UPMC invests over $300M in workforce in 2022, reports almost $1B loss

Pittsburgh-based UPMC said it invested over $300 million in support of its workforce in 2022 to focus on "retention, recruitment and building a workforce pipeline."

Some of the 2022 workforce initiatives included the following:

  1. More than 1,800 internal and external nurses applied to the new UPMC Travel Staffing Team.

  2. Hiring of more than 1,400 graduate nurses.

  3. Extra shift bonus incentives.

  4. UPMC opened several new nursing schools and developed strategic partnerships with specialty training programs at colleges and universities to help new students enter the healthcare field.

The news comes as UPMC reported a $916 million loss in 2022. The 40-hospital system was able to report an operating gain of $162 million for the year, down from $843 million in 2021, but losses of $1.1 billion on investments and financing dragged down the overall figure.

UPMC, which has been making headlines recently with a slew of activity, reported 109 days of cash on hand at the end of 2022 compared with 148 as of Dec. 31, 2021.

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