(Hartford, CT) – The Office of Health Strategy (OHS) recently published the Annual Report on the Financial Status of Connecticut’s Short Term Acute Care Hospitals for Fiscal Year 2024 pursuant to CGS § 19a-670. The report highlights Connecticut’s statewide hospital trends and includes individual hospital profiles of financial performance.
In FY 2024:
- 56% of hospitals achieved a positive total margin
- The statewide total margin was 3.61% in FY 2024, an improvement from 1.65% in the previous year. The five-year average total margin was 2.77%.
- Statewide operating gains totaled $41 million, compared to losses of $76 million last year.
- Hospitals statewide experienced gains of $629 million from non-operating revenue
- Statewide uncompensated care costs continued to account for less than 2.0% of total statewide hospital expenses in FY 2024
- Statewide, Medicaid reimbursement covered $0.87 on the dollar of the cost to provide care in FY2024
- As in previous years, medical group operating losses account for a significant proportion, 65%, of health system operating losses
“This report plays an important role in helping us understand the larger picture in hospital and health system financial performance,“ said Amy Porter, Acting Commissioner. “It helps to create a more balanced view of operating and non-operating revenue, and to identify where systems are experiencing losses.”
“The data demonstrates significant growth in total health system net assets, $1.2 billion since 2021, substantial gains in non-operating revenue $629 million and an improvement in statewide total margin,” Porter added. “It also highlights the challenges health systems face in growing operating expenses and the losses they experience, and where those losses originate.”
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