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January 9, 2015

Connecticut Children's gets extra $10M from state to shore up finances

UConn Health Center website Connecticut Children's Medical Center in Hartford

A state committee led by Gov. Dannel P. Malloy on Thursday approved an additional $10 million payment to Connecticut Children's Medical Center to help stem the care provider's operating deficiencies.

The Finance Advisory Committee approved the payment from the state’s Medicaid account, increasing the Hartford hospital’s state funding this year to $25.5 million.

It also increases the deficiency in the state’s Medicaid account to $50 million, according to the Office of Fiscal Analysis.

Connecticut Children’s said it needs the money because it has a high number of Medicaid patients, and that reimbursements have not kept up with costs.

"In the past few years, the share of patients with Medicaid has increased, while Medicaid payments have failed to keep pace with costs, dropping from approximately 90 percent of costs to under 70 percent," CEO Martin J. Gavin said in a statement.

Medicaid reimbursements fell short by $56 million in fiscal year 2013 — the most recently available financial data. Despite that, the hospital eked out a surplus of $333,000, down sharply from $18.9 million the year prior, according to state filings. Its operating margin was negative, at nearly 4 percent.

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