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Jazzlike_Breadfruit9 t1_ixmcmw9 wrote

“Edward Karlovich, UPMC’s executive vice president and chief financial officer, blamed the drop largely on increased labor costs because of employee shortages.”

Looks like they won’t be giving out raises anytime soon…


I_TylerDurden t1_ixmf4tg wrote

Whose pay even went up?


Jazzlike_Breadfruit9 t1_ixmfmqy wrote

Probably traveling nurses and staff that had to work overtime and get paid 1.5x - 2x normal pay rate.


I_TylerDurden t1_ixmgavl wrote

I never understood why travelers get such a premium compared to local. Its not like they are more efficient. Good for them just doesnt make sense business wise.


lurker86753 t1_ixmikui wrote

It’s because they’re contractors with a set contract period. If you raise the wages of your actual employees to get them to stay, then you just have to keep paying those higher wages forever. But if you can fill the gaps with temps by paying through the nose while you wait for things to go back to normal, then once the storm has passed you can let the temps go and keep your regular employees at their lower wages.


Lil_Phantoms_Lawyer t1_ixmlxqd wrote

Thank you for the accurate economic take on the situation. Refreshing to see.


universeofdesign t1_ixnzmjy wrote

My ex-wife, a nurse, sees the same situation and blames the union for not being negotiable. Ex-wife.

Her plan is to move out of state and get a job as a traveling nurse, for as long as possible without them realizing that she bought a place in town. Despite the obviously limited nature of that plan's viability, that's as far into the future as she has planned.

What's gonna happen when they realize she lives locally and has a mortgage?

Again, ex-wife.


LustGumby t1_ixov8i2 wrote

It won't matter. She can live anywhere she wants, get hired anywhere she's able, where her home address is is irrelevant to the places taking on these high dollar contracts.

My mom's been a traveler for over 20 years, often for different UPMC hospitals. They will give her a stipend for rent in the area while a contract is going, let's say for example the stipend is for $2500 a month rent, she will go find herself an apartment for cheaper or a short term rental & pocket any difference. She's from PA so often she's taken stipends & lived at home. These companies are gonna give that money to a different contract regardless, they couldn't care less.

Someone said about using these contracts as a bandaid until "situation gets back to normal," well I agree - it's never going back. Sure, they don't get long term benefits like healthcare etc (unless they stay put with the same recruiter sometimes but that's besides the point), but at $75+ base rate per hour, plus contracted on-call, OT, a meal & housing stipend that's easily manipulated to have a lot of it go right in their pockets & more that I could go on about (for instance, I did my mom's taxes a few years back - she wrote off a new car & gas all year as business expenses & it was approved.) If you can learn to use the system to your advantage & more than make up for what you miss out on in traditional benefits I think most people would disregard other traditionally based workers & how it hurts them & their ability to bargain for better work conditions. People are self serving, not serving of the broader good of the people.

My mom's went 20 plus years without getting a 401k, health benefits, etc - but she goes to the dentist more than anyone I know, has a bigger retirement account than my grandmother who worked in the same factory for 42 years with full benefits, and writes off (I'm assuming bc of the one a new vehicle every 3 years or so. I could keep going but I kind of look at it like this -- if youre selfish enough to go to work everyday knowing that everyone you're working with is not only being screwed by you, but also by their company taking you on, go for it - you'll be fine. It's def not for everyone, it's a shady ass game & I didn't even mention how bloodthirsty & manipulating I've seen recruiters to be.

Good luck to your ex-wife but it sounds like she hasn't fully done her research. Long time travelers have jumped thru hoops to work the system to their advantage, jumping in thinking you'll best the system usually doesn't come out well but hey - that's why you stressed the Ex right? 😂

Oh & if you have younger children or a family don't fkn do this travelling shit. Not just bc benefits are nonexistent basically but bc the life it affords will fuck your kids up forever - ask me how I know.


DugganSC t1_ixqfhva wrote

> Oh & if you have younger children or a family don't fkn do this travelling shit. Not just bc benefits are nonexistent basically but bc the life it affords will fuck your kids up forever - ask me how I know.

In your mother's defense, this used to be the standard for a lot of men back in the day, out most of the week traveling for the company, maybe see the kids on weekends, c.f. the traveling salesman, truckers, or the Wichita Lineman. Admittedly, standards weren't white the same back then in terms of men being expected to have an emotional connection with their children.


BlackDS t1_ixo9enw wrote

Too bad normal is never coming back


482Edizu t1_ixoloy6 wrote

Most contract workers get zero benefits from what I’ve seen in the area. No health, time off, retirement, paid holidays, unemployment, etc.. What they’re paying these contract workers is similar to what they’re paying staff with total benefit packages and maybe a 10-15% uplift on the type of position. They gain more because they don’t have to work with unions, and zero commitment to the contract workers. Even if a contract is for two years the majority can be terminated for zero reason and the contract worker gets nothing. As a few have mentioned below if your an established nurse and want to pick up some extra cash it’s a good way to do it.


TrueCR t1_ixp4312 wrote

Contract worker here, I get health, I get retirement, I dont get holidays so I always volunteer to work them so that doesn't matter (I'd rather have my coworkers get the holidays off anyways since I'm never near my family). Depending on your agency you can get time off (work x amount of hours to get x amount of time off), mine I don't but yeah I would rather just work 6-9 months out the year and take the other 3-6 months off.Also for the termination I have had one contract terminate (My contracts are generally 13 weeks) I had about 4 weeks left on mine and they cut the whole hospital system's contractors. I get paid out 2 weeks still.I've been working as a contractor for about 6 years now because I like the flexibility of working when I want and you know visiting the US while working. I will never go back to working as a permanent employee in my field, if contracts dry up I'll simply transition over to working for medical instrumentation companies.


482Edizu t1_ixp4fm9 wrote

That’s awesome!!! Do you work here in Pittsburgh? Is the health and retirement benefits competitive? I’ve seen both with a few places. Health was garbage and retirement was just a fund but with no match.


TrueCR t1_ixp4wd3 wrote

I currently am on a contract in Pittsburgh, lovely city so far.

Since I'm relatively young and healthy I always get a high deductible plan anyways, so I'm not entirely sure if my plan is competitive with other employers.

Company 401k plan is alright, could have a few better options. But the company does give me a 5% match.


TerribleGramber_Nazi t1_ixmiyen wrote

Likely a free market of supply and demand for traveling nurses.

The pay needs to be enough to incentivize them to migrate.

Believe me, they would pay them the bare minimum they could


mistie_gish t1_ixmo272 wrote

If they could hire enough locally, they wouldn't need travel nurses.


bhejda t1_ixmra0x wrote

If they treated and paid "regular" staff well, so many people wouldn't turn into temp contractors.


zippy_08318 t1_ixnhns2 wrote

It’s quite common for nurses to pick up contract hour’s in addition to their regular gig. My wife has a full time (3 12 hour shifts) gig but works 1-3 shifts per week on contract as well. Virtually all of her friends do similar. The extra money is too good to pass up


mistie_gish t1_ixn26fa wrote

Totally agree! Also, it's unfair that the people who are able to take advantage of the higher wages being a traveling nurse are more likely to be younger people without kids- NOT that I blame anyone for getting the best deal for themselves! But a lot of people who would love to command a higher rate can't do it because they have responsibilities at home.


Paranoidexboyfriend t1_ixo1rao wrote

How is that unfair? The whole point is they’re paying a premium for a less than ideal living situation.


todayilearmed t1_ixo2tgk wrote

Travel nurses get way worse assignments, get pulled to other units before regular staff does, and don’t get the benefits regular employees get. It’s not unfair..but what is unfair is nursing wages as a whole for the past century


pittbiomed t1_ixmu2xv wrote

This is a US whole nursing issue , this isn’t a local issue in any way


Amrun90 t1_ixns73a wrote

They have been through all the local staff, treated them like trash, and worked them into the ground until they left.


TerribleGramber_Nazi t1_ixmr2tb wrote

Very true! I assume it has to do with workforce elasticity.

If there are people with specialized skills that takes years of education and certification are in the area and aren’t employed then they will move to an area that will employ them. Creating an equilibrium of sorts.

If there is a strong fluctuation in work demand over a short period then the workforce won’t magically appear locally and incentives are required to import labor.

On the other side of elasticity, as demand shrinks, many positions will no longer need to be filled.

Local positions of lower value probably have a higher priority to the hospital over higher costing travel workers.

So the hospitals/employers need to pay for relocation, the inconvenience of upending your current living situation, the risk of job security, etc. Not sure how much thats worth to you and everyone’s situation is different with family etc.


jangoblamba t1_ixmsr6u wrote

Annecdotal, but I have a few friends that have recently quit from UPMC nursing to do travel nursing contracts because the pay is so drastically better than what UPMC offers them. They know that they can artificially create this kind of travel nursing need by just not being apart of the main systems. Also, UPMC just changed it's requirements for nurses to be on full-time payroll, from 30 shifts a year to 8 hrs minimum per week, which removed a lot of the flexibility of being apart of their program. That was the straw that broke my friend's backs with staying there; they weren't willing to be paid poorly on a weekly basis compared to their travel nursing contracts. Again, this is just what I've heard from a few nurses within their system, but they say a lot of the complaints they have are pretty ubiquitous.


TerribleGramber_Nazi t1_ixmtsvv wrote

Super interesting insight. Thank you for sharing.

Free markets will do what they will and people will take the best options available for themselves/family. Things take time for sudden changes to settle and efficiency to be met


jangoblamba t1_ixmve87 wrote

Yea, although I do hope that in UPMC's case some sort of gov't red tape starts pushing them to do the right thing for their employees. It's obvious that UPMC is willing to work against their employees to make more money and to increase their rate of geographical monopolization, and they seem to have created a scenario where they have no bigger incentives to change. I'm usually not down with more red tape, but when UPMC is doing such blatant and oblivious things and not changing, it's up to anything else to kickstart that change


Edmeyers01 t1_ixnb108 wrote

People working at UPMC need to keep the pressure for raises up. Most of the people I know that work there sit there for years and years and just complain about it. The only way is to leave and then come back and negotiate higher pay.


jangoblamba t1_ixndw4m wrote

I don't think leaving and coming back is a healthy way to negotiate higher wages. It's definitely a strategy, but UPMC should be competitive by just being good at offering good wages. I'm a server that makes as much as UPMC nurses. That's kinda pathetic on UPMC's part


Edmeyers01 t1_ixpbi24 wrote

I agree with your hypothetical, but unfortunately UPMC has a borderline successful monopoly in Pittsburgh. That takes away any healthy options. This advice worked for me and landed me 3x what I was getting paid previously by UPMC for my old analyst job. It’s awesome that they are feeling the pressures of the labor shortage, but it is going to take a whole lot more than that for them to change their ways. At the individual level, today, your best option is to leave and come back


First-Hour t1_ixolj63 wrote

I like to be transparent. I left my job to do travel nursing. Did local travel in Pittsburgh. Pay jumped from $30 an hour to $70-90.


jangoblamba t1_ixonvnd wrote

That's about the same jump they experienced, so I'd say you're on the ball with that


pittbiomed t1_ixmtxdc wrote

You stating you have friends that have done x is the definition of anecdotal .you do realize that right?


jangoblamba t1_ixmul7m wrote

You do realize the space comes after the period, not before, right? And that the word after a full stop is capitalized?

Yes, I do, by stating that first, I'm providing a gentle reminder to take what I have to say with a grain of salt. That's all.


pittbiomed t1_ixnsfcj wrote

Of course , with no response to a fact someone attacks the structure or spelling of things. Lol , I get it . I guess you do not know the definition of anecdotal , but that’s ok, we all can see what weapons you use in your arguments.


jangoblamba t1_ixnvesy wrote

complains about the subjective use of a word

Cannot perform the basics of English grammatical structure

Bitches anyway


pittbiomed t1_ixo0lrb wrote

Lol as I said too funny that’s all you have to say lol


steeerrrfff t1_ixn06ft wrote

Correction: they do pay them the minimum they can.


