UVM Health Network to cut $122 million in jobs and patient services: Here's a breakdown
Top executives at the University of Vermont Health Network announced cuts to staff and services saying it was a response to orders from the Green Mountain Care Board that require them to reduce the budgets of UVM Medical Center and Central Vermont Medical Center, during a virtual press conference Thursday morning.
The GMCB quickly issued a response Thursday, saying it had not been consulted on and did not approve the reductions, and that it is "reaching out" to UVMMC to better understand its rationale for the cuts and how it evaluated alternatives, "such as those identified in the GMCB's budget and enforcement orders."
"The GMCB approved a $1.9 billion budget for UVMMC for FY25, an increase of $64 million over UVMMC's FY24 budget," the statement said. "As set forth in its budget order, the GMCB found that compared to other hospitals UVMMC has significant opportunity to improve its expense management and control the excessively high prices it charges commercially insured Vermonters."
The Green Mountain Care Board is Vermont's independent health care regulator, responsible for approving hospital budgets and tasked with reducing the cost of health care in the state while also increasing access.