Springfield Hospital entered Chapter 11 bankruptcy protection in June to restructure its nearly $20 million in debt. During an Aug. 28 budget presentation to the Green Mountain Care Board, interim CEO Michael Halstead said the hospital needs to finalize a merger because its financial structure is unsustainable. Springfield Hospital is expected to post a $6.5 million loss this fiscal year, according to the report.
Springfield Hospital is in merger talks with two other rural hospitals: Mt. Ascutney Hospital and Health Center in Windsor, Vt., and Valley Regional Hospital in Claremont, N.H. Both hospitals are already affiliated with Lebanon, N.H.-based Dartmouth Hitchcock Medical Center.
The three hospitals would significantly reduce administrative costs by merging, which would help Springfield Hospital stay afloat, according to VTDigger.
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