DaleGribble312 t1_ixmx64n wrote

Who are all these people paying people.more than the minimum they can? I'd like some extra money


quittsbuggy t1_ixmnciu wrote

It also makes sense from an anti-union point of view. Nurses who leave to travel make the union weaker.


jangoblamba t1_ixmt7jo wrote

The unions also make the nurse's salaries weaker. AHN's nurses union just helped get the nurses an increase in wages, but raised their union dues because of the work they did to get the wage increase, and the union due hike actually is more expensive than the wage increase. It just seems like at least the nurse's unions in Pittsburgh aren't the best at advocating for nurse's wages


Amrun90 t1_ixnskxh wrote

There’s only one Union in Pittsburgh, not plural. Only AGH nurses get a Union.


jangoblamba t1_ixnvhk9 wrote

Good to know! Appreciate that fact, never knew that


Amrun90 t1_ixns1qm wrote

You don’t really understand the market. They’re staffing hellholes no one wants to work at (ie most of UPMC), but it’s actually much cheaper for facilities and they prefer it. No onboarding, no benefits, short term commitments. The love it.


mmphoto412 t1_ixmykmh wrote

Probably the C-Suite and whatever the level is right under them

In other news the cost of pizza and banners must have really shot up!


slayhern t1_ixn81nk wrote

Mine did. Not enough to combat inflation and I don’t make what I should, however.


EvetsYenoham t1_ixmqy9n wrote

Go ahead and google what the C-Suite folks make plus bonuses. And upper management.


GeekyBookWorm87 t1_ixnypq0 wrote

It won't be the first time. They've kept the employee raise before.


trucorsair t1_ixme5r5 wrote

This is a common misconception that “non-profit” means “no profit”. That is NOT what it means. It only means that whatever profits are generated are plowed back into the business and not distributed to shareholders, owners, or company officers via dividends and such.


thanxhaveagood1 OP t1_ixmhpic wrote

It also means they don't pay taxes...


Sinsilenc t1_ixn0g0k wrote

Depends on what part not all of upmc is non pro...


trucorsair t1_ixmi03z wrote

True but that is not the first thing people think of when they hear “non-profit”.


FUCKUPMC t1_ixmthd8 wrote

That is the first thing I think of. I think of UPMC abusing the federal tax code to not pay taxes all the while pumping as much of their profit that they can to the top level executives by way of obscene salaries.


trucorsair t1_ixn4qh7 wrote

Ask your state regulator and legislators why they allow it…something something free market, something freedom, something something low regulation


FUCKUPMC t1_ixnmiil wrote

Many have tried to take them down. It needs to be changed at the national level. But we all know that will never happen.


28carslater t1_ixnvodv wrote

That's how most large non-profits operate.


FUCKUPMC t1_ixo9dbf wrote

Yeah and they mostly all suck too. What's your point?


asr t1_ixozmz6 wrote

A: Those people with the high salaries still pay income tax.

B: EVERY company gets to write off salaries (all salaries) before paying corporate tax. So there's nothing different here.


pAul2437 t1_ixmwfte wrote

Non profit Salaries are highly regulated. They are paid market rate


FUCKUPMC t1_ixmy9bo wrote



mmphoto412 t1_ixmyzch wrote

Of course it’s pAul with a dumb take


mmphoto412 t1_ixn11os wrote

That refers to IRS guidelines in disclosure of executive salaries and disclosure of how they determine what they should be compensated.

At best it’s a transparency measure.

Calling there salaries highly regulated based on what you provided is very misleading.

Also, nothing in the information you provided says they are required to be paid market rate, and not more.


pAul2437 t1_ixn317q wrote

“the IRS conducts a compensation review when it examines the 990 forms nonprofits have to file annually. In part II of Schedule J, nonprofits must disclose various types of compensation. The organization must also specify how compensation was determined:

  • Compensation committee,
  • Independent compensation consultant,
  • Form 900 of other organizations,
  • Written employment contract,
  • Compensation survey or study, and/ or
  • Approval by the board or compensation committee. Organizations which report excess benefit transactions must provide further detailed information on the nature of the excess benefit transaction under Form 990 Schedule L.”

“Funders, regulators, and the IRS have also taken action to curtail high salaries in the nonprofit sector by instituting numerous penalties and accountability measures. As a result, nonprofits must approach executive compensation with a strong focus on compliance.”


mmphoto412 t1_ixn701m wrote

Those are all transparency measures, and measures to prevent one or a few people from making compensation changes unilaterally.

