year ago, WPAHS reported that it had 67.9 days of cash on hand.
Cash on hand is the amount the hospital could access quickly for operations, capital investments or acquisitions and is considered an indicator of financial health.
A year-over-year comparison shows that net patient revenue for the third quarter dropped from $399 million to $382.3 million as patient admissions declined about 15 percent.
For the first nine months of West Penn Allegheny's fiscal year, which ends June 30, the health system admitted about 45,000 patients, compared with nearly 54,000 for the same period in 2010.
In second-quarter results released in February, WPAHS reported a $23.2 million operating loss that, combined with gains in its investments, resulted in a $1.4 million net loss for the health system.
A release accompanying Friday's report said "system officials will have no further comment on the contents of the report at this time."
Steve Twedt: firstname.lastname@example.org or 412-263-1963.