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What's New: Updates from the Executive Director
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Press Releases and Upcoming GMCB Meeting Information
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Recent Decisions and Bulletins
Updates from the Executive Director
- What's New: 9/14/2020
- The GMCB received a letter from the Centers for Medicare and Medicaid Services regarding Vermont's Non-Compliance with ACO Scale Targets. The letter can be found here on the Board's website.
- What's New: 8/21/2020
- The GMCB has begun its annual review of hospital budgets. Hearings will continue through August 28 followed by Board deliberations in early September. Final budget decisions will be made by September 15, 2020. (A full schedule of public hearings and deliberations found here.) This week, the Board heard from Rutland Regional Medical Center, Grace Cottage Hospital, Southwestern Vermont Medical Center, Springfield Hospital, Mt. Ascutney Hospital and Health Center, and Brattleboro Memorial Hospital. Highlights from these hospitals’ budget presentations include:
- COVID-19: Hospitals are recovering from the challenges brought on by the COVID-19 shutdowns. Federal and State response to COVID-19 alleviated some of the impact of lost revenue but the future is uncertain. Hospitals are transitioning to a new normal but so much is still unknown. As they look ahead, hospitals are struggling to answer questions like: Will there be a resurgence? When will a vaccine be available? Will there be pent-up demand for services, or will there be reluctance to seek care? How can we better leverage telemedicine to increase access? Can increased reliance on fixed payments ensure more predictable revenue streams during a pandemic?
- The Cost Shift: Hospital CEOs stated they cannot continue to rely on commercial rate increases to balance their budgets; government payers must keep pace with inflation and reimburse at a higher rate so hospitals can cover their costs and continue to care for patients in their communities.
- The Value of Fixed Payments: COVID-19 has further illuminated the weaknesses of the fee-for-service system, with hospitals losing significant revenue as both patients served and procedures performed fell precipitously. Many of the CEOs see value-based programs that provide stable funding and focus on population health as the way to preserve financial solvency and invest in the health of their communities.
- The GMCB has begun its annual review of hospital budgets. Hearings will continue through August 28 followed by Board deliberations in early September. Final budget decisions will be made by September 15, 2020. (A full schedule of public hearings and deliberations found here.) This week, the Board heard from Rutland Regional Medical Center, Grace Cottage Hospital, Southwestern Vermont Medical Center, Springfield Hospital, Mt. Ascutney Hospital and Health Center, and Brattleboro Memorial Hospital. Highlights from these hospitals’ budget presentations include:
- What's New: 7/17/2020
- Today, GMCB released discussion drafts of two white papers on aligning GMCB regulatory processes. This white paper series aims to improve the Board’s ability to make decisions consistently across regulatory processes and ensure appropriate assessment of regulated entities in a reformed payment and delivery system environment. We are soliciting public comment on these discussion drafts through the fall, and welcome your feedback!
Press Releases and Upcoming GMCB Meeting Information
For the 2020 Board Meeting information and materials click here.