Gifford’s Record of Success Continues for 14th Straight Year

Randolph hospital ‘makes’ budget, operating margin

meeting budget and marginFor a 14th consecutive year, Gifford Medical Center in Randolph has completed its fiscal year “in the black” and on budget.

Gifford Administrator Joseph Woodin made the announcement to staff on Friday following a detailed auditor’s review of the hospital’s 2013 fiscal year finances. The fiscal year ended Oct. 31.

Specifically, the medical center achieved both its state-approved budget and operating margin. An operating margin is the money the medical center makes above expenses – usually by 2 to 3 percent – to reinvest in programs, staff and facilities.

Achieving the operating margin can be an indicator of an organization’s success. “No margin, no mission” is a saying often used within non-profits. Gifford has made both its budget and margin each of the last 14 years – a major feat among Vermont hospitals. Continue reading