According to the report, New York City hospitals underwent cuts of approximately $1.4 billion in annual revenue since 2008. What’s more, New York City hospitals must repay $400 million to Medicare for overpayments and potentially face a 2 percent cut on Medicare payments, pending updates from a Congressional supercommittee on debt reduction.
In addition, like other hospitals across the country, New York City hospitals have experienced lower volumes of privately insured patients. The blow to cash flow has crippled New York City hospitals’ ability to invest in infrastructure and other projects, according to the report.
Leaders of the Greater New York Hospital Association presented this data to the New York State Department of Health’s Medicaid Redesign Team, which is charged with assessing the strengths and weaknesses of Brooklyn hospitals and making specific recommendations that will lead to a sustainable health system in Brooklyn.
Related Articles on Hospital Finances:
Closure of N.J.’s Hoboken University Medical Center Looms as City Council Rejects $5M Deal
Consultant Hired to Help Stabilize Finances at St. Rose Hospital in California
Christ Hospital in Ohio Shows Profit 3 Years After Leaving Health Alliance
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
