The parent companies of St. Francis Hospital and Medical Center and Manchester Memorial and Rockville General hospitals were among at least five Connecticut hospital systems that lost money in fiscal 2015.
St. Francis Care Inc., which was recently purchased by Michigan-based Trinity Health and is parent to St. Francis Hospital and myriad other health and rehab service providers, posted an overall $14.1 million loss (-1.75 margin) in fiscal 2015, compared to a $12.7 million surplus a year earlier, according to recently released data by the state Office of Health Care Access. It did, however, report a $3.4 million operating surplus, for an operating margin of 0.43 percent.
Eastern Connecticut Health Network, owner of the Manchester and Rockville hospitals as well as a nursing home, physician groups, real estate company, and visiting nurse association, posted a $2.5 million overall loss (-0.80 percent margin) in fiscal 2015, compared to a slight $46,970 surplus a year earlier. ECHN’s operating loss was smaller at $280,450 (-0.09 percent margin).
Hartford Healthcare, parent to five acute-care providers including Hartford Hospital, the Hospital of Central Connecticut and MidState Medical Center, posted a $16.6 million surplus last year, compared to a $103.5 million surplus in fiscal 2014. Its overall margin was 0.68 percent, and its operating margin was 1.23 percent based on an operating surplus of $30 million.
Health systems serve as parent companies to hospitals, and they’ve been growing significantly in recent years as a major consolidation wave sweeps through the state. Besides hospitals, many health systems have aggressively added physician groups and other services including nursing homes, home health agencies, and behavioral health practices.
It’s not exactly clear how Connecticut hospital systems performed overall last year because three networks – Day Kimball Healthcare Inc., Johnson Memorial Medical Center Inc. and Sharon Hospital Holding Co. – were all given time extensions to submit their audited financial statements, OHCA said.
Five networks lost money in fiscal 2015, including the Greater Waterbury Health Network ($22.4 million), Milford Health & Medical Inc. ($6.7 million), and St. Vincent’s Health Services Corp. ($32.9 million). In fiscal 201,4 seven networks lost money including the three health systems that have not yet submitted their 2015 audited results.
Click here to see the full 2015 results.
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