UPMC reported higher income and revenue during the first three months of the year, citing gains including increased patient volumes and higher enrollment in its insurance products.
Still, diminishing pandemic-related government funding and increased labor costs dragged down results, the Pittsburgh-based health care giant said Wednesday.
UPMC reported operating income of $100 million during the first quarter — double what it was during the same period last year. Revenue rose to $6.9 billion during the quarter, up from $6.1 billion last year.
Admissions and observations grew by 6%.
UPMC Health Plan enrollment rose 12% to more than 4.5 million members. The health care system attributed the increase to the expansion of UPMC’s behavioral health and Medicaid programs in eastern Pennsylvania.
“Our substantial investment in health care services today and for the future continues through 2023, including strategic actions to improve access to our clinical care and community services throughout all our regions,” said Edward Karlovich, executive vice president and chief financial officer, said in a statement.
The $202 million in capital expenditures for the quarter include the new UPMC Mercy Pavilion, UPMC Presbyterian hospital, and other construction projects.
UPMC is the largest non-government employer in Pennsylvania with 95,000 workers.
