Hartford Business Journal

HARTFORDBUSINESS.COM | MAY 18, 2026 17 Flaks said. "It's about making it more accessible, and it's about making it better." Flaks said Hartford HealthCare is positioned to absorb the project's long-term debt costs because of years of financial discipline and strong operating performance. Hartford HealthCare currently maintains an A+ bond rating with a stable outlook from Fitch Ratings, which cited the organization's strong market position and improving operating performance. Hartford HealthCare reported positive financial results in each of the last two fiscal years, posting operating income of $201.4 million on $7.1 billion in revenue in fiscal 2025, compared with operating income of $133.6 million on $6.5 billion in revenue a year earlier, according to audited financial statements. "We have carefully managed our financial strength for many years, and have put ourselves in this position to make this investment," Flaks said. Capturing care Hogan, the healthcare consultant, said large health systems increas- ingly are investing in infrastructure and patient access as they compete to keep more care within their own networks. He cited a 2025 report from healthcare consulting firm Vizient that found the typical health system captures less than half of a patient's total healthcare spending. According to the report, a 1% increase in loyal patients — those who repeatedly return to the same hospital or health system for care — can generate "a $40 million revenue lift for a $2 billion health system." Hogan said many of the nation's largest health systems are investing in modern facilities, expanded outpatient access and private patient rooms in an effort to attract and retain aging baby boomers and commercially insured patients. He said Hartford HealthCare has also spent decades improving both quality metrics and patient experi- ence, helping position it competitively against rival systems. "Basically, all of their hospitals now are 'A' quality" as measured by Leapfrog safety grades, Hogan said. "They focused on that." Flaks said the Hartford campus overhaul is especially significant because Hartford HealthCare has not undertaken a project of this scale since construction of the original high-rise hospital tower on Seymour Street in 1947. State Sen. Saud Anwar (D-South Windsor), co-chair of the state legisla- ture's Public Health Committee and a physician, said he welcomes Hartford HealthCare's investment, particularly plans to expand and improve the emergency department. "The number and kinds of people in our waiting rooms are increasing," he said. "We have to have our phys- ical infrastructure and intellectual infrastructure ready to take care of people's needs." But Anwar said whether the project will lower healthcare costs is "a different question," noting that hospi- tals face broader financial pressures, including Medicare and Medicaid reimbursement rates that often fail to cover the full cost of care. "You want to provide the best care at the best time at the best place," he said. "That's the principle." SOME COMPANIES JUST GET IT RIGHT! THE BEST PLACES TO WORK IN CONNECTICUT AWARDS HONOR COMPANIES WHO RANK HIGHEST IN EMPLOYEE SATISFACTION AS DETERMINED BY A SURVEY ADMINISTERED NATIONALLY. WINNERS WILL BE RECOGNIZED IN A SPECIAL ISSUE OF THE HARTFORD BUSINESS JOURNAL IN PRINT AND ONLINE AND RECOGNIZED AT AN AWARDS EVENT IN MARCH 2027. JOIN THE CELEBRATION! 2027 NOMINATIONS ARE NOW OPEN! JOIN THE CELEBRATION! 2027 NOMINATIONS ARE NOW OPEN! NOMINATION DEADLINE: OCTOBER 2, 2026 VISIT HARTFORDBUSINESS.COM/HBJ-EVENTS OR SCAN HERE TO SUBMIT A NOMINATION AND LEARN MORE! Proud to back the businesses that are building our communities. Financing for purchases, refinances, and expansions — with competitive rates, flexible terms, and quick, local decision making. Work with experienced lenders who live, work, and serve in the same communities you do business in. LEARN MORE AND CONNECT WITH A LENDER! LONGEST EMERGENCY DEPARTMENT WAIT TIMES IN CT (2025) PATIENTS PATIENTS AVG. WAIT HOSPITAL TREATED ADMITTED (HOURS) HARTFORD HOSPITAL 109,166 28,322 8.9 CHARLOTTE HUNGERFORD HOSPITAL 45,279 4,241 8.4 THE WILLIAM W. BACKUS HOSPITAL 79,768 6,636 8.4 MIDSTATE MEDICAL CENTER 53,935 7,215 7.7 ST. VINCENT'S MEDICAL CENTER 64,968 8,172 7.2 ST. MARY'S HOSPITAL 54,159 5,298 7.1 WATERBURY HEALTH 35,081 6,947 6.7 THE HOSPITAL OF CENTRAL CONNECTICUT 87,141 9,007 6.6 WINDHAM HOSPITAL 33,334 1,319 6.6 BRISTOL HEALTH 30,686 3,756 5.9 Source: CT College of Emergency Physicians

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