The hospitals also submitted rate increases for what they charge for services along with the budget requests to Vermont’s Department of Banking, Insurance, Securities and Health Care Administration. The average rate increase was 6.5 percent, but historical data show that BISCHA typically approves a lower rate, according to the report.
Factors contributing to the increase in budget requests include higher numbers of Medicaid patients, money to establish electronic medical records, recruitment of new physicians and debt, according to the report.
BISCHA will review the budget requests and rate increases and approve them by Sept. 15. The fiscal year for Vermont’s hospitals begins on Oct. 1.
Read the Times Argus’ report on Vermont hospitals’ budget increases.
