Hospital reports $1 million in profit for FY2012

In the previous fiscal year, which is expected to be its last one as a non-profit, Bristol Hospital reported ending 2012 with a little more than a $1 million profit.
The hospital, in its annual report, said it ended its fiscal year with nearly $2.3 million in excess revenue, with a little over $1 millon of that being a gain from operations, a huge jump from last year’s $147,269. Operating expenses totaled nearly $134.5 million, another increase from the year prior. Total operating revenues at Bristol Hospital increased about $3.4 million from last year to a little over $135.5 million.
Hospital officials said last year’s excess revenue bottom line was the highest since 2007, and over the last 10 years or so, the hospital has been gradually increasing its profit.
The hospital saw an increase in medical/surgical admissions, medical/surgical inpatient days, and outpatient visits. It saw a decrease in births, surgical and endoscopy procedures and emergency room visits.
One of the major events at Bristol Hospital last year was when it signed a letter of intent to be acquired by Vanguard Health Systems, Inc., a Tennessee-based for-profit health care system, and a Fortune 500 company. Vanguard Health Systems owns and operates 28 acute-care and specialty hospitals around the country. According to a press release, Vanguard had about 41,000 employees and generated $5.95 billion for its fiscal year as of June 30, 2012. Vanguard also recently finalized an agreement to buy Waterbury Hospital.
The deal with the local hospital is expected to be finalized in the fall of this year, and is supposed to ensure financial stability for Bristol Hospital.
According to the hospital’s annual report, other improvements in 2012 included staffing and protocol changes in the hospitals “Emergency Center,” intended to enhance work and ensure best practices for patients.
The hospital was also the recipient of two Press Ganey awards validating the improvements to patient care in the hospital’s Emergency Center and inpatient care units, the report said. (Press Ganey is, a “nationally recognized patient satisfaction leader.”)
Bristol Hospital Multi-Specialty Group, Inc., saw an increase in physician office visits by 4,000. However, that figure still doesn’t reach the 87,022 visits in 2010. At Ingraham Manor, the hospital’s nursing home, admissions dropped from 353 last year to 293 this year, and patient days increased to 45,152 from 44,853 in 2011.