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Continued Preference for UPMC's Clinical Excellence and Insurance Products are Reflected in UPMC's Strong Financial Results for First Quarter of Fiscal Year 2013

For Journalists

Paul Wood
Vice President & Chief Communications Officer, Public Relations
412-647-6647

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11/8/2012

Main Content
  • UPMC’s operating revenues grew by $39 million to $2.5 billion, with an operating income of $72 million.
  • UPMC’s operating EBIDA – or cash flow income – of $175 million is on target to exceed $700 million for the third consecutive fiscal year.
  • UPMC continues to advance patient care in the region, investing $135 million in capital expenditures and $135 million to fully fund employees’ pensions during the first three months of fiscal year 2013.

PITTSBURGH, Nov. 8, 2012 – Continuing preference by patients, physicians and employers for UPMC’s clinical services and insurance products is reflected in UPMC’s strong financial results and increased UPMC Health Plan membership for the first three months of fiscal year 2013.

UPMC’s operating revenues increased by $39 million to $2.5 billion for the first quarter. Operating income for the three months ended September 30, 2012 decreased $83 million over the same period in the prior fiscal year. The prior year operating income of $155 million benefitted from $39 million of non-recurring activity, including $28 million in additional meaningful use revenue over the same period in the current fiscal year. The remaining $44 million decline in operating income is due mainly to $25 million in increased physician investment, a $15 million decline related to commercial insurance rate compression, and general expense inflation, which more than offset an increase in revenue growth for Provider Services volume and Insurance Services enrollment.

For the first quarter of fiscal year 2013, 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 $175 million and are on target to exceed $700 million for fiscal year 2013. During the first three months of fiscal year 2013, UPMC spent $135 million in capital expenditures to advance clinical excellence through new technology, hospital and other facility construction and renovations, and reinvestment into new patient programs. As Pennsylvania’s largest employer, UPMC is committed to ensuring that its employees’ retirement plans are fully funded and contributed $135 million to its pension plans.

"Our financial position allows us to continue successfully growing and reinvesting to meet the needs of western Pennsylvania and communities beyond," said Robert A. DeMichiei, UPMC senior vice president and chief financial officer. "In a challenging marketplace, we are able to run operations efficiently and provide high-quality clinical care in the midst of global economic challenges and planning for the future."

UPMC’s key operating metrics were up compared to the same period a year ago. UPMC Health Plan membership was up 18 percent. In a shrinking market with declining reimbursements, outpatient revenue was up 7 percent and inpatient volume increased by 4 percent. Physician revenue increased by 6 percent. UPMC’s reputation for research advancements and accountable patient care allows it to attract physicians from around the world, nation and region as the number of employed physicians grew 12 percent.

UPMC’s diversified investment reserve portfolio stands at $3.9 billion, with a 3.7 percent return for the first quarter. UPMC maintains a long-term investment perspective. "Because of prudent leadership, we have prepared to address factors related to health care reform and other economic pressures. UPMC does not need to draw on its long-term reserves to fund day-to-day operations, capital expenditures or employee pension investments," said C. Talbot Heppenstall Jr., UPMC senior vice president and treasurer.

About UPMC

UPMC is a $10 billion global health enterprise with more than 55,000 employees headquartered in Pittsburgh, Pa., and is transforming health care by integrating more than 20 hospitals, 400 doctors’ offices and outpatient sites, a health insurance services division, and international and commercial services. Affiliated with the University of Pittsburgh Schools of the Health Sciences, UPMC ranked No. 10 in the prestigious U.S. News & World Report annual Honor Roll of America’s Best Hospitals in 2012—and No. 1 in Pennsylvania—with 15 adult specialty areas ranked for excellence. UPMC is redefining health care by using innovative science, technology and medicine to invent new models of accountable, cost-efficient and patient-centered care. For more information, go to UPMC.com.

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