UVM Health Network dodges $65M loss with cost-cutting, COVID-19 aid

One-time COVID-19 aid from the state and federal government helped the University of Vermont Health Network evade a year-to-date loss of $65.6 million, according to a May 17 report in the Vermont Business Magazine

The Burlington-based health system received $83 million in one-time funding. UVM Health Network also attributed its improved financial results in the second quarter of fiscal year 2021 to cost-control measures and increased patient visits. 

The five-hospital system has limited capital spending, reviewed position vacancies, consolidated administrative functions and revamped supply chain processes to shore up its finances, according to the report. UVM Health Network pegs total cost savings from these efforts at $38 million so far this fiscal year.

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