The hospital’s troubles led the state of Vermont to extend an $800,000 loan after the departures of the Springfield’s CEO and CFO.
Michael Halstead, the hospital’s interim CEO, and other management have taken a 10 percent pay cut, while there have been 4 percent cuts for hourly employees. Twenty-seven people have been laid off.
“If the hospital had been able to make some of those changes quicker, this last year might not have been as negative as it turned out to be,” said Mr. Halstead said.
More articles on healthcare finance:
CHS’ loss shrinks to $328M in Q4
Washington hospital will lay off staff, freeze wages to stay afloat
10 hospitals seeking CFOs
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
