Nonprofit UPMC Reports Record Earnings

The nonprofit University of Pittsburgh Medical Center reported record earnings of $523 million in fiscal 2006, a higher profit than reported by some Fortune 100 companies. The news is a bit disconcerting to many across the Pittsburgh region faced with rising health premiums, but the high earnings are actually generally good news for the area. As a nonprofit, UPMC reinvests its profit into its own operation and the community - to cover the cost of health care for those who can not afford it, to pay for new hospitals and health care facilities, and to support academic programs and training at the University of Pittsburgh.

That's all good for UPMC, the largest employer in the Pittsburgh region, but it sure would be nice to see some of that profit translate into decreased costs for consumers as well.