The financial performance of Connecticut hospitals improved last year, according to data released this week by the Office of Health Care Access.
Of Connecticut’s 28 acute-care hospitals, 22 posted surpluses in fiscal year 2017, up from 20 a year earlier, OHCA said.
The five hospitals reporting losses were Bristol, $2.6 million; Charlotte Hungerford, $3.2 million; Rockville General, $8.2 million; Manchester Memorial, $4.4 million; and Windham, $1.8 million. All five lost money in fiscal 2016, too, but losses narrowed for all but Bristol. Manchester and Rockville hospitals were acquired by Prospect Medical Holdings (forming Prospect CT Inc.) at the start of fiscal 2017.
In the Hartford region, Hartford Hospital reported a surplus of $89.4 million, with a total margin of 6.8 percent, up from $76.2 million and 6.4 percent, respectively, in fiscal 2016.
St. Francis Hospital and Medical Center reported a surplus of $52.2 million and total margin of 6.3 percent in fiscal 2017, up from $12.3 million and 1.6 percent, respectively, a year earlier.
Hospital of Central Connecticut in New Britain reported a surplus of $23.5 million and total margin of 6.1 percent, up from $19.2 million and 5 percent, respectively, in fiscal 2016.
Connecticut Children’s Medical Center (CCMC) reported $47.2 million in surplus and total margin of 13.1 percent, up from $30.5 million and 9.1 percent, respectively.
UConn Health’s John Dempsey Hospital in Farmington showed an operating loss of $27.6 million, but with $37.2 million in nonoperating revenue, primarily from transfers from UConn Health, it posted a surplus of $9.7 million and total margin of 2.2 percent despite a negative operating margin of 6.9 percent.
Yale New Haven Hospital had the largest surplus of any in the state, at $232.8 million, with a total margin of 7.9 percent, up from $160.4 million and total margin of 5.9 percent in fiscal 2016.
Hartford HealthCare’s Backus Hospital had the highest margin in the state, at 26.3 percent, and a $102.9 million surplus.
Hospital consolidations continue in the state, with two proposed mergers already announced this year. Hartford HealthCare said in March that it has agreed to acquire St. Vincent’s Medical Center in Bridgeport. Also in March, the three-hospital Western Connecticut Health Network, comprising Danbury, New Milford and Norwalk hospitals, agreed to a merger with New York-based Health Quest Systems, parent of Sharon Hospital.
Due to the deal, Sharon’s financial results were not available, OHCA said.
Systems performance
About half of Connecticut’s 16 hospital systems, including the state-operated UConn Health Center, posted losses in fiscal year 2017.
A “system” can be a group of hospitals under one owner or one independent hospital, as well as affiliated provider groups and operations, according to OHCA.
The seven systems in the red were Bristol Hospital & Healthcare Group, $6.2 million; Day Kimball Healthcare Inc., $5.7 million; Charlotte Hungerford Hospital, $3.2 million; Milford Health & Medical Inc., $1.5 million; St. Vincent’s Medical Center, $2.3 million; Stamford Health Inc., $9.9 million; and UConn Health Center, $59.4 million.
Hartford HealthCare reported a surplus of $167.2 million; Trinity Health of New England, $29.1 million; CCMC, $32.8 million; and Prospect CT, $15.4 million. Yale New Haven Health Services Corp. had the highest surplus at $302.2 million. That figure includes Westerly Hospital in Rhode Island.
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