New York State gave Buffalo-based Kaleida Health $25 million to fund financial turnaround initiatives, according to a Sept. 30 report from NBC affiliate WGRZ.
The funds are part of the state's Vital Access Provider Program, which supports stability initiatives for financially stressed healthcare facilities. Kaleida Health recently reported losses of $200 million, according to the report.
Kaleida Health provided the following statement regarding the funding:
"Today's news of the $25 million Vital Access Provider Program grant is very much welcomed and needed. It's no secret that our organization, hospitals here in Western New York and across the entire state have been battered by COVID-19," the statement said.
As part of an agreement with the state, Kaleida Health committed to hiring over 400 people over the next three years.