UPMC: PinnacleHealth acquisition added $748M
PinnacleHealth has proven to be a profitable acquisition for the University of Pittsburgh Medical Center.
UPMC on Sept. 30 ended the quarter with net income of $901 million. Income from UPMC's Sept. 1 affiliation with Harrisburg-based PinnacleHealth contributed $748 million to that amount, which was up from $254 million for the same period in 2016.
As part of the affiliation, which was first announced in March, UPMC has committed to invest $1.5 billion into the former PinnacleHealth system — now UPMC Pinnacle — which serves a 10-county area at outpatient facilities and eight acute care hospitals with 1,360 licensed beds.
The largest nongovernmental employer in Pennsylvania, UPMC has 80,000 employees, more than 30 hospitals, 600 doctors’ offices and outpatient sites across the state, as well as an insurance plan with more than 3.2 million members.
UPMC also recorded quarterly operating revenue gains of $3.87 billion, up from $3.38 billion for the same quarter in 2016; and quarterly operating income of $62 million, up from $60 million last year.
Officials said UPMC also plans to make a major announcement about the organization's vision and future plans this afternoon, adding only that details will be revealed at that time.