University of Pittsburgh Medical Center profits take nose-dive
The University of Pittsburgh Medical Center posted a slim $5 million profit for fiscal 2008, down from a record $612 million profit the previous year. UPMC's investments returned a negative $128 million for the 12 months that ended June 30, dropping from a $403 million gain in fiscal 2007. The medical center's other core revenue generator—its hospitals, doctors and health insurance plans—also didn't do as well profit-wise compared with the previous year.
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