Gifford Medical Center in Randolph lost over $10 million providing patient care last year 鈥� nearly 20% of the hospital鈥檚 operating margin. It鈥檚 not alone.
Gifford was one of six Vermont hospitals , as reported this week by the state鈥檚 health care regulator, the Green Mountain Care Board. That follows several years of losses at many of the state鈥檚 hospitals.
One exception was the University of Vermont Medical Center, which made over $60 million in their operations.
Many hospitals had higher than expected expenses due to contract labor like paying traveling nurses and staffing costs, along with high drug prices.
鈥淚t鈥檚 obviously really troubling,鈥� Jessica Holmes, a member of the board and professor of health care economics at Middlebury College, said at the Wednesday meeting.
Income from investments helped defray some of those losses, but Holmes said that鈥檚 not a guarantee going forward.
鈥淢any of these hospitals are frankly keeping the lights on with strong investment gains and 340B,鈥� she said, referring to a federal program that allows certain safety-net hospitals .
鈥淲颈迟丑 impending cuts to Medicare and Medicaid that we鈥檙e seeing on the horizon, potential enhanced subsidies going away, potential inflation due to tariffs, and volatility in stock markets, I鈥檓 not seeing a bright future here,鈥� Holmes said.
鈥淭his is very sobering,鈥� added Owen Foster, the chair of the board.
鈥淲e don鈥檛 have much opportunity to backfill locally 鈥� either through our commercial market or in the state budgets,鈥� he said.
Hospitals across the state have announced cuts to patient services in an effort to save money.
Late last year, Gifford said it would close the hospital鈥檚 urogynecology unit and chiropractic services. Copley Hospital in Morrisville announced it would close its sleep disorders clinic and its aquatic therapy pool earlier this year, and the hospital is currently considering shuttering its birthing center.
In January, Central Vermont Medical Center in Berlin closed its inpatient psychiatry unit, and late last year the University of Vermont Medical Center announced it would reduce inpatient beds from 450 to 400, and consolidate several primary care clinics.
鈥淵ou're going to be losing services,鈥� Foster told Vermont lawmakers this year. 鈥淭here's no sugarcoating it.鈥�
