Stamford Hospital has reported a revenue surplus of $22.7 million for the 2009-10 fiscal year at a time when many organizations and institutions are strapped for cash. This was the seventh consecutive fiscal year in which the hospital reported it was operating in the black, with net income surpassing expenses.
Administrators say the hospitals financial success benefits the community, allowing the health care facility to invest in new and existing services, as well as to provide uncompensated care. As a nonprofit, Stamford Hospital is obligated to reinvest any amount beyond needed costs back into the hospital.
Over the next several years, we will need this additional revenue to fund a portion of the hospital replacement plan, Stamford Hospital president and CEO Brian Grissler said in a statement. Further, we need to generate income to support existing and new programs, such as the Center for Surgical Weight Loss, Heart & Vascular Institute, and the Orthopedics Institute.
A fiscal audit for Oct. 1, 2009, to Sept. 30, 2010, shows that the hospitals income was $493.6 million, and expenses totaled $470.9 million.
Community fundraisers helped augment the income. The annual Dream Ball raised $725,000, and Hope in Motion , which supports the hospitals Bennett Cancer Center, raised $970,000. In addition, the Stamford Hospital Foundation reports that it received $6 million in cash and new pledges.
Have you recently benefitted from a Stamford Hospital initiative? How did it help you?
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