Predict your next investment

UPMC Genome Center company logo
HEALTHCARE | Medical Facilities & Services / Medical Laboratories & Research
upmcgenomecenter.com

See what CB Insights has to offer

Stage

Other Investors | Alive

About UPMC Genome Center

UPMC Genome Center provides automated lab services for both clinical and research needs to improve the quality of human care. It is based in Pittsburgh, Pennsylvania.

UPMC Genome Center Headquarter Location

5560 Centre Avenue

Pittsburgh, Pennsylvania, 15232,

United States

Latest UPMC Genome Center News

With insurance margins still thin, UPMC's health services recovery headlines nine-month $1.2B net income

Nov 24, 2021

Nov 23, 2021 6:00pm Although year-over-year revenues improved across the board, increasing healthcare utilization buoyed one side of UPMC's business while reining in another. (Getty/Joecho-16) University of Pittsburgh Medical Center saw rising revenues across its business divisions and a nine-month net income of $1.2 billion, well above the $263 million it had recorded by this time last year. According to financial documents released Tuesday, total operating revenues for the nonprofit system landed at $18.3 billion for the nine-month period ended Sept. 30, 2021, up from $16.9 billion at the same time last year. Much of the increase can be attributed to its health services division, which posted $9.7 billion in net patient service revenue and total operating revenue of $10.8 billion. Those respective totals had landed at $8.5 billion and $9.7 billion last year. Inpatient activity increased 5% year over year as volumes “have now generally rebounded to near pre-COVID-19 levels,” the system wrote. Outpatient activity as measured by average revenue per workday was also up 17% compared to the nine months of 2020 and are on the rise from earlier quarters of this year thanks to higher volumes. The division’s insurance enrollment revenue reached $9 billion for the first nine months of 2021, bolstering a $425 million year-over-year jump in total operating revenues to nearly $9.7 billion. Total membership in the group’s plans as of Sept. 30 was 4.06 billion, up from 3.89 billion at the same time last year. Still, the insurance services group’s spending continues to rise as members’ utilization increases, now reaching an 86.5% healthcare spending ratio for the trailing 12 months. This is a 0.6% increase over the end of the second quarter but still below pre-pandemic rates. Both the health and insurance divisions weren’t immune to the growing expenses being felt across the industry. For the former, total operating expenses grew from $9.7 billion to $10.2 billion year-over-year, with increases spread across employee compensation as well as supplies and purchased services. This translated to an operating income of $642 million, up from last year’s $35 million, and an operating margin of 5.9% that also improved on last year’s 0.4%. UPMC’s insurance unit saw total expenses rise year-over-year from nearly $8.8 billion to $9.5 billion, although these were largely driven by an additional $664 million in insurance claims expenses. Operating income decreased year over year from $362 million to $156 million, as did the division’s operating margin from 4% to 1.6%.

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.