UPMC’s excess of revenue over expenses for 2014 was $567 million, compared with $414 million the previous year. The healthcare provider and insurer saw its operating revenues rise to approximately $11.42 billion in FY 2014, up 12.1 percent from 2013. Operating EBIDA also rose to $644 million, compared with $556 million the previous year. The rise in revenues resulted from growth in insurance services and higher patient volumes. Hospital medical-surgical admissions and observation cases went up by 8 percent year-over-year, and enrollment in UPMC’s Insurance Services increased by 9 percent to more than 2.3 million members.
UPMC reported $11.23 billion in total operating expenses for FY 2014, up 11.6 percent from $10.06 billion in 2013. Salaries, professional fees and benefits increased by 11.4 percent to $4.44 billion in 2014. The cost of supplies, purchased services and general expense also went up by 12.1 percent year-over-year to $6.33 billion.
More articles on health system finances:
100 things to know about Medicare reimbursement
Massena Memorial 2014 operating losses top $2.5M
Cleveland Clinic Q2 operating margin declines to 4.8%
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
