Yale New Haven (Conn.) Health and Hartford (Conn.) HealthCare collectively raked in $11.5 billion in operating revenue during the 2022 fiscal year, and they continue to be leaders in the state's market, Hartford Business reported Oct. 10.
Yale New Haven Health saw $5.4 billion in operating revenue during the 2022 fiscal year, an increase of 5.3%, the report said. It has its eyes on acquiring Manchester Memorial, Rockville General and Waterbury hospitals, and if successful, the system would control just over 35% of all hospital operating revenue in the state.
Hartford Healthcare in fiscal year 2022 saw $5.4 billion in operating revenue, making up about 28.7% of the state's market share.
Other health systems in Connecticut saw significant losses in fiscal year 2022, largely driven by rising costs and other challenges. Connecticut's 12 major health systems saw a $719.4 million loss in fiscal year 2022, according to OHS data.
The Connecticut Hospital Association said in an Oct. 13 email to Becker's that losses are outpacing revenue gains for both hospital systems and that margins are at a negative for them. According to a report from the organization, patient revenue has increased by more than $2 billion from fiscal year 2019 to fiscal year 2022, and expenses increased from $12.5 billion to $15.8 billion during that same time.
A spokesperson for Hartford HealthCare didn't immediately respond to a request for comment from Becker's, and a spokesperson from Yale was unavailable to comment.
Note: This article was updated Oct. 13 to include information shared by the Connecticut Hospital Association.