Healthcare providers in the New York area continue to experience financial distress from the general economic downturn, repeated Medicare and Medicaid budget cuts, and reduced private payor reimbursements. In the last three years, New York state reduced the Medicaid budget by $5.3 billion1 and an additional $1.79 billion of cuts is projected for 2011.
Beyond these liquidity constraints, cost pressures exist from compliance with greater regulatory requirements, need for new technology investment, and higher pharmaceutical costs. Meanwhile, the length of acute care inpatient stays decreases as home health and nursing home services rise. Numerous acute care hospitals in the New York tri-state area have been constrained to file for bankruptcy to transfer their operations to a new provider or, in some cases, simply close.
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