UVM Health network projects $152 million loss, cuts salaries - Seven Days

Stopping elective surgeries and other services due to Covid-19 preparation has contributed to an expected $152 million loss for Vermont’s largest health care network. The big salary cuts start at the top.

"Since the crisis began, the network has canceled elective procedures, created temporary testing sites, boosted telehealth services and suspended collections — all of which cost "upward of $20 million" through the end of April, according to the press release. The network also saw a $44 million loss in revenue in March alone. The network is now taking several austerity measures to right the ship. Department directors will take a 5 percent base-pay cut, and vice presidents and other executives will lose 10 percent of their base pay; they will also no longer receive an employer contribution to their retirement benefits. These workers make up 300 of the network's 14,000 employees, the system said in its statement."

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