Connecticut Children's Medical Center To Receive $8M Bailout
A state advisory committee has approved $8.2 million to help bail out the cash-strapped Connecticut Children’s Medical Center.
Melissa McCaw, Governor Ned Lamont’s budget director and a member of the Financial Advisory Committee, says the Hartford-based children’s hospital had a $10 million deficit before the pandemic, and has lost an additional $38 million because of reduced services due to COVID-19.
“The situation is quite concerning. They are experiencing very short cash-on-hand metrics that could impact some of their other financial covenants. So they certainly are experiencing hardship.”
The state funds will come from the Department of Social Services.
McCaw says she’s prepared a more comprehensive deficiency bill for lawmakers to consider in a special session that might happen later this month.