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The University of Pittsburgh Medical Center seeks to raise about $1.6 billion to fund improvements to its facilities, according to financial documents made public this week.<\/p>\n
The Pennsylvania nonprofit system will use most of the proceeds for “continuing investments in its facilities and communities,” a spokesperson said. Approximately $350 million of the sum will refund prior debt.<\/p>\n
This marks UPMC’s largest bond issuance to date, followed by roughly $920 million issued a year ago.\u00a0<\/p>\n
Some proceeds will go toward the new UPMC Presbyterian, a 17-story, 900,000-square-foot inpatient tower under construction in Oakland that will house 636 beds. The project, valued at about $1.5 billion and located at the current UPMC Presbyterian hospital site, is expected to open in 2026.\u00a0<\/p>\n
The new tower was one of three pending construction projects announced in late 2017. Another project, Mercy Pavilion, is a nine-story, 410,000-square-foot facility for rehabilitation and patients with impaired vision. It is scheduled to start seeing patients May 1, the spokesperson said. The third project, a cancer facility in Shadyside, is still in the planning stages, the spokesperson said.<\/p>\n
UPMC spent $994 million on capital projects in 2022.<\/p>\n
UPMC, which operates 40 hospitals, 800 doctors\u2019 offices and outpatient sites, and a 4.5 million-member insurance division, reported operating income of $162 million in 2022, compared with $843 million in the prior year. Revenue rose 4.8% to $25.5 billion, and expenses increased 7.5% to $25.3 billion.\u00a0<\/p>\n<\/div>\n
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