CEO of cash-strapped Vermont hospital resigns 1 week after CFO

The CEO of Springfield (Vt.) Medical Care Systems resigned from his role Dec. 12, effective immediately, according to the Valley News.

The system's board of directors confirmed CEO Tim Ford's resignation in a press release Dec. 12.

"This is an important time as we take a closer look at our health system's operations and long-term needs to ensure we are positioned to serve the community well into the future. A new leadership team will provide stability and a fresh perspective as we continue this process," the board chairman said in the press release obtained by the Valley News.

Mr. Ford's departure comes roughly one week after the health system's CFO Scott Whittemore departed from the institution. Josh Dufresne, chief of practice operations, will serve as SMCS' primary administrative contact until an interim CEO and CFO are named, according to the report.

SMCS has faced burgeoning financial struggles and low employee morale in recent months. According to an August filing with the system's budget regulator, the institution was projected to maintain a $2.5 million deficit for the fiscal year ended Sept. 30. In fiscal year 2017, SMCS lost $3.8 million, the Valley News reports.

In SMCS' report with the budget regulator filed last week, health system officials attributed the institution's financial challenges to higher-than-expected costs for employee benefits and temporary providers, and that the hospital has yet to receive its Medicare payment. Officials have also noted the region's difficult payer mix and challenging demographics as a source of concern.

The system is reportedly working with Brentwood, Tenn.-based Quorum Health Resources to evaluate its operations and financial strategies. Quorum will also assist in the health system's search for an interim CEO and CFO.

To access the full report, click here.

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