Allegheny Health Network sees stark improvement in Q1: 5 things to know

Alia Paavola - Print  | 

Pittsburgh-based Allegheny Health Network reported a $983,000 net income in the first quarter of fiscal year 2018 — a nearly $17 million improvement from the same period in 2017, according to the Pittsburgh Post-Gazette.

Here are five things to know.

1. The seven-hospital network posted a first-quarter operating income of $1.5 million in fiscal year 2018, in comparison to fiscal year 2017, where the network saw an operating loss of $3.84 million.

2. The positive net income of $983,000 in the first quarter of 2018 is a significant improvement from fiscal year 2017. In fiscal year 2017, the health system saw a $16 million net loss.

3. Overall, the hospital had a 0.2 percent operating margin with 91.7 days cash on hand in the first quarter.

4. Allegheny Health spent $60 million on capital expenditures in the first quarter of 2018.

5. With the year-over-year transition from negative to positive in the first quarter, Allegheny Health CFO Jeff Crudele expects the financial profile of the health system to "continue to be positive in nature," according to the Post-Gazette.

More articles on healthcare finance:
Louisiana House passes budget with deep cuts to healthcare that could shutter hospitals: 6 things to know
Consumerism and the patient payment transition: 2 experts discuss
Mississippi hospital changes ER pricing policy after newspaper's probe into child's expensive visit

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.