UPMC today released its financial results for the first half of Calendar Year 2022. Despite the pandemic-related challenges continuing to impact health care providers nationwide, UPMC remains strongly committed and positioned to keep expanding access to world-class patient care in all its regions.
Throughout 2022, the continued effects of COVID-19, including the most recent surge, along with conditions in the labor and supply markets, has resulted in increasing costs for staffing and other operating expenses,” said Edward Karlovich, executive vice president and chief financial officer, UPMC. “However, our successful integrated provider-insurer model enables our organization to remain strong and nimble in fulfilling our commitment to always provide the very best, value-based clinical care everywhere we are.” UPMC is the largest healthcare system in the state, and the most preferred provider and insurer in western Pennsylvania.
“We continue to invest in many ways to support and bolster our outstanding dedicated workforce as our clinical and operational leaders and their teams are using lessons learned during the pandemic to create new and better patient care delivery models as we forge ahead with our longstanding mission,” Karlovich added.
In the first half of 2022, UPMC strategically reinvested $471 million in capital expenditures to advance clinical excellence, build and improve facilities, and support innovation to ensure high-quality, efficient care that enhances the experience for both the patient and the care team.
UPMC has Invested $910 Million in Central Pa. to Advance and Expand Primary and Specialty Care Close to Home for More Communities
The central Pennsylvania region has benefitted from UPMC’s commitment to extend world-class care to more people and places. Since Harrisburg-based PinnacleHealth merged into UPMC five years ago, UPMC has invested $910 million in its seven hospitals and more than 200 outpatient facilities and programs.
“Prior to becoming part of UPMC in 2017, PinnacleHealth was already a strong healthcare system with a long history of excellence. Joining a larger and successful system with a shared vision for growth in the region made PinnacleHealth and UPMC stronger together,” said Lou Baverso, president, UPMC in Central Pa.
In the first five years, UPMC in Central Pa., formerly called UPMC Pinnacle, has widely expanded specialty care services in communities throughout the region, including numerous new programs and locations for UPMC Hillman Cancer Center, UPMC Magee-Womens, UPMC Children’s, and UPMC Heart and Vascular, as well as primary care.
“In addition to assuring the extension of clinical excellence, UPMC in Central Pa. is equally committed to caring for our communities outside the walls of our facilities,” Baverso added. “In the last fiscal year, for example, UPMC in Central Pa. has contributed $125 million in IRS-defined community benefits, $63 million of which was dedicated to care for those without means to pay.”
UPMC in Central Pa. has an annual economic impact to the region of $2.6 billion.
Original source can be found here.
Alerts Sign-up