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Operating profits drop at state hospitals: new report

Yale-New Haven Hospital, St. Raphael’s Campus.
Yale-New Haven Hospital, St. Raphael’s Campus.

HARTFORD, Conn. – Connecticut’s acute-care hospitals saw gains from their operations tumble 35 percent in the last fiscal year, with seven of 29 hospitals reporting operating losses, according to a new state report.

While hospitals still ended the year with $597 million in profits overall, the report by the state Office of Health Care Access (OHCA) raises concerns that non-operating revenue, such as income from investments, was masking the decline in operating revenue.

“While hospitals’ operational financial performance weakened in FY 2013, they continued to generate significant non-operating gains, helping to keep overall hospital financial performance strong,” the report says. “However, a robust financial picture should rely more on patient and other operating revenues, and not on a less than reliable income source, such as investment performance.”

See the complete story at CT Health I-Team.

Comments

3 responses to “Operating profits drop at state hospitals: new report”

  1. Suzanne

    “Connecticut continues to have an increasing number of hospitals that operate within corporate systems directly related to other Connecticut hospitals or, in several cases, to out-of-state hospitals.”

    For profit models never work in health care. The share holders will outweigh the cost of care every time.

  2. Donald Trump

    Another wonderful side effect of Obamacare.

    Soon they’ll mothball the underperforming ones and then we can just take a pill for that, like the President said.

    You’re fired.

  3. Suzanne

    The for profit model was adopted at least 25 years ago with the initial idea of “managed care.” It was adopted because of the excessive money-making strategies by doctors and insurance companies. The insurance companies won.

    Obamacare has nothing to do with it.

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