COOPERSTOWN — Bassett Healthcare Network recently announced that its operational performance has significantly improved with a projected positive margin for the fiscal year ending on December 31, 2025. Put in context of recent fiscal years, this represents a remarkable turnaround. In 2023, the organization had a negative margin of about $60 million and in 2024, a negative margin of about $55 million. Staci Thompson, MHA, FACMPE, President & CEO of Bassett Healthcare Network, says the financial turnaround is due to initiatives launched in 2024 to stabilize the organization’s financial performance and operations.
“I am so proud of the hard work of so many here at Bassett who have made these improvements possible. That includes literally thousands of people – practitioners, clinical chiefs, staff of every description, and the executive leadership team. It’s been quite a feat, and it wasn’t easy,” says Thompson. “While we know Bassett, like all rural healthcare systems around the country, will continue to face challenges, we are developing the fiscal discipline and operational strategies to navigate these changes as needed.”
“Bassett has made extraordinary progress in a short time, and to my mind, the game changer was the arrival here of Staci Thompson,” says Henry Weil, MD, Chief Clinical and Academic Officer of Bassett Healthcare Network and President of Bassett Medical Center, who has been at Bassett for 40 years. “Staci joined Bassett at a crucial juncture and the depth of her expertise has been something I’ve never seen before. It has infused the organization with energy, operational know-how, and positive direction as we have navigated the most difficult industry challenges any of us have ever seen.”
Dr. Weil added that the public may have an outdated perception of Bassett.
“It is understandable that, looking at 2023 and 2024 financial numbers, the communities we serve may feel anxious about Bassett’s financial health,” stated Weil. “But our patients and communities should be relieved to know that current year-end financial information paints a very different story – that of a plainly stable organization successfully navigating what elsewhere is a deepening crisis in rural care. Thankfully, Staci’s and my concerns are now less about finances and more about ease of access to care for our communities of patients.”
Recent statistics show reason for optimism around access as well – even as more people are choosing Bassett for their care, more people are choosing to grow their career at Bassett. Inpatient admissions are up 13% since 2023 and outpatient clinic appointments have increased by 8% in three years. A total of 86 new practitioners joined Bassett in 2025 with an additional 40 already signed to start in 2026.
Bassett is building on the positive momentum of the turnaround work of 2024 and 2025 by launching a 2026-2028 strategic plan that focuses on growth and access, quality and care innovations, and recruitment and retention. “These three pillars of our three-year strategic plan will continue to propel us forward with the positive momentum we’ve been building,” stated Thompson. “We are excited for the future and want to assure our patients and communities that Bassett Healthcare Network is here to provide the excellent care and services they have come to depend on.”
0 comments:
Post a Comment