Issue link: https://nebusinessmedia.uberflip.com/i/1518132
20 HARTFORDBUSINESS.COM | APRIL 1, 2024 Congratulations to the HBJ Winners! Meghan Rickard meghan@compumail.net 860-628-2770 298 Captain Lewis Dr. Southington, CT 06489 compumail.net Hartford HealthCare financial performance snapshot FY 2022 FY 2023 % change OPERATING REVENUE $5,403,735,000 $5,998,649,000 11.01% OPERATING EXPENSES $5,343,021,000 $5,902,095,000 10.46% NET INCOME FROM OPERATIONS $60,714,000 $96,554,000 59.03% OVERALL SURPLUS (OR LOSS) ($36,860,000) $134,739,000 465.54% Source: Office of Health Strategy/HHC financial filing There are just over 40 proton therapy centers in the U.S., but none in Connecticut. The closest centers are in New York and Massachusetts. The partners originally planned to open the 25,000-square-foot facility sometime in 2025, but that time- line got delayed by the pandemic, hospital officials have said. Their new goal is to break ground on the project in the coming months and have it completed in 2026. Another direct placement of up to $115 million closed in January, HHC said, and will be used to finance equipment purchases and property upgrades at Hartford HealthCare's seven hospitals and other facilities. The planned funding allocations, records show, will include: • Up to $80 million for Hartford Hospital, which has 867 licensed beds. • Up to $20 million for Backus Hospital in Norwich (233 licensed beds). • Up to $20 million for the Hospital of Central Connecticut in New Britain (446 licensed beds), the Bradley Memorial campus in Southington and Hartford HealthCare Cancer Institute in New Britain. • Up to $15 million for St. Vincent's Medical Center in Bridgeport (520 licensed beds). • Up to $10 million for Windham Community Memorial Hospital (144 licensed beds). • Up to $10 million for Charlotte Hungerford Hospital in Torrington (122 licensed beds). • Up to $10 million for MidState Medical Center in Meriden (156 licensed beds). • Up to $8 million for HHC Medical Group, with locations throughout the state, including Avon, Bridgeport, Bristol, Cheshire, Derby, Enfield, Farmington, Glastonbury, Guilford, Manchester, among others. • Up to $1 million for medical offices in Stamford, Trumbull and Fairfield. Hartford HealthCare didn't provide specific details about the new equip- ment purchases or types of facility upgrades it is planning. However, in a statement to the Hartford Business Journal, Hartford HealthCare said its hospitals and healthcare systems face growing demands, so it is "making the necessary ongoing investments in the latest equipment that will allow our acute-care campuses to continue providing communities with world-class care at the most affordable cost." It added that the joint venture with Yale New Haven Health to develop the proton therapy center in Wallingford "will allow us to provide leading-edge, innovative treatment options for patients and further enhance the quality of cancer care in the future." Hartford HealthCare in fiscal year 2023 reported nearly $6 billion in operating revenue and an operating surplus of $96.6 million, according to data from the Office of Health Strategy. HHC reported an overall surplus of $134 million in fiscal year 2023, and total long-term debt of $1.4 billion, according to OHS data.