UPMC recently announced that its revenue grew 10% last year to top $10 billion for the year. It also reported that it has $3.7 billion in its reserve fund.
That’s a lot of money, but apparently UPMC management had hoped for more, citing a “challenging environment” as the reason the non-profit health system earned only $351 million in operating profits.
As UPMC employees, we understand what it’s like to work and live in a challenging environment. While UPMC makes millions, many of us still don’t bring home a family sustaining wage. And while UPMC’s executives complain about the size of their surplus, our city just doesn’t have enough. We’re laying off teachers, shutting down bus routes, and dismantling community programs and activities that keep our kids learning and safe.
$351 million? We’ll take that challenge!
We give UPMC millions in tax subsidies each year because they’re supposed to be a community institution. It’s time to talk about that. It’s time to talk about making jobs at our regions’ largest employer into middle class jobs. It’s time to talk about our largest landowner and not-for-profit contributing to our city’s operations. It’s time to talk about subsidizing vibrant communities, not outsized executive pay and investments abroad.