Bassett CEO Talks Financial Turnaround
By ERIC SANTOMAURO-STENZELCOOPERSTOWN
After what Bassett Healthcare Network has described as a turnaround from a $60 million negative margin in 2023 to a projected positive margin for 2025, President and Chief Executive Officer Staci Thompson sat for a wide-ranging interview with AllOtsego about what went into making it happen, and what to expect in the future.
Thompson, who took on the job in 2024, attributed the turnaround to “a lot of discipline and a lot of the organization coming together to really understand that no opportunity was too small to address.”
She said it involved standardizing certain supplies, ensuring appropriate reimbursement to the organization, receipt of grants and donations.
“When we looked at [it], we had to kind of do an $80 million turnaround,” Thompson said. Around half of that “came from the growth revenue, making sure we’re getting paid for what we’re doing, getting more patients in. And then the other half came from things like expense improvement.”
