UConn Health expects to generate more than $1 billion in patient care revenue from its hospital and clinical operations in the coming fiscal year, the first time it will cross that major threshold and a 133% revenue increase over just the past 10 years.<\/p>\n
The figures, which are part of the 2024-25 University budgets that the Board of Trustees adopted Wednesday, reflect a full rebound \u2013 and then some \u2013 from the unavoidable decline that UConn Health experienced when it had to curtail many non-urgent business operations during the COVID pandemic.<\/p>\n
It also illustrates the increasing volume of patients choosing UConn John Dempsey Hospital, its pharmacy operations, UConn Health\u2019s physician practices, and related services amid the competitive healthcare landscape.<\/p>\n
\u201cThe success that we\u2019re seeing in terms of the net patient revenue, the volume of patients coming in, and being able to attract and retain workers is due to a team that truly deserves many kudos,\u201d says Andrew Agwunobi, UConn Health\u2019s chief executive officer and UConn\u2019s executive vice president for health affairs.<\/p>\n
He said that the focus on providing high-quality patient care and award-winning patient experience, and employing exceptional physicians, nurses, and other professionals has been paying off, both in terms of higher revenues and the enterprise\u2019s strong reputation in the healthcare field.<\/p>\n
The new figures also come as UConn has requested the state\u2019s permission to add 23 more medical surgical beds at John Dempsey Hospital due to high demand. If approved by the state\u2019s Office of Health Strategy, the new beds would come in addition to its current 234 licensed and staffed beds, which include 175 medical surgical beds.<\/p>\n
UConn Health\u2019s success in generating new revenue was one of several areas in the University\u2019s new fiscal year 2025 budgets that underscore its work to carefully steward its resources and serve the community, its students, and stakeholders.<\/p>\n
The Board of Trustees adopted the budgets Wednesday for UConn Storrs, the regional campuses, and UConn Health after they were similarly endorsed Tuesday by the board\u2019s Financial Affairs committee. The plans go into effect July 1 and run through June 30, 2025.<\/p>\n
As part of the new budgets, UConn also will significantly increase its institutionally funded financial aid in the coming fiscal year, continuing its longtime commitment to helping students from all backgrounds access the life-changing benefits of a UConn education.<\/p>\n