Improved Financial Health
The entire NMC team has navigated a significant financial turnaround to return the hospital to sustainability
NMC By The Numbers
A few stats about the care provided by NMC
Inpatient Lab Tests
Outpatient Lab Tests
Curbside COVID-19 Tests
Diagnostic Imaging Tests
Specialty Practices Visits
Urgent Care Visits
Emergency Room Visits
Primary Care and Peds Visits
Improved Financial Health
Despite the ongoing challenges of the pandemic which disrupt nearly all aspects of care, Fiscal Year 2021 (FY’21) was a significant step forward in NMC’s return to sustainability and financial health. NMC finished FY'21 in a positive financial position. One-time stimulus funds helped make this possible. Without one-time stimulus funds, NMC was able to achieve its budget of a small loss from operations. This improvement comes through the remarkable effort of the entire NMC team and the continued trust of our community.
This year’s progress was a continuation of our work in FY’20 to increase quality, reduce administrative costs, alter construction plans, adapt service lines, and align expenses with volumes. We continue to carefully assess all that we do to ensure it is a match for a community hospital and meets community needs. When needed, we are engaging partners to take on services which they are better positioned than the hospital to provide due to expertise, regulation, or reimbursement. For example, Howard Center and Phoenix House have ably taken on outpatient addiction treatment that NMC previously provided at a financial loss. In other instances, it has meant expanding the care available here to better meet community need. Establishing the Sleep Center has helped keep care local and greatly reduced the wait times for appointments. Partnering with Dartmouth Hitchcock on Tele-ICU support has also helped keep care local, reducing the number of patient transfers UVM Medical Center.
As these decisions are made, safety and quality are at the forefront, and they are implemented with empathy and respect. This approach is supported by a renewed financial discipline to ensure the sustainability of initiatives.
Retention of our dedicated staff is an important priority for NMC moving forward. Staff turnover can be disruptive and expensive, particularly during a national nursing shortage and times of very low unemployment. NMC is investing in a variety of retention strategies to ensure the staff we recruit can stay, grow, and thrive here at NMC.
NMC is anticipating the start of the modernization of the Emergency Department. It’s 30-year-old design is inadequate in terms of safety, privacy, workflow, and care of patients with infectious conditions. The project has been approved by the Green Mountain Care Board and is currently on hold, as we await timing within the pandemic that would allow the work to be completed.
As you will see in the reported Financials, NMC’s financial health has improved significantly. We deeply appreciate the work of our staff and Medical Staff to reach this point and the continued trust of our patients and community. Our efforts to ensure true sustainability and better meet community need continue with great promise, even as the impact of the pandemic continues.
A Quick Quiz to Test your NMC Knowledge
NMC has many, many stats that reflect the work we do and the care we deliver. Let’s test your knowledge with a little quiz: