Nearly one year after diagnosing its first COVID-19 patient, the UVM Health Network is reporting a budget shortfall.
The health network that serves part of Vermont and northern New York is reporting a $21.3 million loss in the current fiscal year, which began October 1, 2020. The first quarter losses occurred despite receiving $39.1 million in CARES Act funding and implementing more than $52 million in cost-saving measures.
Hospital officials say expected additional federal funding should stem some of the losses. The UVM Health Network ended the 2020 fiscal year with a $16.3 million deficit. Hospital officials say the losses are due in part to fewer patient visits during the pandemic.