Despite a challenging healthcare environment, Yale New Haven Hospital experienced better than budgeted financial performance in 2014 and finished the year with an operating margin of 5.5 percent. This was due, in part, to high patient demand and $60.5 million in cost savings from the integration with the Hospital of Saint Raphael as well as by savings totaling $74.2 million from the System wide cost and value positioning initiative designed to increase efficiencies, reduce waste and drive down the cost of patient care. In fact the average patient care service provided in 2014 cost less than it did in 2012 and 2013. Strong revenue cycle management also contributed to the Hospital's performance.
Thanks to a positive operating margin and many generous supporters, the Hospital was able to enhance its exceptional clinical services and make significant investments in the Saint Raphael Campus in 2014. Donors contributed $15.1 million, and the Hospital’s signature fundraising event, the Closer to Free bike ride, attracted 1,225 riders and 504 volunteers in its fourth year, raising $1.7 million for care and research at Smilow Cancer Hospital.
The challenges to improve quality and access, integrate care and lower costs continue and Yale New Haven's performance in 2014 demonstrates the Hospital's commitment to be a leader in every aspect of healthcare reform. YNHH's medical staff, employees and volunteers recognize the importance and relevance of the organization's mission, vision mission, and values and their work is reflected in strong 2014 achievements.
