BURLINGTON, Vt. (WCAX) – Vermont’s largest hospital is asking health care regulators for a chance to defend why they made more money than expected.
The UVM Medical Center made millions more than they budgeted for last fiscal year. That led to the Green Mountain Care Board to lower rates, making health care cheaper for Vermonters. But the hospital says lowering rates could lead to a reduction of services and reduce expenses by about $100 million. They want a new hearing and opportunity to explain what led to the increased revenue.
“Explain why it happened, help them make sure they understand it’s not margin, it’s not extra dollars we earned, then we can put back into the system. It’s dollars that came in from caring from more patients than we expected,” said UVM’s Dr. Stepehn Leffler.
In a statement, the GMCB says the hospital inaccurately budgeted revenue and expenses, paid millions to support New York facilities, rewarded executives with high pay, was penalized by federal officials, and had high commercial prices for patients that led to excessive costs for Vermonters.