Pittsburgh Post-Gazette, October 18, 2011. Available at http://www.postgazette.com/stories/opinion/healthcare/
*UPMC Audited Consolidated Financial Statements for the Year Ended
June 30, 2013, http://emma.msrb.org/EA562842-EA438547-EA834647.pdf. Page 3 shows nearly $10.2 billion in operating revenue for UPMC in
fiscal year 2013. Fortune 500 list at http://money.cnn.com/magazines/fortune/fortune500/2013/full_list shows
$10.4 billion in revenue for Visa (number 260 on the list) and $9.7 billion for Estée Lauder (number 279 on the list). UPMC would be
* UPMC’s 2013 audited financial statement, p. 2, shows $4
billion in ‘board-designated, restricted, trusteed and other
investments’ and another $379.9 million in ‘beneficial interests in
foundations’ for a total of over $4.3 billion.
controversial appetite for real estate,’ Pittsburgh Post-Gazette, September 23, 2012. Available at
for a total of $947.5 million.
** Hamill and Silver, op. cit.
To many of us in the community, UPMC seems to behave much more like a for-profit corporation than a charity: Even by UPMC’s ownquestionable standards of what counts as “charity care,” UPMC provides less than 2% of its patient revenue in charity care.*
UPMC seems to select locations for building new facilities based less on community need than on where competitors can be driven out of the market. It has closed facilities in neighborhoods most needing free care, while building in affluent communities that already have hospitals. CEO Jeffrey Romoff’s compensation exceeds that of many for-profit CEOs – and surpasses by millions the heads of other elite healthcare organizations like Cleveland Clinic, Mayo Clinic and Johns Hopkins.**
** Jeffrey Romoff’s pay is from IRS Form 990 for UPMC Group, fiscal year ended June 30, 2012,
p. 312. Pay in comparable years for the CEOs of Cleveland Clinic, Partners, Mayo, and Johns Hopkins, respectively, can be found on their