Most of Connecticut’s 28 acute care hospitals finished in the black last fiscal year, including Hartford Hospital and St. Francis Hospital and Medical Center, which beat results from a year earlier, according to financial data recently released by the state Office of Health Care Access. The report is here.
Hartford Hospital reported a total surplus of $76.2 million for the fiscal year ended Sept. 30, 2016, up from $54.3 million in the year-ago period. Its total margin was 6.4 percent.
St. Francis reported a $12.3 million surplus in fiscal 2016, up from a loss of $17 million in fiscal 2015. Its total margin was 1.59 percent.
Five hospitals lost money: Windham, $13 million; Waterbury, $16.5 million; Sharon, $13.7 million; Bristol, $1.9 million; and Hungerford, $4.8 million.
Results were not posted for Manchester Memorial, Rockville General, Johnson Memorial and St. Mary’s hospitals, which were acquired and given more time to file their audited financial statements. Trinity Health-New England, parent of St. Francis, acquired Johnson in Jan. 2016 and St. Mary’s in August; and Prospect Medical Holdings acquired the Manchester, Rockville and Waterbury hospitals in October, after the fiscal year ended.
The state-operated John Dempsey Hospital at UConn reported a surplus of $285.8 million. But that number is misleading, because it includes a nonoperating revenue line item of $281.3 million that UConn Health transferred to the hospital. The move on the accounting ledger, done in May 2016, represented the official transfer of UConn’s new patient tower to John Dempsey, according to UConn Health CFO Jeffrey P. Geoghegan.
Dempsey’s surplus from hospital operations was approximately $4 million for the year.
Sharon Hospital had a nonoperating revenue loss of $11.2 million from an asset impairment loss, according to the report.
Connecticut Children’s reported a surplus of $30.5 million, up from $28.1 million, in fiscal 2015.
Yale-New Haven Hospital finished with a surplus of $160.4 million, up from $109.4 million, a year earlier.
[Editor’s note: This story has been updated to further explain John Dempsey Hospital’s unusually large surplus, which is the result of a one-time accounting procedure involving its newly built hospital tower.]
