COOPERSTOWN, N.Y. — Bassett Healthcare Network recently announced that its operational performance has “significantly improved” with a projected positive margin for the fiscal year ending on Dec. 31, 2025. The health-care organization, based in Cooperstown, sees it as a “remarkable turnaround” when “put in context of recent fiscal years,” per its announcement. In 2023, the […]
COOPERSTOWN, N.Y. — Bassett Healthcare Network recently announced that its operational performance has “significantly improved” with a projected positive margin for the fiscal year ending on Dec. 31, 2025.
The health-care organization, based in Cooperstown, sees it as a “remarkable turnaround” when “put in context of recent fiscal years,” per its announcement. In 2023, the organization had a negative margin of about $60 million and in 2024, a negative margin of about $55 million.
Staci Thompson, 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,” Thompson said in the announcement. “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.”
Dr. Henry Weil, chief clinical and academic officer of Bassett Healthcare Network and president of Bassett Medical Center, has worked for Bassett for 40 years and credits Thompson’s work.
Weil went on to say that the public may have an “outdated perception” of Bassett.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,” Weil said. “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.”
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,” Thompson said. “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.”
