Analysis: CT hospital finances during COVID’s first year
In 2020, Connecticut hospitals’ revenues exceeded expenses by 2.61% or $325 million. Hospitals averaged 1.9% of expenses in uncompensated care, less than the US average. Top hospital executives averaged $2.6 million in total compensation. Hospitals paid $1.3 billion in fees to corporate parent health systems. Large health systems received $1 billion in federal COVID relief, but it didn’t track with hospital financial need. There is little relationship between hospital profits and the proportion of Medicaid or private pay revenue. Connecticut hospitals spent 34% of total expenses on medical professionals. There is wide variation between hospitals in how much and which types of medical labor is contracted out.
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