May 12, 2014
Reporter's Notebook

15 CT hospital execs' paychecks top $1M

At least 15 Connecticut hospital executives received pay packages over $1 million last fiscal year, a new report says.

The state's largest hospital — Yale New Haven Hospital — had six executives who received million-dollar plus pay days last fiscal year, while Hartford Hospital had two execs earn over $1 million, according to a report from the state's Office of Health Care Access, which regulates hospitals.

The OHCA report did not name individual administrators, but it did list the top 10 paid positions at the state's 29 acute care hospitals. Although only 15 executives are listed as having six-figure pay packages, the number is likely even higher.

That's because the OHCA data doesn't include pay for some administrators of parent companies like Hartford Healthcare, which has five hospitals operating under its wing.

The highest paid hospital executive in fiscal 2013 was Yale-New Haven President & CEO Marna P. Borgstrom, who received a total pay package of $3.3 million. That included a base salary of $2.5 million and $752,041 in fringe benefits, the report said. Borgstrom is CEO of both Yale-New Haven Hospital and its parent Yale New Haven Health System.

The second highest paid administrator was Hartford Hospital's vice president of psychiatry who received $3.24 million in compensation. At least three Connecticut hospital executives made over $2 million.

The six-figure payouts came in a year when many Connecticut hospitals saw their financial performances decline. The Connecticut Hospital Association recently announced the industry shed 1,400 jobs and saw their collective operating income fall by $175 million in 2013 thanks to Medicare and state funding cuts as well as a new provider tax.

In Greater Hartford, nearly half of the region's hospitals posted operating deficits in fiscal 2013, led by a $10.5 million operating loss by Connecticut Children's Medical Center. Windham, Hartford, UConn's John Dempsey, and Johnson Memorial hospitals also posted operating losses last year.

Across the state, Connecticut's 29 acute care hospitals had a combined 3.28 percent operating margin, down from 4.81 percent a year earlier.

— Greg Bordonaro

Comments

Type your comment here:

ADVERTISEMENTS
Most Popular on Facebook
Copyright 2014 New England Business Media