Green Mountain Care Board reports hospital financial woes are not improving
WCAX
Vermont hospitals Wednesday begin their budget presentations to Vermont regulators and one conclusion was clear -- there was no show of improvement in the hospitals’ financial strain.
Rutland Regional Medical Center, Southwestern Vermont Medical Center and Copley Hospital all asked the Green Mountain Care Board to approve their 2024 fiscal year budgets.
According to GMCB Chair Owen Foster, all reports showed a continuation of concern regarding hospital cash on hand and staffing pressures. He adds there’s increasing worry as hospitals report an uptick in visits and pharmaceutical use. While an increase in patients and meds isn’t necessarily a detriment to hospitals, the costs fall on the shoulders of commercial insurance payers, who tell the board that they’re struggling financially. “Hospital budget submissions, again, highlight the need for hospital system redesign and transformation. The difficulty we’re seeing at the financial level for hospitals and insurers continues to persist, and the headwinds are not abating,” said Foster.
Budget presentations continue on Monday and will end in late August. Budget approvals will be made in September.