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August 21, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

82 percent of CT hospitals finished fiscal ’17 in the black

Nine of Connecticut’s 16 health systems ended 2017 in the black, according to a report by the state Office of Health Strategy.

For the fiscal year that ended on Sept. 30, 2017, hospitals statewide earned $464 million in income from nonoperating sources of revenue, a 10 percent decrease from the previous year when hospitals overall made $515.7 million. In FY 2017, 23 of 28 achieved a positive total margin.

The average statewide total margin was 7.04 percent in FY 2017, a slight drop from the 7.32 percent average statewide total margin in the previous year. Six hospitals had negative five-year average total margins in the FY 2013 to FY 2017 time period, the same as the previous year. Total margin statewide dipped to 7 percent from 7.3 percent in the previous year.

Total revenue in excess of expenses statewide was $844.9 million, a 2 percent decrease from the previous year’s $863.8 million. Twenty-three hospitals reported positive total margins, while 20 hospitals posted positive total margins in the previous year.

Within the county, Bridgeport Hospital generated $19.4 million in income from operations and had $6.5 million in nonoperating revenue, resulting in an excess of revenues over expenses of $25.9 million.

Danbury Hospital generated $13.2 million in income from operations and had $13.3 million in nonoperating revenue, resulting in an excess of revenues over expenses of $26.5 million.

Greenwich Hospital generated $15.4 million in income from operations and had $9.2 million in non-operating income, resulting in an excess ofrevenues over expenses of $24.6 million.

Norwalk Hospital generated $650,000 in income from operations and had $23.4 million in non-operating revenue, resulting in an excess of revenues over expenses of $24 million.

Saint Vincent’s Medical Center in Bridgeport – which is being acquired by Hartford Healthcare – generated $7 million in income from operations and had no nonoperating revenue, resulting in an excess of revenues over expenses of $7 million.

Stamford Hospital generated $33.2 million in income from operations and had $3.1 million in nonoperating revenue, resulting in an excess of revenues over expenses of $36.3 million.