Financials

The Hospital of Central Connecticut ended the year with a solid operating surplus of $15.3 million (or 4.2 percent of net revenue). The hospital’s inpatient volumes decreased 9.7 percent over the previous year; outpatient volumes increased by 2.1 percent for the same period. Additionally, visits to the Emergency Department decreased by 12.1 percent this year.

FY2014 marks eight of the last nine years of an operating surplus for the hospital. This is quite an achievement in this industry, marked by declining reimbursement. Operating surpluses allow The Hospital of Central Connecticut to reinvest in new facilities and new technology for our communities.

Statement of Revenue and Expense

2014 Unaudited 2013
Revenues
Patient Revenue Services
Inpatient $370,675,620 $410,328,218
Outpatient $483,755,858 $473,587,183
Professional Service Revenue $10,177,899 $10,645,868
Total Patient Service Revenues $864,609,377 $894,561,269

Less Deductions from Revenue:
Government and Private Payer Contractual Allowances $474,046,376 $489,212,305
Charity Care and Other Uncompensated Care $22,602,418 $24,000,230
Other Allowances and Revenue Deductions $6,248,615 $9,441,243
Total Deductions from Revenue $502,897,410 $522,653,778

Collectible Patient Service Revenue $361,711,967 $371,907,491

Add Other Operating Revenue:
Improvement in investment in Captive Insurance Company
Grants, Cafeteria, Rental and Other Revenue $12,375,913 $14,154,372

Total Operating Revenue $374,087,880 $386,061,863

Expenses
Salaries and Wages $147,937,318 $168,706,840
Benefits for Employees $45,122,344 $51,728,525
Medical Supplies, Drugs and Other Expenses $142,532,098 $132,175,898
Malpractice Insurance Premiums $3,957,824 $929,273
Depreciation Cost of Building and Equipment $18,225,335 $19,479,333
Interest on Borrowed Money $1,050,265 $1,249,857
Total Expenses $358,825,184 $374,269,726

Operating Income $15,262,696 $11,792,137

Loss on Early Extinguishment of Debt

Non-Operating Income
From Gifts, Interest and Other Sources $9,562,103 $8,675,997
Change in Market Value of Investments 2,962,485

Excess Revenue Over Expense $24,824,799 $23,430,619

Note: These amounts do not include the activity of subsidiaries

 


 

Patient Statistics

2014  2013
Inpatient Admissions (Including Newborn) 15,642 17,907
Inpatient Days (Including Newborn) 69,265 75,467
Average Length of Stay 4.43 4.21
Inpatient Surgical Procedures 3,247 3,534
Total Surgical Procedures 10,278 10,853
Births 1,587 1,567
Emergency Department Visits (Including Admits) 105,304 119,772
Walk-in Medical Visits (MediQuick) n/a n/a

 


 

Hospital Expenses

hospital_expenses