Excela Health posts $72 million net income for 1st 9 months of fiscal year

Joe Napsha, Tribune-Review, Greensburg, Pa.
·2 min read

Jun. 29—Excela Health saw its net income jump to $71.9 million from July 2020 through March 31, a $100 million turnaround from the $34 million loss it posted from July 2019 through March 2020, according to a hospital report.

The Greensburg-based health system, with hospitals in Greensburg, Latrobe and Mt. Pleasant, will end its fiscal year on Thursday, but hospital officials did not offer any projections on its full fiscal year during its annual meeting Monday.

The hospital's financial report for the first nine months of the fiscal year was included in a March 31 disclosure report to the investment community — those institutions and investors who purchase bonds the health system sells to generate revenue.

The health system still is finalizing its budget for fiscal year 2022, said Excela Health CEO John Sphon.

He praised employees for their diligence and hard work during the covid pandemic.

Excela Health's medical facilities diagnosed 8,000 patients with covid and treated 1,900 patients who required hospitalization, said Teresa Petrick, chairperson of the health system's board of trustees. The health system conducted 26,000 drive-thru tests and more than 7,000 face-to-face tests. Excela administered 40,000 covid vaccines through its various clinics.

The covid inpatient cases were not excessive from March through September 2020, according to Excela's March 31 report. But covid spiked in the later months of last year, topping off at 501 inpatient hospitalizations in December, according to the March 31 report. There were 303 inpatient covid cases in April, the most since January.

Excela divulged in its March 31 report that it lost revenue when the state prohibited elective admissions, surgeries and procedures from March to June 2020 in an effort to have sufficient resources for any covid patients. The health system had an operating loss of $29.2 million for the fiscal year that ended June 30, 2020.

The impact of a loss of any revenue from elective procedures and a drop in emergency department visits was lessened by Excela Health receiving $30.9 million in covid relief as of April 1, including $17.3 million in CARES Act provider relief fund and $5 million from Westmoreland County.

Joe Napsha is a Tribune-Review staff writer. You can contact Joe at 724-836-5252, jnapsha@triblive.com or via Twitter .