Vermont hospitals submit recovery budgets to the Green Mountain Care Board for FY24
VBM
The Vermont Association of Hospitals and Health Systems (VAHHS) today announced that its non-profit hospitals submitted what are among what they called the most complex and challenged budgets in recent history to the Green Mountain Care Board (GMCB), following years of negative margins and challenges exacerbated by the COVID-19 pandemic.
VAHHS said in a statement that for these Fiscal Year 2024 budgets all hospitals worked to reduce costs, secure efficiencies and make critical investments to support staff and ensure that access to care is protected. In particular, hospitals are forging and strengthening partnerships with organizations across their respective communities to address growing challenges in housing, transportation, primary care, long-term care, mental health and substance misuse disorder programs and services, and much more.
On average, margins are approximately 2 percent across the entire system. The budgets represent only what is necessary to begin the process of recovery from years of pandemic response, workforce crisis and caring for an older and sicker patient population.