Nothing in there would prevent what us normies would consider “excessive compensation “


pAul2437 t1_ixn8b1d wrote

your definition of excessive compensation is made up and based on your feelings. Which is fine

Those are literally IRS guidelines and there are penalties for noncompliance


mmphoto412 t1_ixndy6b wrote


There nothing in those guidelines to prevent excessive compensation. It’s about have an established process to set executive compensation.

Btw the “maket rate” you keep referring to is set by themselves. There are probably only dozen or so health companies at the same size.

Btw, a guideline is suggestion to on how to do something. It’s not a law, it’s not a binding regulation, it’s not enforceable


pAul2437 t1_ixngiax wrote

“Funders, regulators, and the IRS have also taken action to curtail high salaries in the nonprofit sector by instituting numerous penalties and accountability measures. As a result, nonprofits must approach executive compensation with a strong focus on compliance.”


tesla3by3 t1_ixnbux1 wrote

And that market rate is set by the nonprofits themselves.

Non profit salaries have to follow IRS guidelines. Far from "highly regulated'.


pAul2437 t1_ixnd0vr wrote

The rate is based on comparable sized and missioned companies

What is more regulation than IRS code?


tesla3by3 t1_ixnf46i wrote

There are no hard and fast rules. The IRS issues guidelines, and uses words like "reasonable" and "comparable". Highly regulated would be hard and fast rules- things like X% of median, etc

You are correct about mission and size, but there is a lot more to it than that. NP's are also competing for employees with for profit companies. That's why compensation can be base on an employees salary history as well.


pAul2437 t1_ixnh056 wrote

So do you think upmc execs are paid higher than market to avoid showing profit like the op said?


tesla3by3 t1_ixnm1at wrote

There’s no reason for UPMC to avoid showing a profit, other than bad PR, as this thread shows. OTOH, the high exec salaries aren’t that popular either.


RubberChicken24 t1_ixn9qpu wrote

It's also a misconception that UPMC makes a lot of money and is non profit. Their hospital division is non profit and does struggle to make ends meet. Their insurance division is for profit and generates a boatload of money.

Insurers are the real benefactors of healthcare in the US.


asr t1_ixozhty wrote

> and generates a boatload of money

By law this is capped at 20%.

> Insurers are the real benefactors of healthcare in the US.

It's actually less than 20% - they have to spend 80% on payouts to providers, from the remaining 20% they have to pay administrative staff, their actual profit margin is not high.

> Their hospital division is non profit and does struggle to make ends meet.

Then something is seriously wonky - the insurance is not the source of high costs, usually it's Dr's and hospitals, but you claim they are losing money. So where did it all go?!?


Willow-girl t1_ixud7dw wrote

> It's actually less than 20% - they have to spend 80% on payouts to providers, from the remaining 20% they have to pay administrative staff, their actual profit margin is not high.

It is rules like this that drive insurance companies and hospitals to collaborate to drive prices as high as the market will bear. If your salary is coming out of that 20%, you want that 20% to be as large as possible!


leadfoot9 t1_ixq6zlh wrote

>the insurance is not the source of high costs

Well, let's not forget the cost to patients and providers of dealing with the bureaucracies of multiple insurance companies. The insurance companies may not be charging that money directly, but it's a real cost.


uglybushes t1_ixmhv9d wrote

Yes it means they buy more property that the city can’t collect taxes on


trucorsair t1_ixmiiii wrote

It’s complicated. I see what you mean but, given the example in the article, the $1.5 billion dollar building being built as an example, the money will pay workers who build it (payroll taxes), buy materials (sales taxes) and such. It is not that they are just accumulating property to defer taxes, they are spending the money that has economic value to the community.

Wow downvoted because people don’t like the answer…well look in the mirror Buck-o, they are allowed to act this way thanks to YOUR state legislature and state regulators. Ask THEM why they allow it.


