Five things to know:
1. Total revenue was $4.7 billion in 2023, a 7.9% increase from $4.4 billion in 2022.
2. Allegheny’s operating expenses were $4.9 billion in 2023, up 7.4% from 2022.
3. The health system saw net loss of $140.3 million in 2023, a 41.8% increase from a loss of $241 million in 2022.
4. Total days of cash on hand was 54 in 2023, a 22.9% decrease from 70 days cash on hand the previous year.
5. Allegheny saw an operating loss of $28.6 million in the fourth quarter of 2023, ended Dec. 31, a 55.8% improvement from the same quarter in 2022. Total revenue was $1.24 billion, with total expenses at $1.26 billion in the fourth quarter of 2023.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.