Champlain Valley Physicians Hospital reports improved finances: 4 takeaways

The University of Vermont Health Network, a six-hospital system serving northern New York and Vermont, reported its Plattsburgh, N.Y.-based Champlain Valley Physicians Hospital is in a stable financial position, according to the Press-Republican.

The announcement came during the publication's recent interview with UVM Health Network officials.

Here are four takeaways.

1. CVPH, which joined the UVM Health Network in 2012, lost $5 million and wrote off nearly $3 million in debt in fiscal year 2016, according to the report.

2. But UVM Health Network President and CEO John Brumsted, MD, and CVPH President and CEO Stephens Mundy told the Press-Republican the hospital now has a better financial picture. In the most recent fiscal year, which ended Sept. 30, CVPH reported a profit of about $2.4 million.

3. Although Dr. Brumsted and Mr. Mundy acknowledged joining the UVM Health Network affiliation has benefited CVPH financially, as well as in other ways, hospital CFO Scott St. George noted in the report recent success is attributed to "pure operating performance at CVPH."

4. One specific way CVPH has benefited is through shared purchasing contracts, the report states, noting the hospital's benefit from those arrangements totals about $8 million since 2013. Streamlining administrative duties was also cited as a benefit.

Read more about the hospital and UVM Health Network in the full report here.

 

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