Vermont hospital eyes post-bankruptcy partnerships

Listen
Text
  • Small
  • Medium
  • Large

After filing for bankruptcy in 2019, Springfield (Vt.) Hospital is starting to reach financial stability, VTDigger reported Oct. 3.

In fiscal year 2019, the hospital finished with a $9.6 million deficit. But in fiscal year 2021, its losses diminished to $1.8 million.

Springfield Hospital provided a proposal to the Green Mountain Care Board, which oversees hospital budgets in the state, to continue this trajectory for fiscal year 2022, which would have increased patient revenue by $53 million. But this was rejected by the care board.

Instead, the board allowed the hospital to raise its commercial insurance rates, which would give the hospital a net revenue of $1.2 million but wouldn't fully cover the deficit.

Springfield Hospital had a partnership in the works with other facilities, but the potential agreement fell apart with the first wave of COVID-19. Currently, representatives have said affiliations are not being considered, but Springfield leaders said it's possible they will be in the future.

"We envision a sustainable future either as an independent hospital or as a system partner, and we remain open to pursuing partnerships," Springfield Hospital CEO Robert Adcock told the care board last month.

Copyright © 2021 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars