The Green Mountain Care Board last week granted a 7 percent rate increase to Copley Hospital in Morrisville.
The mid-year budget adjustment goes into effect this month. Copley initially sought a 12.7 percent increase in January. The five-member board unanimously approved the rate hike, which also 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, who projected the increase would help the hospital reach the break-even point by the end of its fiscal year on Sept. 30.
Karen Cavender, Copley Hospital’s executive director of perioperative and emergency services, said departments across the hospital have been “good stewards of resources and working as efficiently as possible.”
“It is very encouraging that the Green Mountain Care Board recognized our efforts and is willing to work with us. They see value in Copley staying a viable community critical access hospital,” she said.
According to Woodin, during the recent round of meetings and budget review, Copley received “consistent praise for its exceptional quality and cost effectiveness.”
While “these commendations are appreciated, they do not alleviate the need to pursue fair and reasonable compensation for our services when compared to our peers,” he said.
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