UPMC reported revenues of $29.9 billion in the 12 months ended Dec. 31, up from $27.7 billion in 2023. Net patient service revenues were $12.2 billion, up from $11.2 billion in the prior year. Insurance enrollment revenues were $15.1 billion, up from $14.3 billion.
Operating expenses totaled $30.1 billion in 2024, up from $27.9 billion in 2023. Salaries, professional fees and employee benefit costs totaled $10 billion, up from $9.7 billion. Insurance claims expenses reached $11.2 billion, up from $10.1 billion. Supplies, purchased services and general expenses were $8.2 billion, up from $7.4 billion.
UPMC said in the report that its health plan has seen increased medical use and rising pharmacy costs, which include expenses for GLP-1 drugs.
As of Dec. 31, the system had 93 days of cash on hand, down from 109 on the same date in 2023.
After accounting for nonoperating items, such as investment returns, UPMC reported a net loss of $14.7 million, an improvement from a net loss of $30.1 million in 2023.
