Randolph hospital ‘makes’ budget, operating margin
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