Lawrence Times

Upmc Jameson School Of Nursing  issued the following announcement on Aug. 26.

UPMC First Six Months Calendar Year 2021 Results:

• Operating income of $605 million; operating revenue grew 9% to $12 billion, with $1.1 billion net income.
• UPMC Insurance Services Division, the largest medical insurer in western Pennsylvania, grew 5% to more than 4 million members.
• UPMC continues to advance patient care with capital expenditures totaling $374 million.
• $10.4 billion in cash and investments provides for long-term sustainability. 

UPMC showed strong financial results for the first half of 2021 as it continues to invest in supporting its outstanding workers, advancing clinical care to patients in their communities, and providing service programs to meet diverse needs in every UPMC region. 

For the first six months of Calendar Year 2021, UPMC had operating income of $605 million. Operating revenue increased 9% to $12 billion, with net income of $1.1 billion. UPMC’s Insurance Services Division — the largest medical insurer in western Pennsylvania — grew another 5%, totaling more than 4 million subscribers.

Compared to the same period a year ago, UPMC outpatient revenue increased 21%, while physician revenue grew 20%; admissions and observations increased by 8%. UPMC’s earnings before interest, depreciation and amortization (operating EBIDA)—a key measure of financial performance and the ability to generate the necessary resources for reinvestment—were $949 million.

“I am proud of how our ongoing financial strength allows us to keep delivering the highest levels of care across UPMC and ensure that all our communities have access to life-saving expertise and medical innovations. We continue to double down on all things-patient care,” said Leslie Davis, president and CEO, UPMC.  

“As our employees continue to work tirelessly throughout the uncertainty of the still-evolving pandemic, it is essential that we preserve jobs and ensure the financial and physical protection of our staff. We can ensure our people were safely equipped with the right resources and engaged in the information needed to care for themselves and their families,” Davis said.

“We are constantly reinvesting our earnings back into our employee and patient experience to support advanced care and services for every community we serve,” added Edward Karlovich, executive vice president and chief financial officer.

UPMC spent $374 million on capital expenditures in the first six months of Calendar Year 2021. Major ongoing capital projects involve facility construction and clinical service expansions for communities in every UPMC region, plus technology infrastructure enhancements that include data analytics and other technologies that are transforming the patient experience across the spectrum of health care.

Original source can be found here.