Allegheny Health Network reports positive operating income, net income for 2018

Pittsburgh-based Allegheny Health Network ended 2018 with operating income of $39 million, up from $31 million the health system recorded the year prior, according to the Pittsburgh Post-Gazette.

AHN, a subsidiary of Pittsburgh-based Highmark Health, reported revenue of $3.39 billion in 2018, up from $3.07 billion in 2017. Its expenses climbed year over year to $3.25 billion.

After factoring in nonoperating gains, the health system ended 2018 with net income of $2.8 million compared to net income of $51.1 million in 2017 and a net loss of $40 million in 2016. This is the second consecutive year it has reported positive operating and net income, according to the Pittsburgh Post-Gazette.

Jeff Crudele, CFO of the network, told the publication the health system "expect[s] to make continued and steady progress," and is "making investments in the fundamental things" to help sustain that progress.

The health system has invested in such capital improvement projects as a new full-service community hospital in Wexford, Pa., scheduled to open in 2021, and a new neighborhood hospital in McCandless Township, Pa., which is scheduled to open late this year.

 

More articles on healthcare finance:

Carilion Clinic CFO Don Halliwill's advice to other finance execs: 'Hire people who are smarter and more talented than you'
10 hospitals seeking RCM talent
RCM tip of the day: Model revenue streams to help predict cash flow

 

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

 

Top 40 Articles from the Past 6 Months