Sunday, April 26, 2015

Penn profits while other hospitals decline

The Hospital of the University of Pennsylvania earned the top spot among local hospitals with a profit of $119.3 million on operating revenues of $1.8 billion in the year that ended June 30, 2009, according to the latest report on hospital fiscal health by the Pennsylvania Health Care Cost Containment Council. In a year of tightening margins at hospitals, Penn, Children's Hospital of Philadelphia ($57.5 million in the black) and the three acute-care hospitals of the Main Line Health System ($92.7 million in profits) bucked the trend. Still, 15 of 41 hospitals in Philadelphia and its four suburban Pennsylvania Counties lost money in fiscal 2009 compared with 14 that had hospital incomes of $10 million or more.

Penn profits while other hospitals decline

The Hospital of the University of Pennsylvania earned the top spot among local hospitals with a profit of $119.3 million on operating revenues of $1.8 billion in the year that ended June 30, 2009, according to the latest report on hospital fiscal health by the Pennsylvania Health Care Cost Containment Council.

In a year of tightening margins at hospitals, Penn, Children’s Hospital of Philadelphia ($57.5 million in the black) and the three acute-care hospitals of the Main Line Health System ($92.7 million in profits) bucked the trend. Still, 15 of 41 hospitals in Philadelphia and its four suburban Pennsylvania Counties lost money in fiscal 2009 compared with 14 that had incomes of $10 million or more.

Among the biggest losers were Northeastern Hospital which was closed in 200x by the Temple University Health System. Temple attributed a $46.9 million loss to that hospital for the year.

My colleague Stacey Burling’s article on the council’s report appeared in Friday’s Business section.

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Check Up covers regional health news and a wide array of healthcare topics from pharmaceutical happenings to patient safety. Read about some of our bloggers here.

Portions of this blog may also be found in the Inquirer's Sunday Health Section.

Michael R. Cohen, R.Ph. President, Institute for Safe Medication Practices
Daniel R. Hoffman, Ph.D. President, Pharmaceutical Business Research Associates
Hooman Noorchashm, M.D., Ph.D. Cardiothoracic surgeon in the Philadelphia area
Amy J. Reed, M.D., Ph.D. Anesthesiologist and Surgical Intensivist in the Philadelphia Area
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