11/21/2018
UPMC First Nine Months 2018 Results:
- Operating revenues grew to $14 billion.
- Operating income was $190 million.
- UPMC Insurance Services Division, the largest medical insurer in western Pennsylvania, grew 5 percent with 3.4 million members.
- UPMC continues to advance patient care with capital expenditures and business investments totaling $662 million.
- $7.6 billion cash and investments provide for long-term sustainability.
PITTSBURGH – UPMC's strong financial results for the first nine months of Calendar Year 2018 reflect the increasing demand for UPMC's high-quality clinical services and insurance products in a competitive and evolving market.
For the nine months ended September 30, 2018, UPMC's operating revenues increased to $14 billion, and net income reached $264 million.
Operating income, which is reinvested in programs that support UPMC's mission of advancing patient care, was $190 million. UPMC's Insurance Services Division — the largest medical insurer in western Pennsylvania — grew 5 percent with 3.4 million subscribers. UPMC's admissions and observations increased 20 percent compared to a year ago.
UPMC’s earnings before interest, depreciation and amortization (EBIDA) — a key measure of financial performance and the ability to generate the necessary resources for reinvestment — were $658 million.
The health system spent $662 million on capital expenditures and business investments during the first nine months of Calendar Year 2018 as it continues to make significant advancements in facilities, equipment, technology, education and operational strategies to enhance patient care in more communities in and beyond western Pennsylvania.
“Our strong financial performance and successful IDFS model as a high-quality provider and insurer have allowed us to continue fulfilling our mission of expanding world-class care and affordable insurance choices, benefiting patients and businesses in the regions we serve,” said Robert A. DeMichiei, UPMC executive vice president and chief financial officer. “
Additional Resources
UPMC Quarterly Disclosure (PDF) for the period ended September 30, 2018.
First nine months 2018 financial results support slides (PDF).
About UPMC
A $19 billion world-renowned health care provider and insurer, Pittsburgh-based UPMC is inventing new models of patient-centered, cost-effective, accountable care. UPMC provides more than $900 million a year in benefits to its communities, including more care to the region’s most vulnerable citizens than any other health care institution. The largest nongovernmental employer in Pennsylvania, UPMC integrates 85,000 employees, 40 hospitals, 600 doctors’ offices and outpatient sites, and a 3.4 million-member Insurance Services Division, the largest medical insurer in western Pennsylvania. As UPMC works in close collaboration with the University of Pittsburgh Schools of the Health Sciences, U.S. News & World Report consistently ranks UPMC Presbyterian Shadyside on its annual Honor Roll of America’s Best Hospitals. UPMC Enterprises functions as the innovation and commercialization arm of UPMC, and UPMC International provides hands-on health care and management services with partners around the world. For more information, go to UPMC.com.