STAMFORD, CT - Stamford Hospital announced Wednesday that it achieved a positive operating margin during its most recent fiscal year – the eighth consecutive year in which the organization’s net income has exceeded expenses. Audited numbers from October 1, 2010 – September 30, 2011 indicate Stamford Hospital collected $466.7 million while incurring expenses of only $438.7 million, which resulted in $28 million of income from operations.
“Stamford Hospital was, once again, fortunate enough to have a surplus to reinvest in the organization thanks to the dedication and teamwork displayed by our physicians, employees and volunteers,” said President and CEO Brian Grissler. “It will become increasingly important to continue this success in order to meet future financial challenges, such as Healthcare Reform, funding of our hospital replacement plan and continuing on our journey to become the recognized regional center for health.”
The Hospital’s strong financial position has brought the community additional benefits and services, including approximately $74 million in uncompensated care.
In addition to its solid financial management, the Hospital also accomplished the following during the 2010-11 fiscal year:
The Hospital’s Cancer Program was one of only two hospitals in the state to earn the Outstanding Achievement Award from the Commission on Cancer of the American College of Surgeons.
The Hospital was designated as a Primary Stroke Center by the Joint Commission as well as the State Department of Public Health.
In June, the Heart & Vascular Institute reached a milestone: the completion of 100 open heart surgery cases under the direction of Chief of Cardiac Surgery Dr. Michael Coady, reporting a 0% mortality rate for major open heart procedures.
The Inpatient General Surgery unit was renovated to provide patients with a more home-like atmosphere to stimulate and promote healing; a key component of our Planetree philosophy of patient-centered care.
The Hospital launched the No One Dies Alone program, with a core of volunteers specially trained to provide a reassuring bedside presence to a dying patient who would otherwise be alone during their final hours.
The Hospital expanded the number of physicians utilizing the ambulatory electronic medical record (AEMR).
Bedside Medication Verification was implemented on every Hospital inpatient unit as well as same-day surgery and PACU.
The Hospital received a $10 million grant from OdysseyRe to help fund the Hospital’s Master Facility Plan. The Hospital received approval for Phase I of the Hospital Replacement Final Plan by the City of Stamford Planning and Zoning boards. As a result of the approvals, demolition commenced at Hospital properties to enable infrastructure work on the Master Facility Plan to proceed.
In turn, the community showed its support and helped the Hospital Foundation raise nearly $15.2 million in cash and new pledges. Of note, the Bennett Cancer Center’s Walk, Run & Ride surpassed its $1 million goal for the first time in the event’s history, the Dream Ball raised over $700,000, and about 200 physicians contributed to the annual Physician Partnership campaign.
For more information about Stamford Hospital and its programs and services, go to www.stamfordhospital.org.
Stamford Hospital is a not-for-profit provider of comprehensive healthcare services in lower Fairfield County. The mission of Stamford Hospital is to provide, together with its physicians, a broad range of high quality health and wellness services focused on the needs of our communities. Stamford Hospital is affiliated with the New York Presbyterian Healthcare System and is a major teaching affiliate of the Columbia University College of Physicians and Surgeons. In addition, Stamford is a member of the Planetree Alliance, a group of hospitals nationwide focused on patient-centered care.
