VVMC also cut executives’ salaries; they will have unpaid time off for a minimum of one week. The senior staff may also lose their bonuses if the hospital cannot meet its budget.
The number of Medicare and Medicaid patients increased from 16 percent in March to 25 percent in May. In addition to the combination of lower reimbursements and higher volumes of Medicare and Medicaid patients, VVMC had a 27 percent decrease in births, compounding the drop in revenue.
In 2010 VVMC reported $35 million in profits, which they are using to build an outpatient center, purchase equipment, pay interest on debt and pursue new business opportunities.
Read the Vail Daily report on Vail Valley Medical Center.
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