Greenwich Hospital faces financial restructuring

Connecticut's largest health system, Yale New Haven Health (YNHH), is facing an urgent and deepening financial crisis, driven by a surge in uncompensated care, rising labor costs, and lagging reimbursements. These financial pressures on hospital operating costs are a uniquely difficult problem in CT. CT hospitals are losing money lagging behind the national average.

In a move signaling the severity of the situation and the immediate need for change, the network has initiated a major financial restructuring, which includes a shakeup of its top ranks and workforce. The restructuring hits home at Greenwich Hospital.

YNHH has confirmed that four highly compensated executives are out—a direct consequence of the weakening financial picture. The departing executives include two from Yale New Haven Health and two key leaders from Greenwich Hospital: Mark Kosak, Executive Vice President and Chief Operating Officer and Bill Degnan, Chief Financial Officer.

The removal of these high-level, highly compensated positions underscores the aggressive cost-saving measures YNHH is implementing across its network of five hospitals and 30,000 employees.

Between the Lines: Working citizens in Connecticut spend the most on healthcare per person, but the financial health of CT hospitals are the worst nationwide.

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