What are we doing to address our financial challenges

We are navigating a challenging financial landscape, however, we are confident in the bold steps we’re taking to contain costs and stabilize our financial situation.

Through a series of accelerated financial improvement measures, we have been able to reduce some of the impact of cost inflation, and with the momentum of this initial success, we are continuing with a broad plan, known as “The Path Forward.” The long-term initiatives that make up The Path Forward center around improvements and efficiencies, not only financially, but in patient access and quality of care.

To develop the most effective plan for stabilization that reduces the impact on patients and communities, we completed a comprehensive review of services, expenses, facilities and programs, creating a clear and complete picture of our situation and where solutions can be found.

We are focusing on initiatives that will make the best use of talent, skill and capabilities of our healthcare workforce. We are concentrating on the processes and operational initiatives we’ve adopted to improve access to care and build upon our commitment to improving the health of our communities, while increasing revenue in fiscal year 2023.

A path of progress and momentum:

Developing a comprehensive plan to:

  • Stabilize finances
  • Protect critical services
  • Minimize impacts on patients
  • Continue to address health care workforce and access to care challenges

Further leveraging the benefits of being a Network.

As an example, we centralized our process for the contracting of temporary health care staff to leverage the power of a single Network and more efficiently assess, deploy and manage essential resources.

Improving access to care.

We continue to work at improving access to care throughout our geography and further connect our services and capabilities across locations. 

We are committed to meeting the needs of our communities across Vermont and Northern New York, now and long into the future.

With these initiatives, we seek to maintain that commitment and avoid significant service cuts. Across all of our efforts, we have the potential to have an estimated $245 million or more impact on the fiscal year 2023 budget. These financial assumptions are foundational to our fiscal year 2023 budget and the work we will need to complete to achieve our modest margin targets for the year. Below are just some of the initiatives that we have underway to make this impact. 

Of course, we will need to remain highly adaptable and evaluate our situation on an ongoing basis as we continue to serve amid a changing healthcare landscape.