West Penn Allegheny Health System loses $89.9 million
West Penn Allegheny Health System on Monday reported an operating loss of $89.9 million for the fiscal year that ended in June, but its top executive said he remains optimistic about the ailing hospital network.
"We are moving in the right direction," CEO Christopher T. Olivia said in a letter to investors. "However, doing so takes time, resources and unfortunately can be painful."
Hospital officials attributed much of the loss, which was expected, to a $70.7 million reduction in the estimated value of the West Penn Hospital property in Bloomfield and the former Suburban General in Bellevue.
- CMS Sets 2014 Pay Rates for Hospital Outpatient and Physician Services
- FDA hopes hospitals will switch to newly regulated pharmacies
- The 5 Biggest Healthcare Finance Trouble Spots
- Not-for-Profit Hospitals Find Opportunity Amid Uncertainty
- Nonprofit Hospital Outlook 'Negative' in 2014
- The Most Polarizing Topics in Healthcare IT
- How CPOE Will Make Healthcare Smarter
- Are ACOs Really Different from HMOs?
- Why You Should Involve Patients in Nursing Handoffs
- Rise of the Chief Strategy Officer