AHN reports strong 2018 results; second consecutive year of positive operating and net income
Friday, February 1, 2019
In results filed this week with the state Department of Insurance, Allegheny Health Network reported 2018 operating income of $39 million and net income of $2.8 million, representing AHN’s second consecutive year of positive operating and net income.
For the full year, AHN also reported total operating revenue of $3.3 billion, or $213 million (6.9 percent) more than the network’s total 2017 operating revenue.
For the fourth quarter of 2018, AHN reported positive operating income of $9.8 million, representing the network’s seventh consecutive reporting period with a positive operating income. Net patient service revenue ($795.3 million) and total operating revenue ($831.9 million) grew by 7.2 percent and 7.5 percent respectively over the previous year’s fourth quarter.
Patient volumes at AHN in the fourth quarter and year-to-date are relatively consistent with regional health care and hospital utilization trends. For the year, the network experienced increases in combined total discharges and observations, in physician visits, in ambulatory surgery center cases, and in births, compared to the previous year.
The results mark another strong year for AHN, as the network continues to make significant investments in its infrastructure and programs with the goal of further enhancing patient access and experience across the system.
In the fourth quarter of 2018, AHN opened The Alexis Joy D’Achille Center for Perinatal Mental Health at West Penn Hospital; opened the Saint Vincent Women’s Center and the AHN Women’s Institute at Saint Vincent Hospital; announced plans to open a new cancer center in Hempfield Township, Westmoreland County; opened a new addiction medicine and substance use disorder unit within Kane McKeesport; and broke ground on two neighborhood hospitals.