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.
