Morrisville, Vt.-based Copley Hospital is turning to its new orthopedic medical office in Waterbury, Vt., to grow profits after facing a $3 million budget shortfall earlier this year, according to an Aug. 6 report from CBS affiliate WCAX.
Copley Hospital broke ground on the 10,000-square-foot orthopedic facility in October.
The Vermont hospital has faced a serious decline in financial health and is forecast to operate at an almost 6% negative operating margin in 2028, the report said.
The Green Mountain Care Board, which heard a plea from the hospital to allow it to raise its commercial rates midyear, suggested Copley turn to more profitable specialties, including orthopedics.
Currently, Copley's waiting list for an orthopedic appointment is several weeks to months long, as the hospital has only two providers.
At the new office, Copley will be able to provide more accessibility to patients in the area, with five to six providers per day, according to the report.