UPMC's Net Income Falls 70% in FY 2012

Despite some positive financials, fiscal year 2012 was more challenging for University of Pittsburgh Medical Center (pdf), which recorded $220.7 million in net income — a 70 percent drop from the $726.8 million in profit it recorded in FY 2011.

Year-over-year operating income was slightly more stable. UPMC's operating income fell 13.5 percent, from $406 million last year to $351 million this year. Operating revenue actually increased from $8.8 billion last year to $9.6 billion this year, thanks in part to increases in total admissions, observation cases and emergency room visits.

Operating EBIDA and operating margin fell, but UPMC's liquidity remained stable. The health system recorded $3.97 billion in total cash and investments in FY 2012, slightly higher from last year, and days cash on hand remained steady at 135.

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