State regulators Wednesday unanimously approved a request from Copley Hospital to raise its rates, after the institution said it was facing a $3 million budget shortfall.
Green Mountain Care Board Chair Owen Foster said the financial situation for the Lamoille County hospital was dire enough to warrant a rare mid-year price increase.
“This is a hospital that we are worried about," Foster said. "You know, 39, 45 days cash on hand is very low."
But state Health Care Advocate Sam Peisch opposed the increase, and said Copley should figure out how to live within its means.
“We really worry about the precedent that this sets, both about the process for how budgets are constructed and thought of, but also the standard by which they’re evaluated in the mid-year," Peisch said.
Blue Cross Blue Shield of Vermont also opposed the price increase, saying commercial ratepayers should not have to bail out hospitals that are losing money.
Copley was asking for an almost 13% price increase on its services, but the board gave them 7%. The hospital has been losing money every year since 2016, outside of the COVID-19 funding it received during the pandemic. Several other Vermont hospitals are also facing significant budget problems.
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