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.
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.