The Green Mountain Care Board approved the fiscal year 2023 budget for Vermont's 14 community hospitals, according to a Sept. 12 news release, and not everyone is happy with the results.
The new budget trimmed commercial interest rate increases at two University of Vermont Health Network hospitals and drew criticism from the state's largest hospital operator, according to a Sept. 12 report from VermontBiz.
John Brumsted, MD, president and CEO of the UMV Health Network, said that since 2017, the board has refused to approve budgets that keep pace with inflation.
"We are extremely disappointed and concerned that the Green Mountain Care Board has dismissed the severity of the financial situation facing Vermont’s hospitals – and with it, our patients’ ability to access the care they deserve – with today’s decision to make deep, arbitrary cuts in the UVM Health Network’s carefully constructed FY2023 budgets for the UVM Medical Center and Central Vermont Medical Center," said Dr. Brumsted.
Green Mountain Care Board Interim Board Chair Jessica Holmes said that Vermont hospitals face historic challenges such as workforce shortages, supply chain breakdowns and rising inflation.
"The continuing impacts of COVID-19 have led hospital costs to outpace revenues, with 9 of our hospitals currently experiencing operating losses. Every year, we work hard to balance cost containment with the need to ensure that Vermont’s hospitals have the resources necessary to provide high-quality care in their communities. This year, we paid close attention to restoring the financial stability of the hospital system and preserving access to care," said Ms. Holmes.