UPMC is blaming a $371 million operating loss on increased medical utilization and rising pharmacy costs. The $371 million loss in the first nine months of 2024 is up from the $177 million loss reported over the same span last year. The loss comes despite increasing operating revenues. UPMC from January through September generated more than $22.2 million in revenues, up from about $20.6 million at the same point last year. UPMC spent $109 million on restructuring costs in the first nine months of this year. In April, it slashed 1,000 jobs, citing post-pandemic challenges. The cuts impacted just over 1% of UPMC's more than 100,000-member workforce. UPMC recently announced it was laying off another 100 employees and eliminating 200 vacant positions in an effort to cut costs.
