The company, which offers home healthcare, long-term care and post acute care, said the state Medicaid cuts will cost it about $400 million in revenue this year.
“To keep the system viable and continue to efficiently continue caring for those they serve, Nascentia Health has been forced to restructure their organization and eliminate positions,” the company said. “The gravity of the situation was not taken lightly, nor were the decisions that had to be made as a result.”
Most of the affected employees work at the company’s headquarters in Syracuse.
Read the full report here.
More articles on healthcare finance:
Healthcare bankruptcies outpacing those in other industries
Partners operating income sinks more than 60%
Highest-earning nonprofit hospitals give less charity care than lower-earning ones, study finds
