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All told, Medicare is reducing its payments to 2,499 hospitals – 47% of the nation’s institutions.
William Jennings left Bridgeport Hospital in 2018 to become president and CEO of Reading (Pennsylvania) Hospital.
“While these hospitals have received direct federal aid during this crisis, some of them and their affiliated practices are still experiencing financial hardship,” noted Gov. Ned Lamont.
Of the eight hospitals that did not realize a gain in operating revenue, only one was in Fairfield County: Norwalk Hospital.
Collectively, Connecticut hospitals have been estimated to lose $1.5 billion this year as a result of the coronavirus, while those in New York State are estimated to lose as much as $13.3 billion.
Twenty-four of the state's 28 hospitals finished 2018 in the black, realizing a 5.92% profit margin, down from 2017’s 7.05%.
“I do wish that society and our citizenry would recognize that for insurance to really work, all of us have to distribute the risk over a large population that includes healthy people, so that everyone can be covered," says Dr. John Murphy.
Hospitals statewide earned $464 million in income from nonoperating sources of revenue for the fiscal year ending Sept. 30, 2017, a 10 percent decrease from the previous year.
“We will struggle to grow by zero to 1 percent," forecasts Connecticut Business & Industry Association President and CEOJoe Brennan.