Connecticut’s two largest health systems, Hartford HealthCare and Yale New Haven Health, are in the red by a combined $151.5 million for the first three quarters of the fiscal year, according to newly filed disclosures that shed more light on the financial impact COVID-19 has had on hospitals.
For the nine-month period ended June 30, YNHH reported an overall loss of $121.3 million, while HHC said it lost $30.2 million.
It’s a significant swing for the two systems, which booked a combined profit of $313.2 million in the first three quarters of last fiscal year ($124.7 million for HHC and $188.5 million for YNHH).
Both systems were profitable after their first quarter, which ended Dec. 31, have seen those gains wiped out since the pandemic began.
The CEOs of the two systems have warned of the pandemic’s expected financial blow to their systems numerous times since the coronavirus reached Connecticut back in March.Â
HHC and YNHH, which are major Connecticut employers, have a combined statewide hospital market share of nearly 60%.
While COVID-19 infections have subsided in Connecticut from their April peak, allowing hospitals to bring back elective surgeries and procedures, it’s unclear how big an impact it will have on fourth quarter financials.
HHC spokeswoman Tina Varona said Monday that the health system, which had originally projected a $150 million profit for 2020 before the pandemic struck, is now aiming to break even.
“While Hartford HealthCare may be short from the original budget, this is a success story and due to many factors, including the much needed federal CARES Act payments…” Varona said.Â
A number of Connecticut hospitals have projected a full-year loss, even after hundreds of millions of dollars in government stimulus. In July Connecticut hospitals appealed to Gov. Ned Lamont for $450 million in assistance to mitigate the impacts to their budgets.
This story has been updated to include comment from Hartford HealthCare.
