John McCabe, MD, CEO of the Syracuse-based Upstate University Hospital, said the academic medical center is on pace to post a profit this past fiscal year, but the hospital is still losing millions of dollars per month.
New York provides $87.8 million in subsidies to the three teaching hospitals within SUNY, all of which are struggling financially. SUNY Downstate in Brooklyn is in a more perilous position than Upstate, as a state audit in January found Downstate lost more than $275 million in 2011, and losses are expected to be similar in 2012.
Last week, SUNY Downstate officials voted to close Long Island College Hospital, one of its facilities, in order to salvage the system’s finances.
More Articles on SUNY Hospitals:
SUNY Downstate President to Recommend Closure of Long Island College Hospital
Audit: SUNY Downstate Medical Center Faces Insolvency Within Months
Passionate Physician Leader: Q&A with Dr. John McCabe, CEO of Upstate University Hospital
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.
