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March 1, 2023

Yale New Haven Health reports $240 million loss for FY 2022

PHOTO | File image Yale New Haven Hospital.
By Liese Klein

Yale New Haven Health reported more than $240 million in operating losses for fiscal 2022, according to a financial disclosure document filed as part of a state bond issue. 

New Haven’s second largest employer also saw its assets shrink due to hits from investment and operating losses.

The reported $240,344,000 loss for fiscal 2022, which ended Sept. 30, contrasts with the $42,857,000 operating profit reported by Yale New Haven Health (YNHH) for fiscal 2021, according to the document.

The system’s total assets shrunk from $9 billion in fiscal 2021 to $8.2 billion in fiscal 2022. 

The loss comes at the lower end of the red ink projected for the fiscal year by YNHH officials last September, when the system announced it was eliminating 155 jobs in management, resulting in 72 layoffs in non-patient-facing roles. 

The cuts were attributed to sicker patients and higher pandemic-related costs like traveling nurses due to labor shortages. 

Senior Vice President Vin Petrini said at the time that the system expected losses of $250 million for fiscal 2022. “Unfortunately, this is the difficult residue of the pandemic that’s impacting hospitals,” Petrini said.

Health system spokesperson Dana Marnane said on Wednesday that YNHH did not anticipate any imminent job cuts.

“We strive not to have layoffs,” Marnane said. “And the reality is we have more than 3,500 job openings across our system.”  

YNHH’s financial disclosure document shows major investment losses along with declines in donations to the system. A line item in the document titled “income from investments, donations, and other” swung from a $563 million net gain in 2021 to a $385 million loss in 2022.

Gail Kosyla, YNHH’s CFO as of late last year, said the system would strive to avoid layoffs amid its ongoing financial woes by redeploying workers and scrutinizing open positions.

The fiscal year’s financial results were disclosed online as part of reporting for a past YNHH bond issue undertaken with the Connecticut Health and Educational Facilities Authority. Auditor KPMG attested to reviewing the system’s consolidated financial statements as part of the filing. 

Contact Liese Klein at lklein@newhavenbiz.com.

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