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June 6, 2018

St. Francis parent’s surplus pacing behind 2017

By Matt Pilon

Michigan-based Trinity Health, which owns 93 not-for-profit hospitals in 22 states, including Connecticut, said its surplus of revenue over expenses for the first nine months of its fiscal year is pacing behind 2017.

For the nine months ended March 31, the Catholic hospital giant reported a surplus of $913.8 million, down from $1.25 billion in the same period a year prior.

Revenue during the three quarters ticked up to $13.58 billion, compared to $13.13 billion, but the gain was erased by higher expenses and lower nonoperating revenue.

Trinity’s Connecticut holdings, under the umbrella of Trinity Health New England, include St. Francis Hospital and Medical Center, St. Mary’s Hospital, Johnson Memorial Hospital, Mount Sinai Rehabilitation Hospital and other entities.

Trinity said that as of March 31 it has made $127 million in capital investments in St. Francis since acquiring the hospital in 2015. Trinity has pledged to invest a total of $275 million by mid-2020, if financial metrics are achieved.

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