PITTSBURGH – UPMC today released its financial results for the third quarter of Calendar Year 2022. Despite the continuing impact of COVID-19 on hospitals throughout the nation, UPMC remains well-positioned as a leading integrated provider-insurer in today’s challenging environment. UPMC continues its systemwide focus on supporting its workforce and improving access to high-quality, low-cost clinical care and community services.
“We expect to see the pandemic’s lingering effects on health care, including higher costs to effectively address staffing, labor and supply chain challenges, and other operational expenses,” said Edward Karlovich, executive vice president and chief financial officer, UPMC. “We will continue to invest in supporting our dedicated employees and strengthening our workforce. For example, we recently announced our nursing student loan forgiveness program, with additional incentives to build nursing and other career ladders, bolstered by key strategic partnerships with schools to help advance the pipeline for future healthcare professionals,” Karlovich said.
Meanwhile, UPMC’s significant capital investments through the first nine months of the year for new and enhanced clinical facilities, expanded patient programs, innovations and supportive technology are all aimed at furthering UPMC’s ongoing mission to extend world-class care throughout all the regions it serves. “We are forging ahead with our strategic investments to develop new models of care delivery that are better for patients, including more care delivered in ambulatory or outpatient settings to make high-quality care more easily accessible to more people, closer to their homes at lower costs,” Karlovich said.
A $24 billion health care provider and insurer, Pittsburgh-based UPMC is inventing new models of patient-centered, cost-effective, accountable care. The largest nongovernmental employer in Pennsylvania, UPMC integrates more than 92,000 employees, 40 hospitals, 800 doctors’ offices and outpatient sites, and a more than 4 million-member Insurance Services Division, the largest medical insurer in western Pennsylvania. In the most recent fiscal year, UPMC contributed $1.5 billion in benefits to its communities, including more care to the region’s most vulnerable citizens than any other health care institution, and paid more than $900 million in federal, state and local taxes. Working in close collaboration with the University of Pittsburgh Schools of the Health Sciences, UPMC shares its clinical, managerial, and technological skills worldwide through its innovation and commercialization arm, UPMC Enterprises, and through UPMC International. U.S. News consistently ranks UPMC Presbyterian Shadyside among the nation’s best hospitals in many specialties and ranks UPMC Children’s Hospital of Pittsburgh on its Honor Roll of America’s Best Children’s Hospitals. For more information, go to UPMC.com.