Navigation Links
West Penn Allegheny Health System Adjusts Balance Sheet
Date:7/28/2008

PITTSBURGH, July 28 /PRNewswire/ -- West Penn Allegheny Health System (WPAHS) officials announced today that a review of the organization's accounting methodology has revealed the need for an adjustment to its balance sheet. The amount of the adjustment is approximately $73 million.

West Penn Allegheny undertook a special review of its accounting practices with the assistance of an outside accounting firm. The review disclosed that West Penn Allegheny's accounting methodology was overestimating the System's net accounts receivable. As a result, the System expects to show substantial operating losses.

"While this discovery is disappointing, it is essential information that allows us to build a plan for a sustainable future," said Christopher T. Olivia, M.D., WPAHS president and chief executive officer.

Dr. Olivia said West Penn Allegheny has adopted an industry "best practice" accounting methodology to help ensure that a situation of this nature does not reoccur.

"We have undertaken material actions to enhance the management of our organization, and to improve operations and our financial reporting process. What we have gained in this review of our finances is clarity. With that clarity we will be able to plan our actions and initiatives with confidence and a sound understanding of what is required of us to achieve our objectives," Dr. Olivia said.


'/>"/>
SOURCE West Penn Allegheny Health System
Copyright©2008 PR Newswire.
All rights reserved

Page: 1

Related medicine news :

1. New West Penn Allegheny CEO Meets With Insurance Brokers
2. NHS Human Services to Merge With Allegheny Valley School
3. Bravo Health and West Penn Allegheny Health System Partner to Offer Seniors Improved Access and Choice in Healthcare
4. Pennsylvania Game Commission Announces EHD Confirmed in Allegheny and Westmoreland Counties
5. West Penn Allegheny Health System Selects Electronic Health Record From Allscripts
6. HealthFitness Corporation to Report Second Quarter Financial Results
7. Healthcare Executives Well-Rewarded for Their Work
8. Health Hazards in Household Cleaners Exposed
9. Overweight elderly Americans contribute to financial burdens of the US health care system
10. BeaconEquity.com Issues Technical Trade Alerts on Healthcare/Pharmaceutical Stocks: DUSA, MBRK, NOVA, ADLR, AFFX, ABAX
11. The MedZilla Report: June 2008 Employment Outlook for Biotech/Pharma/Health
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... (PRWEB) , ... October 13, 2017 , ... Ellevate Network, ... in business to advocate for action towards gender equality at their inaugural Summit in ... around the globe, and reached a social audience of over 3 million. To watch ...
(Date:10/13/2017)... ... October 13, 2017 , ... “The Journey: From the Mountains ... possible to save lost souls in the Philippines. “The Journey: From the Mountains to ... dedicated teacher of the Bible. She has taught all ages and currently teaches a ...
(Date:10/12/2017)... Wis. (PRWEB) , ... October 12, 2017 , ... ... standard products to meet the demand of today’s consumer and regulatory authorities worldwide. ... of probiotic experts and tested to meet the highest standard. , These ...
(Date:10/12/2017)... ... October 12, 2017 , ... Dr. Parsa ... contributed a medical article to the newly revamped Cosmetic Town journal ... the hair transplant procedure known as Follicular Unit Extraction (FUE). , ...
(Date:10/12/2017)... ... ... Health Literacy Innovations (HLI), creator of the Health Literacy ... Patient Education Network (CPEN), an independent professional organization that shares best practices in ... , As CPEN’s strategic partner, HLI will help support CPEN members by sharing ...
Breaking Medicine News(10 mins):
(Date:10/10/2017)... COUNTY, Calif. , Oct. 10, 2017  NDS received FDA ... Mobile  — a medical-grade battery-powered display stand specifically designed for endoscopy ... to transform technology into a clinical solution to support the improvement ... Innovative Design ... ZeroWire Mobile Wireless Solution ...
(Date:10/4/2017)... WESTWOOD, Mass. , Oct. 4, 2017  According to the Centers ... by the end of October . PhysicianOne Urgent Care is helping communities ... Westchester, NY , by offering no-cost* flu shots through ... , as mandated by certain health insurance regulations. ... The best time to get a flu shot is by ...
(Date:10/2/2017)... 2, 2017 Halo Labs announces the European launch of ... the HORIZON at MIBio 2017 in Cambridge, U.K ... particulate matter in biopharmaceutical samples with unprecedented speed and sensitivity while ... technique Backgrounded Membrane Imaging. ... HORIZON subvisible particle analysis system ...
Breaking Medicine Technology: