Vermont Business Magazine On Wednesday, April 3, 2024, the Green Mountain Care Board (GMCB) approved Copley Hospital’s mid-year budget adjustment, granting a 7% rate increase effective this month. Copley initially sought a 12.7% increase in its current prices in January of this year. The motion, which was approved unanimously by the five-member board, includes a stipulation that Copley provide a three-year projection of expenses and an analysis of historic operating expense growth.
“We recognize the immense responsibility shouldered by the Green Mountain Care Board in managing the complexities of hospital and healthcare financing in Vermont,” said Copley Hospital President and CEO, Joseph Woodin. “Despite the increase not fully enabling us to achieve a positive operating margin, it is projected to bring us closer to break-even by the end of the fiscal year on September 30, 2024.”
Karen Cavender, RN, Copley Hospital’s Executive Director of Perioperative and Emergency Services, said that departments across the hospital have concentrated on being good stewards of resources and working as efficiently as possible. “It is very encouraging that the GMCB recognized our efforts and is willing to work with us. They see value in Copley staying a viable community critical access hospital.” Kathy Demars, Chair of Copley Hospital’s Board of Trustees and Executive Director of Lamoille Home Health & Hospice, echoed Cavender’s sentiments: “We are pleased that the GMCB understands Copley’s perspective and that we have been working diligently to maintain the high-quality of care, even with limited resources, our patients and community expect.”
During the recent round of GMCB meetings and budget review, Copley Hospital received consistent praise for its exceptional quality and cost effectiveness. “These commendations are appreciated,” said Woodin, “but they do not alleviate the need to pursue fair and reasonable compensation for our services when compared to our peers.”
Source: 4.4.2024. Morrisville, VT – Copley Health Systems, Inc. www.copleyvt.org
