Operational expenses continue to outstrip revenues for the Springfield (Vt.) Hospital, which exited chapter 11 bankruptcy in December, according to the hospital’s filings with the Green Mountain Care Board, the Valley News reported. Some of the ongoing revenue issues can be chalked up to the COVID-19 pandemic and a related reduction in visits, as well as recovery from the bankruptcy, but it’s not clear how much. “We’re hopeful that it … ends up being a sustainable venture obviously,” said Andrea DeLaBruere, the executive director of the Vermont Agency of Human Services. Springfield Hospital projects to finish the fiscal year on Sept. 30 with a negative operating margin of $3.35 million, more than 6% of its total budget of $52.6 million, according to filings with the GMCB. That loss is smaller than the $5.3 million negative operating margin the hospital booked last year and the $9 million negative margin it booked in 2019. As of July 15, when it filed its budget proposal with the GMCB, the hospital reported 18 days of cash on hand. This is in spite of being the only hospital in the state to receive financial assistance in the past six months for “necessary expenditures incurred due to the public health emergency with respect to COVID-19,” said DeLaBruere.
