Fines & Sanctions

Hospitals Show Financial Gains, But Smaller Facilities Struggle

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Connecticut’s acute-care hospitals ended the last fiscal year in slightly better financial health than in the prior year, with just five of 30 hospitals reporting losses, according to a new state report. Data filed with the state Office of Health Care Access (OHCA) shows that six hospitals had operating losses in the 2012 fiscal year – the same number as in 2011, but fewer than in 2010. When non-operating gains and losses are included, five hospitals had negative total margins, or deficits – down from eight in 2011. The annual OHCA report paints a positive picture of the overall financial health of hospitals, highlighting that Connecticut’s hospitals had a total gain from operations of about $513 million in the last fiscal year – a substantial increase, of close to 70 percent, over the prior year. Total hospital net assets also increased.

I-Team In-Depth

Should You Take The Health Care Tax Hit?

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Time is running out for thousands of uninsured Connecticut residents who must decide whether to comply with a federal mandate to buy health insurance starting Jan. 1, 2014 or pay a penalty instead. “We are undertaking a paradigm shift in how we think about health insurance,” said Dan M. Smolnik, a tax attorney from Brookfield. “We don’t know for sure how people in Connecticut will respond. But I think the majority will weigh the risks of not having health insurance and make a rational decision that isn’t purely based on economics.