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May 28, 2020

Early COVID-19 financial picture grim for some CT hospitals

Photo | Michael C. Bingham Yale New Haven Hospital.

As expected, Connecticut’s major hospital systems have lost big bucks from the COVID-19 pandemic thus far, according to newly published financials.

Yale New Haven Health (YNHH) led the pack, posting $209 million loss for the six-month period ended March 31, it disclosed to its bondholders on Wednesday, compared to a profit of just over $100 million in the year-ago period. YNHH said recently that it may face a $500 million operating loss this year. 

Nuvance Health, which includes the former Western Connecticut Health Network, reported a net loss of $99 million for the three-months period ended March 31. A comparable year-ago number isn’t available, due to the timing of the WCHN merger in 2019.

Meanwhile, Hartford HealthCare eked out a small profit of $4.1 million for the January to March period. That was down from a $67.2 million profit in the year-ago quarter.

The recent hospital financials cover a period that included only a small portion of COVID-19 related costs and impacts, as Connecticut’s first positive test came on March 8. Gov. Ned Lamont declared civil preparedness and public health emergencies due to the coronavirus two days later.

Connecticut hospitals are expected to lose an estimated $1.5 billion this fiscal year in all, the Connecticut Hospital Association has said.

The current April to June quarter could show steeper impacts for hospitals, as those three months included Connecticut’s presumed peak number of hospitalizations, in mid-April.

However, those results will also include various federal stimulus grants and assistance for hospitals.

For example, Yale New Haven Hospital received more than $114 million earlier this month, the New Haven Independent reported, while another $60-plus million went to several other YNHH-owned hospitals, according to Centers for Disease Control and Prevention data.   

Meanwhile, Several HHC hospitals received nearly $50 million this month, the federal data show.

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