Despite rising admissions and patient days, the University of Pittsburgh Medical Center's profit took a hit during the first half of 2018.
The Pittsburgh, Pa.-based academic health system's profit dropped 69% during the first six months of the year to $115.7 million, although its operating margin rose slightly to 1.9% from 1.8% during the first half of 2017. UPMC's revenue and expenses both jumped about 23% during the first half of 2018 year-over-year.
During the second quarter of 2018, which ended June 30, UPMC posted revenue of nearly $4.7 billion, up from $3.8 billion in the second quarter of 2017. Expenses were $4.6 billion during the quarter, up from $3.7 billion during the second quarter of 2017.
UPMC's profit dropped 85% to $18.3 million during the second quarter, down from $120.4 million during the second quarter of 2017. Meanwhile, operating income rose to $84.3 million in the second quarter of 2018, compared with $63 million during the same period last year. The health system's operating income rounded out the first half of the year at $176 million.
UPMC's patient days increased about 20% to nearly 1 million year-to-date as of June 30, from about 834,000 at the same time in 2017. The health system's average daily census rose to about 5,500 at that time, from 4,600 in 2017.
UPMC's medical-surgical admissions rounded out the first six months of 2018 at nearly 136,000, 26% higher than the same time in 2017, in which they were about 108,000.
Emergency room visits climbed to nearly 574,000 in the first half of 2018, compared with 437,000 during the first half of 2017.
UPMC, which operates more than 30 hospitals and more than 600 clinics, had 8,717 licensed beds as of June 30, up from 6,834 at the same time in 2017. It employs 4,800 physicians.
UPMC's Insurance Services Division, the largest medical insurer in western Pennsylvania, grew 7% during the first half of 2018 to 3.4 million members.
UPMC says it spent $439 million on capital expenditures and business investments during the first half of 2018, including on facilities, equipment, technology and education.
