Stamford (Conn.) Health continued to report positive operating income in 2022 even as expenses climbed, notably with supplies.
The system, which employs approximately 3,700 people focused around the 305-bed Stamford Hospital, reported operating income of $4.9 million for the fiscal year ended Sept. 30, down from $27.5 million in 2021. Net losses, including investment returns, totaled approximately $38 million compared with a $51.6 million gain in 2021.
While salaries and benefits increased about 2.1 percent over the year, it was the category "supplies and other expenses" that hit the system the most, rising 11.1 percent, or $34.1 million, to total $342.8 million.
"The primary expense drivers for the increase as compared to the prior period were temporary staffing services, physician fees and pharmaceuticals," Stamford said in the filing.