S4ltyInt3ractions t1_ixmmus9 wrote

Just speculation but I would guess most laborers and even material companies aren't from the city let alone county. Trickle down economics has not proven to be a good idea Imho.


uglybushes t1_ixmjn1p wrote

Or they have more than enough money for both.


trucorsair t1_ixmkapc wrote

Wow you always downvote comments that provide a different perspective….ok


uglybushes t1_ixmkjd4 wrote

I never downvote. It’s not that serious. However supporting a business that has the money to pay property tax and it’s employees more is very pathetic


chad4359 t1_ixmn2bx wrote

Welcome to r/Pittsburgh where you either hate UPMC or are a horrible monster


Beebajazz t1_ixmlcbp wrote

If they weren't tax exempt, the Pittsburgh region is still widely known for healthcare, and thus a lucrative place to operate. They would still have good reason to take the same action. But even if they didn't, they aren't the only corporation on the block. In fact, their tax free status is setting an example to other corporations like Google and Amazon, which then go elsewhere when we don't give them tax breaks.


tesla3by3 t1_ixmpced wrote

You are correct that their developments add economic value to the region. But so does a for profit development, and they don’t get tax exempt status.


Argercy t1_ixn5y08 wrote

I agree with you here, that there are taxes being paid with this money, but the government is a hungry pig and even with those taxes being paid through permits, payroll, sales tax, etc eventually the property is no longer generating income to the government and they're going to get it from somewhere else. Building these structures raises the property value of the surrounding area, so is almost like a cruel joke to everyone around them; they come in and put their building there, don't pay any property taxes but everyone else has to pay more when their property is reassessed.


[deleted] t1_ixmm7d9 wrote

I love when people talk actual sense and get downvoted because reddit is a cesspoll of useless people.


rxjen t1_ixmyxs3 wrote

It’s why they keep buying hospitals when we’re absolutely drowning here.


trucorsair t1_ixn1o8p wrote

That is a state regulator issue….ask your legislators


Valhallas_Ghost t1_ixoeyjl wrote

Ty for clarifying, I could've googled that, but either way. The title of the post had me kinda confused 😂


ravia t1_ixp3y7d wrote

Why don't the self-subsidize patient care like Uber subsidizes rides with venture capital $$?


kielBossa t1_ixmzv65 wrote

False, upmc has state and the irs designations as a charity, which means they have to meet certain standards are not allowed to run the organization to profit just for the sake of profit.


trucorsair t1_ixn18v2 wrote

You apparently didn’t understand what I wrote. To expect any business to operate at negative profit is insane. Any business has to generate income to be a going concern. How many years of losses would you expect a business to absorb before they collapse in debt?


Argercy t1_ixmrlgb wrote

If a non profit business doesn't use all their profits by putting it back into the business, by the end of the year they have to hand whatever profit wasn't spent over to the government, correct? Im not 100% positive.


trucorsair t1_ixn4trp wrote

No, they can reserve the funds for future operations.


tesla3by3 t1_ixn854p wrote

That is absolutely false. It's a best practice for any nonprofit to end the year with unspent money. It's carried over into the next years budge. This helps cash flows some nonprofits depend on grant money that isn't paid until after expenses are incurred. In addition, many nonprofit professionals advise keeping a reserve fund equaling up to 2 years of operating expenses.

Some types of foundations (a specific type of np) are required to disburse at least a certain percentage of their money every year, but in general there is no use it or lose it for NP's.


Argercy t1_ixngrso wrote

Thanks for the clarification. In what circumstances would a company have to spend all their money before the end of the year? I heard in passing a while ago that someone had leftover money and they were looking for ways to spend it on their business before the end of year or the government would require it to be paid to them. I figured it was nonprofit stuff but now I'm curious what it is.


tesla3by3 t1_ixnlinm wrote

The only thing I can of that would be close to this scenario would be government grants. If the government gave my nonprofit a grant to do a project, and I didn’t do it by a certain date, I could lose my funding. But I couldn’t just spend it on anything, like a year’s worth of office supplies or rent.


Argercy t1_ixnodoz wrote

Hmm. Not sure then. Thanks for the reply!


Willow-girl t1_ixudvhz wrote

IIRC, BC/BS in my home state generated so much "excess revenue" that state legislators required them to redistribute some of it to policyholders or turn it over to the state.


pittbiomed t1_ixmtqyj wrote

Not sure , ask AHN as well that question , or the Catholic Church?


