The profound financial crisis that has gripped New York and the rest of the nation over the last several years has taken a toll on many of the area’s and nation’s hospitals and health care providers. In an effort to balance their budgets in response to the deteriorating economic climate, New York state and the federal government have repeatedly reduced hospital reimbursement rates over the last few years.
For example, from 2007 through 2009, New York state made cuts totaling more than $985 million to its Medicaid program. For hospitals and other providers that rely heavily upon Medicaid for their reimbursements, such as a hospital with a high uninsured patient base, these cuts can turn a healthy system anemic.
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