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:6/27/2016)... ... 27, 2016 , ... TopConsumerReviews.com recently awarded their highest five-star rating to Best ... individuals in the United States and Canada wear eyeglasses. Once considered to be a ... and make a fashion statement. Even celebrities use glasses as a way of creating ...
(Date:6/26/2016)... ... June 26, 2016 , ... Brent Kasmer, a legally blind and certified personal trainer ... through a fitness app. The fitness app plans to fix the two major problems leading ... a one size fits all type program , They don’t eliminate all the ...
(Date:6/25/2016)... ... , ... "With 30 hand-drawn hand gesture animations, FCPX users can easily customize ... Pixel Film Studios. , ProHand Cartoon’s package transforms over 1,300 hand-drawn pictures into ... Simply select a ProHand generator and drag it above media or text in the ...
(Date:6/25/2016)... ... June 25, 2016 , ... Conventional wisdom preaches the benefits of ... of the latter, setting the bar too high can result in disappointment, perhaps even ... progress toward their goal. , Research from PsychTests.com reveals that behind ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary ... Dallas that it will receive two significant new grants to support its work ... marked its 25th anniversary by recognizing patients, medical professionals and scientists for their ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 24, 2016 According to a ... (Standard Pen Needles, Safety Pen Needles), Needle Length (4mm, ... Hormone), Mode of Purchase (Retail, Non-Retail) - Trends & ... studies the market for the forecast period of 2016 ... 2.81 Billion by 2021 from USD 1.65 Billion in ...
(Date:6/24/2016)... Belgium , June 24, 2016 ... today announced the appointment of Dr. Edward ... as a Non-Executive Director, effective June 23, 2016.Dr. ... Compensation and Nominations and Governance Committees.  As a ... will provide independent expertise and strategic counsel to ...
(Date:6/23/2016)...  MedSource announced today that it has selected ... of choice.  This latest decision demonstrates MedSource,s commitment ... clients by offering a state-of-the-art electronic data capture ... as the EDC platform of choice in exchange ... has long been a preferred EDC platform by ...
Breaking Medicine Technology: