West Penn Allegheny Health System posted a $47.9 million operating loss for the fourth quarter ending June 30, a new state filing shows.
In May, West Penn Allegheny reported an operating loss of $99 million through the first nine months of the fiscal year, so this past year's losses likely will approach $150 million when those results are released this fall.
West Penn Allegheny's net losses for the quarter, budgeted to be $19.2 million, amounted to $41.2 million. It did report that it has 74.2 days cash on hand as of June 30, compared with 62.2 days a year ago.
The grim financial results come days after WPAHS reported an audited $114.9 million operating loss in the fiscal year ending June 30, 2012.
The unaudited information released Thursday is contained in a filing required by the Pennsylvania Insurance Department as a condition of its April approval of Highmark Health Service's acquisition of West Penn Allegheny.
In a statement Thursday, WPAHS spokesman Dan Laurent said the result "only further underscores the importance of West Penn Allegheny's affiliation with Highmark and the formation of the Allegheny Health Network."
He added that with initiatives to stabilize the health system's finances, "the right steps are being taken to ensure that these vital charitable community resources are sustainable for the people of Western Pennsylvania over the long run."
The insurance department has told Highmark to provide updated financial and operational information on the health system within 30 days of the end of each quarter for the next two years.
The insurance department has posted the most recent filing on its website for Highmark/West Penn information, under the tab heading "Conditions of the Order -- Public Filings."mobilehome - breaking - region - businessnews - health
Steve Twedt: firstname.lastname@example.org or 412-263-1963. First Published August 1, 2013 11:45 AM