The Greater New York Hospital Association calculated the amount based on a survey, and sent the information to its member hospitals Nov. 11. Once all of its members weigh in, the Association believes the amount will be more than $150 million.
Earlier this year, federal and state regulators ordered Health Republic, one of the 23 original co-ops formed under the ACA, to shut down. On Nov. 10, the New York Department of Financial Services began investigating Health Republic’s “inaccurate” financial representations.
The Greater New York Hospital Association is “aggressively pursuing fair and equitable remedies with the Department of Financial Services, other state officials and the Centers for Medicare and Medicaid Services,” according to Kenneth Raske, GNYHA president.
GNYHA is currently lobbying for the creation of a health insurance guaranty fund, which would pay hospitals and healthcare providers when insurers fail.
However, many insurers oppose guaranty funds. They “should not bear the financial brunt of fixing a problem that they did not create,” said a spokeswoman from the New York Health Plan Association.
More articles on payer issues:
How Aetna, Anthem, Cigna, Humana and UnitedHealth performed in Q3
AMA asks DOJ to block health insurer mega-mergers
10 states with the highest, lowest uninsured rate
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