Readmissions Roundup: How Much Will Medicare Penalties Cost Individual Hospitals?
Readmissions Reduction Program, but what are some of the actual costs for individual hospitals?
Terry Lynam, vice president of public relations at North Shore-Long Island Jewish Health System based in Manhasset, N.Y., told Becker's Hospital Review that North Shore University Hospital would see a penalty of about $1.8 million in Medicare reimbursements, one of the higher amounts because North Shore received the maximum penalty of 1 percent.
Several academic medical centers were also hit with above-average penalties. Michael Rutherford, CFO of Ohio State University's Wexner Medical Center in Columbus, told The Columbus Dispatch the hospital received a 0.64 percent cut to Medicare payments, which is roughly $700,000. Vanderbilt University Medical Center will lose up to $1 million from its 0.62 percent cut, according to a Nashville Business Journal report.
Other hospitals, big and small, throughout the country will also see hits to their Medicare revenue:
• Eleven Florida Hospital campuses will swallow a cumulative penalty of roughly $4.47 million, according to an Orlando Business Journal report. The 84-bed St. Cloud (Fla.) Regional Medical Center will lose $62,341.
• The seven community hospitals within Minneapolis-based Fairview Health Services are expected to lose a cumulative total of $100,000, according to a Minnesota Public Radio report.
• The seven hospitals within Austin, Texas-based Seton Healthcare Family are expecting losses of up to $575,000 in fiscal year 201, according to an Austin Statesman report.
More Articles on Medicare Readmissions Penalties:
© Copyright ASC COMMUNICATIONS 2015. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
New From Becker's Hospital CFO