Financials

The Hospital of Central Connecticut Financials

Statement of Operations

Year to Date September 2018Year to Date September 2017
Gross Patient Service Revenue
Inpatient419,486,944386,699,263
Outpatient489,581,836508,430,498
Professional Service Revenue61,230,14435,149,496
970,298,924930,279,257
Contractual Allowances597,650,475577,125,061
Bad Debts7,640,2335,497,582
Charity Care11,040,70511,280,831
616,331,413593,903,474
Net Revenues from Services to Patients353,967,511336,375,783
Other Operating Revenue21,091,35427,067,046
Net Assets Released from Restriction2,005,4222,878,404
Total Revenues377,064,287366,321,233
Operating Expenses
Salaries and Fringe171,414,165176,433,572
Supplies and Others49,567,84446,459,854
Purchased Services123,358,530114,948,961
Depreciation and Amortization18,619,81119,764,923
Rental Expense2,930,6823,846,621
Interest Expense3,163,2742,582,940
369,054,306364,036,871
Operating Income (Loss)8,009,9832,284,362
Other Income
Income from Investments, Gifts, and Bequests, Net11,736,23820,921,561
Other(217,933)271
11,518,30520,921,832
Excess of revenues over expenses, before non-controlling interest in joint venture19,528,28823,206,194
Less: net income attributable to non-controlling interest in joint venture344333,809
Excess (Deficiency) of Revenues Over Expenses19,528,63223,540,003
Operating Margin (%)2.12%0.62%

MidState Medical Center Financials

Statement of Operations

Year to Date September 2018Year to Date September 2017
Gross Patient Service Revenue
Inpatient269,338,525210,648,967
Outpatient362,150,341325,603,269
Professional Service Revenue19,548,85018,126,364
651,037,716554,378,600
Contractual Allowances390,255,497333,243,206
Bad Debts3,889,3624,784,998
Charity Care8,869,3138,137,631
403,014,172346,165,835
Net Revenues from Services to Patients248,023,544208,212,765
Other Operating Revenue21,598,55614,408,054
Net Assets Released from Restriction1,329,226114,280
Total Revenues270,951,326222,735,099
Operating Expenses
Salaries and Fringe87,042,45581,895,791
Supplies and Others55,808,01343,978,435
Purchased Services97,789,19275,209,247
Depreciation and Amortization11,217,81910,395,046
Rental Expense4,616,0083,986,263
Interest Expense3,741,2743,900,374
260,214,761219,365,156
Operating Income (Loss)10,736,5653,369,943
Other Income
Income from Investments, Gifts, and Bequests, Net8,521,38716,591,804
Other065,913
8,521,38716,657,717
Excess of revenues over expenses, before non-controlling interest in joint venture19,257,95220,027,660
Less: net income attributable to non-controlling interest in joint venture(71,554)(55,357)
Excess (Deficiency) of Revenues Over Expenses19,186,39819,972,303
Operating Margin (%)3.96%1.51%

A change in accounting was implemented beginning with FY18 to include the annual investment to Hartford HealthCare Medical Group (HHCMG) for each Hartford HealthCare business entity. For FY18, this amount represents $9,771,821 for The Hospital of Central Connecticut and $10,402,858 for MidState Medical Center. This amount is included in purchased services. FY17 performance does not include the annual investment for HHCMG.