Allegheny Health Network more than triples net income

Allegheny Health Network, an eight-hospital system in Pittsburgh, saw its net income more than triple in the nine months ended Sept. 30, compared to the same period last year, according to unaudited financial documents.

The system reported total revenue of $2.65 billion through the first three months of 2019, up from $2.43 billion reported in the same period last year. 

Additionally, the health system saw its expenses rise through the third quarter of this year. The system had expenses totaling $2.62 billion through the first nine months of the year, up from $2.40 billion reported through the third quarter of 2018

Despite the rise in expenses, the health system reported net income of $55.5 million through the third quarter of this year, more than triple the $18 million reported in the same period in 2018.

The system attributed the positive results to a $28.7 billion boost in 2019 investment earnings and an uptick in clinical volume for physician visits and surgical cases. 

The third-quarter results mark the 10th consecutive quarter that Allegheny Health Network posted positive earnings.

More articles on healthcare finance: 

New Hampshire critical access hospital says nearby urgent care center would cause $3.2M annual loss
For-profit hospital stock report: Week ending Nov. 29
Nearly half of US consumers interested in health price comparison tools

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months