Health Care Industry
Industry: Email Alert RSS FeedA new era; Hospitals cope with ailing investment portfolios.(The Week in Healthcare)
Modern Healthcare, June, 2003
Byline: Cinda Becker
Hospitals nationwide are grappling with the best way to account for their long-suffering investment portfolios.
UPMC Health System in Pittsburgh last week faced the music and said it would take a whopping $161.5 million charge on its investments for the third quarter ended March 31.
Other hospital systems already have absorbed hits to their investment income in their financial statements and others likely will in the coming months, but none have been "of this magnitude,'' said Martin Arrick, managing director at Standard & Poor's. The good news is that UPMC had that much in investments to lose. The bad news is that they lost it-though really just on paper, he added.
"My take was that UPMC was very conservative...
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