UPMC reports $371 million operating loss in first nine months of 2024

UPMC reported a $371 million operating loss in the first nine months of 2024, a significant increase from a $177 million loss during the same period last year. This loss occurred despite rising operating revenues of over $22.2 million. The health care system attributed the loss to higher medical utilization and increasing pharmacy costs. UPMC's insurance division saw a $595 million decline in operating results, with enrollment dropping from 4.5 million to 4.1 million members. UPMC has implemented cost-cutting measures, including laying off 1,100 employees and incurring $109 million in restructuring costs. The health services division, however, reported a $510 million increase in operating income, excluding restructuring expenses.