Argercy t1_ixmz7s0 wrote

I didn't say they actually did pay it to the government, just that they were supposed to, and I'm not even all that positive if that's the rule. And if AHN and the Catholic church used their profits to buy equipment, upgrades, repairs, restorations, etc then they technically aren't breaking any laws. There is a very high chance that these expenses are a form of money laundering however that's the government's fault for allowing it (read: accepting lobby money to turn a blind eye), and our fault for allowing this country to become an American Aristocracy.

We are well past the point of our votes mattering because every single person in government is eventually bought, again because we allow it. We don't hold them accountable foe their actions, only thing left to do now is start an uprising and bring back the gallows.


pittbiomed t1_ixnthyt wrote

Well, if all other health systems that are non profit then why the outrage that upmc does the same thing? Time to grow up and see that they are spending Billions and that’s with a B on new hospitals that will benefit who? Anyone who uses their health plan and insurance . Would you rather have them not push forward that technology and revert back to using leeches to serve their patients? Cmon now.


rockurpwnium t1_ixmgt7r wrote

To be fair, the article presents no evidence that they are “concerned” about this. They know what they are doing.


uglybushes t1_ixmat96 wrote

Guess they’ll have to close


PierogiPowered t1_ixmb8cj wrote

  1. they only made $200 million dollars of profit rather than closer to a billion. They shouldn’t be making any profit.

  2. They have around $10 billion dollars they use for investing. Checking Wikipedia, that’s larger than the combined endowments of all the Pittsburgh universities combined.


fangboner t1_ixn57e5 wrote

Your second point is what angers me. A health system, and almost all businessess shouldn’t be invested in the stock market. If they have so much extra capital that they have to spend it somewhere they should be investing in their personnel, their facilities and improving care.


pittbiomed t1_ixoqp5o wrote

You haven’t seen the entire new hospital they are building next to Mercy ? Or have you missed the 2 new hospital they are building where the old Childrens’s used to be? Cmon now , be reasonable


fangboner t1_ixp00mf wrote

“Investment losses have been common across the country due to a bearish stock market, and UPMC has not been immune to those trends. In the first nine months of this year, UPMC reported more than $1.2 billion in losses from investing and financial services.”


pAul2437 t1_ixnc355 wrote

Now do colleges.

Those funds held by upmc are donor restricted


[deleted] t1_ixniq7q wrote



fangboner t1_ixozwzt wrote

Then what exactly does this paragraph mean?

Investment losses have been common across the country due to a bearish stock market, and “UPMC has not been immune to those trends. In the first nine months of this year, UPMC reported more than $1.2 billion in losses from investing and financial services.”


kielBossa t1_ixn036h wrote

They lost 1.2 billion in investments and still turned a 200 million profit!?


tesla3by3 t1_ixn9ycq wrote

The $200 million is operating profit from health care and related areas. Investment gains/losses is not included.


bluecollargreentendr t1_ixmg3b4 wrote

(They also spent $250million more on capital this year)


pittbiomed t1_ixmtnmj wrote

Please don’t speak any truths here, people don’t want to see the truth of how much they are outlaying on technology , new hospitals etc that are to be used to treat the same people who knock them every time .


ATribeCalledGreg t1_ixna9yk wrote

Remember when taking on UPMC was the mayor’s primary campaign promise? Oops!


AngryDrnkBureaucrat t1_ixmywth wrote

The correct term, per Pennsylvania state law, is “Institution of Purely Public Charity”


Jahya69 t1_ixr48wl wrote

Their advertising on TV makes it look like Star Trek the Next Generation or something of hospitals but in reality nowhere near that and they don't pay their employees well


uisqebaugh t1_ixmo4cp wrote

Poster child example of Kafkaesque


Funkenstein91 t1_ixq1mai wrote

Is this why my boss never shuts up anymore about “showing your value”?


gilsilvai t1_ixnlxnv wrote

lol that government covid money is drying up... healthy people are not good for business ey?


Jahya69 t1_ixq2k7k wrote

oh boo hoo


pghgreatest t1_ixns3bh wrote

Looks like upmc has their cronies posting fake news in here , hope the pay is worth it :/