New report sheds light on the health of Connecticut hospitals

A A new report released by the Connecticut Office of Health Strategy found that 18 of Connecticut’s 27 hospitals completed Fiscal Year (FY) 2020 with a total positive margin, a situation shaped by medical and economic factors of the pandemic in Classes.

Statewide, the total gain from patient care and related sources (or operating revenue) for Connecticut’s acute care hospitals was $ 40.9 million, down from 93 % compared to the previous year. Statewide, hospitals generated $ 324.6 million from non-patient care (or non-operating income) sources, which included investment income, unrealized gains on equity interests, and earnings of affiliates or joint ventures. This is an increase of 393% from the $ 65.8 million earned in fiscal 2019, a situation shaped by rising financial markets.

Total hospital net assets increased $ 428 million to $ 7.67 billion in fiscal 2020, while equity increased $ 32 million to $ 123 million. Uncompensated hospital care costs statewide for the year totaled $ 774 million, a decrease of $ 32 million or 3.9% from the previous year, while Bad debts accounted for 52% of uncompensated care costs and charitable care accounted for 48%, both remained virtually unchanged last year. during the year.

In general, the report determined that larger hospitals with more beds did better than smaller facilities.

“Statewide, the financial performance of Connecticut’s hospitals and health systems has been significantly affected by the Covid-19 pandemic,” said OHS Executive Director Vicki Veltri. “The significant decline in the use of elective inpatient and outpatient services, as hospitals worked to respond to and treat residents at the height of the pandemic, is also reflected in a significant drop in facility fee revenue in almost all hospitals. ”

Bridgeport Hospital. Courtesy of the hospital.

Veltria added: “An injection of over $ 1 billion in Covid-19 relief funds from the federal government and subsequent state backers have provided assistance. Despite the impact of the pandemic, most hospitals retain significant net assets, and the majority of hospitals and three-quarters of our healthcare systems ended the full year 2020 with positive total margins due in part to the strong performance of financial markets. “

In Fairfield County, the situation varied considerably from hospital to hospital.

Bridgeport Hospital: This hospital is affiliated with Yale New Haven Health Services. In fiscal 2020, the hospital suffered an operating loss of $ 16 million – it recorded a net profit of $ 36.9 million a year earlier – and its $ 7.7 million of Non-operating revenues were up from $ 3 million the previous year. As a result, the hospital had a deficit of revenue over expenses of $ 8.3 million.

Total operating revenue for the hospital was $ 727 million, up from $ 622 million a year earlier. The total number of emergency room visits was 92,092, down from 96,588 a year earlier.

Danbury Hospital: This hospital is a subsidiary of Nuvance Health. In fiscal 2020, the hospital generated $ 1.9 million in operating revenue, up from $ 18.6 million a year earlier, and $ 15.6 million in non-operational revenue, up compared to $ 1.38 million the previous year, resulting in an excess of revenue over expenses of $ 17.5 million. .

The hospital’s total operating revenue was $ 668.6 million, up from $ 673.5 million the year before. The total number of emergency room visits was 70,084, compared to 85,557 in fiscal 2019.

Greenwich Hospital. Courtesy of Noroton / Wikimedia Commons.

Greenwich Hospital: This Yale New Haven Health Services subsidiary generated $ 5.6 million in operating income and $ 9.3 million in non-operating income, resulting in an excess of revenues over expenses of $ 14.9 million. of dollars – a year earlier, it had operating income of $ 13.7 million and € 1.5 million in non-operating income.

The hospital absorbed $ 464.5 million in total operating revenue, up from $ 407.7 million the year before. It recorded 31,799 emergency room visits, down from 37,808 the previous year.

Norwalk Hospital: This Nuvance Health subsidiary had an operating loss of $ 7.7 million – a year earlier the loss was $ 9.7 million – and it had $ 13.9 million in non-operating revenue, resulting in an excess of revenues over expenses of $ 6.2 million.

The hospital’s total operating revenue of $ 374.1 million was up from $ 369 million 12 months earlier. It also handled 39,497 emergency room visits, up from 49,393 the previous year.

St. Vincent Medical Center: This Bridgeport-based branch of Hartford HealthCare. In fiscal 2020, the hospital incurred an operating loss of $ 12.6 million – it recorded a gain of $ 29.7 million the previous year – and incurred a non-operating loss of $ 44,000, an improvement over its loss of $ 71,000 the year before.

The hospital’s total operating revenue of $ 391.5 million was down from $ 412.6 million in fiscal 2019. A total of 51,045 emergency room visits was lower than the total of 62,281 one year ago.

Stamford Hospital: The only hospital in Fairfield County that is not affiliated with a larger medical network generated $ 62.7 million in operating revenue, up from $ 41 million last year, and $ 2.5 million in non-operating revenue, down from a loss of $ 518,866 a year ago. This resulted in an excess of fiscal 2020 revenue over expenses of $ 65.2 million.

The hospital’s total operating revenue of $ 656.2 million was up from $ 608.9 million a year earlier. And the 50,633 emergency room visits were down from 56,515 in fiscal 2019.

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