Bridgeport Hospital had the highest profit margin of Connecticut’s 28 hospitals last year, according to the State Office of Health Strategy.
The OHS’ annual report found that 24 of Connecticut’s hospitals ended 2018 in the black, with Bridgeport’s 12.1% profit margin leading the way. In Fairfield County, St. Vincent’s Medical Center in Bridgeport – which was recently acquired by Hartford HealthCare – had a 5.88% profit margin, followed by Greenwich (5.08%), Stamford (3.92%), Norwalk (3.88%) and Danbury (0.28%).
Statewide, hospitals realized a 5.92% profit margin last year, down from 2017’s 7.05%. Hospitals recording a net loss in 2018 were Middlesex, Sharon, Milford and Rockville.
The report also noted that statewide hospital uncompensated care charges were $765 million in 2018, up $97 million or 14.5% from the prior year. About 60% of the 2018 growth in uncompensated care charges was tied to Norwalk, Stamford and St. Vincent’s.
Hospitals statewide also earned $202.6 million from sources unrelated to patient care, a 56% decrease from the $459.6 million earned in 2017.
“We are pleased that hospitals’ operating performance has improved and is stable,” said Michele Sharp, a spokeswoman for the Connecticut Hospital Association. “Hospitals can then invest in things like workforce development, technology, and community health. However, health systems continue to absorb costs for physician practices, which they subsidize to maintain needed access to care.”