UPMC’s Third-Quarter Financials Highlight Commitment to Patient Care Amid Industry Challenges
UPMC today released its financial results for the third quarter of Calendar Year 2023. Despite evolving post-pandemic economic challenges, UPMC remains committed to growing access to world-class patient care and community programs for more people throughout regions it serves.
“UPMC is known for staying true to its commitments. We continue to drive improvements and innovation in how we serve our patients, insurance members and communities to meet the growing demand from those who are increasingly seeking care from UPMC,” said Fred Hargett, executive vice president and chief financial officer, UPMC.
UPMC’s $517 million in capital investments through the first nine months of the year include the newly opened UPMC Mercy Pavilion, home to the UPMC Vision Institute and UPMC Rehabilitation Institute, and construction of the new UPMC Presbyterian scheduled to open in 2026. In addition, UPMC invested in numerous other clinical facility and program openings and expansions throughout the system, increasing access to UPMC’s specialty care closer to people’s homes, including Western Behavioral Health, Magee-Womens, Hillman Cancer Center, and Children’s services.
“Equally important to our core mission of advancing clinical excellence for our patients is our ongoing commitment to caring for those in need in our communities,” Hargett said. “Last year, UPMC contributed $1.7 billion in community benefits, up from $1.5 billion the prior year. UPMC continues to provide more care to its vulnerable populations than any other health system in Pennsylvania.”
Meanwhile, facing the same workforce challenges as other health systems nationwide, UPMC continues as an industry leader, investing in innovative internal programs to support its employees and creative partnerships with various schools and training programs throughout Pennsylvania to teach and recruit future health care professionals. In September, the new UPMC Health Sciences Tower at Harrisburg University opened as the regional hub for healthcare education, research and collaboration, fueling the pipeline for future healthcare professionals.