If the tax is approved, hospital administrators said revenue generated would pay for critical facility, infrastructure and equipment maintenance, according to the article. The tax is predicted to bring in about $5 million during its four-year lifespan.
Holy Cross suffered operating losses in excess of $21 million between 2010 and 2015. Hospital administrators have blamed much of the financial duress on unsustainable Medicare and Medicaid reimbursements in a patient population that largely relies on government insurance.
For the first time in six years, the hospital is on track to make a slim profit. Eight months into its current fiscal year, hospital operations are about $500,000 in the black, according to the article.
“We don’t need this money so we can grow and add,” Mr. Patten told Taos News. “This is about sustenance.”
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