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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.