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Hospital nets gain in year
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Greenwich Hospital netted $13.8 million during the past year, a period that saw the institution set record-highs in numbers of admissions, the hospital's president announced last night.
As it evolves into an increasingly regional health facility, serving a wider swath of Westchester County, the hospital is tweaking its strategic plan, expanding its campus and bringing more physicians onto its medical staff, President and Chief Executive Officer Frank Corvino said during the hospital's annual meeting.
We had a very, very strong year in a very difficult environment," Corvino told more than 100 hospital staff, faculty and Board of Trustees members during the meeting, held in the Noble Conference Center at the Perryridge Road facility.
"It couldn't have been done without financial support from the community and others. The hospital auxiliary has been phenomenal in supporting the institution and we look forward to working with them as we look to the future. Our capital campaign -- given this year that we've been running mini-capital campaigns for the Integrative Medicine Center and other projects -- again has been very, very successful."
Within its most recent fiscal year, the hospital saw 12,779 inpatient admissions and 419,387 outpatient admissions, eclipsing previous highs of 12,379 and 402,692, respectively, Corvino said.
The statistics, which mark the 12-month period ending Sept. 30, are unaudited returns that Corvino reports to the board each year.
The hospital's positive bottom line of $13.8 million marks a dramatic improvement over the previous fiscal year, when it netted about $5.1 million, according to a recently released report from the state Office of Health Care Access.
The state agency known as "OHCA" is responsible for collecting and analyzing health care information in Connecticut. In its annual report, "Financial Status of Connecticut's Short Term Acute Care Hospitals," OHCA reported that Greenwich Hospital was one of just four in the state that ran a deficit in non-operating revenue in fiscal year 2006.
In contrast to revenue from medical services, a hospital earns non-operating revenue from sources such as investment income, gifts and bequests and through sales of stocks and bonds.
After posting total non-operating revenues of $4.2 million in fiscal year 2005, the hospital posted a $840,000 loss in non-operating revenues in fiscal year 2006, according to OHCA's report, released last month.
Hospital spokesman George Pawlush said during an interview prior to the meeting that a pair of "one-time" events contributed to the loss. First, the hospital paid $1.5 million for the demolition of its former South Building, one of the last pieces in a multimillion dollar rebuilding project that was completed two years ago. Second, the hospital lost $3.3 million through a refinancing of bonds that's expected to help the institution in the long run, Pawlush said.
"It was a one-shot deal," Pawlush said. "If we didn't have these two things, we (the hospital's non-operating revenue) would have been $4.2 million, so it would have been (including non-operating losses) $3.8 million in 2006."
During the 45-minute meeting, Corvino highlighted a handful of awards the hospital and its employees have won, as well as favorable rankings in several publications and reports. Corvino also listed a handful of the hospital's efforts to expand programs and facilities through so-called "Certificate of Need" applications to the state. Those include purchasing radiology and cardiology digital equipment, a second linear accelerator, a joint venture endoscopy center and new thrift shop.
"We also need to develop and are putting a lot of effort into an ambulatory surgery center that will be put in place at 55 Holly Hill Road," Corvino said. "We need that. Our operating rooms are full, they're running full schedule, and we need to move some of the ambulatory surgery to an off-site place and hopefully in the next 12 to 14 months we'll see that happen.
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