UPMC releases third quarter financial results, highlights focus on workforce and community care

UPMC recently released its third-quarter 2022 financial results, showing a continued effort to provide top-notch community health services and invest in its workforce.

“We expect to see the pandemic’s lingering effects on health care, including higher costs to effectively address staffing, labor and supply chain challenges, and other operational expenses,” Edward Karlovich, UPMC executive vice president and chief financial officer, said. “We will continue to invest in supporting our dedicated employees and strengthening our workforce. For example, we recently announced our nursing student loan forgiveness program, with additional incentives to build nursing and other career ladders, bolstered by key strategic partnerships with schools to help advance the pipeline for future healthcare professionals.”

During the first nine months of the year, UPMC made capital investments aimed at furthering its mission to extend world-class care throughout the areas it serves. These investments included expanded patient programs, innovations and supportive technology, and new and enhanced clinical facilities.

Pittsburgh-based UPMC is a $24 billion healthcare provider and insurer. In addition, it is the largest nongovernmental employer in Pennsylvania.

Its system includes 40 hospitals, 800 doctors’ offices and outpatient sites, and more than 92,000 employees. The Insurance Services Division has more than 4 million members, making it the largest medical insurer in western Pennsylvania.

In the most recent fiscal year, UPMC paid more than $900 million in taxes.