Vincent Capece Jr. leads Middlesex Health and its flagship Middlesex Hospital, which has traditionally been one of the best financially performing hospitals in the state.
In fiscal 2021, the hospital reported a $7 million operating surplus on $447 million in revenue, according to the Office of Health Strategy.
However, fiscal 2022 has been a greater challenge. Many Connecticut hospitals, including Middlesex Hospital, saw operating losses driven by the evaporation of COVID-19 grants, coupled with an inflationary economy and rising expenses.
“We’ve got costs going up for a whole variety of reasons, much of which have to do with the impact of the pandemic,” Capece said recently “It’s kind of thrown all the supply chain into a frenzy. And then I don’t know that anybody really has an explanation as to what’s going on with labor, but there just doesn’t seem to be enough people out there.”
Patient volumes, a main revenue driver, were higher in fiscal 2022 than in the prior year, but still below pre-pandemic levels in many departments, he said.
Over the past year, Middlesex Health has added several services, including becoming the basic life support ambulance provider for the town of Durham. It also created the Middlesex Health Center for Golf Performance, located in Middletown, which assesses and addresses a golfer’s biomechanics, helping players of all ages better understand how their body relates to their golf swing
Capece is a UConn grad, having received both his bachelor’s degree in accounting and MBA from the state’s flagship university, according to his LinkedIn profile.