After filing for bankruptcy in 2019, Springfield (Vt.) Hospital is starting to reach financial stability, VTDigger reported Oct. 3.
In fiscal year 2019, the hospital finished with a $9.6 million deficit. But in fiscal year 2021, its losses diminished to $1.8 million.
Springfield Hospital provided a proposal to the Green Mountain Care Board, which oversees hospital budgets in the state, to continue this trajectory for fiscal year 2022, which would have increased patient revenue by $53 million. But this was rejected by the care board.
Instead, the board allowed the hospital to raise its commercial insurance rates, which would give the hospital a net revenue of $1.2 million but wouldn't fully cover the deficit.
Springfield Hospital had a partnership in the works with other facilities, but the potential agreement fell apart with the first wave of COVID-19. Currently, representatives have said affiliations are not being considered, but Springfield leaders said it's possible they will be in the future.
"We envision a sustainable future either as an independent hospital or as a system partner, and we remain open to pursuing partnerships," Springfield Hospital CEO Robert Adcock told the care board last month.