Hospitals in the Brooklyn borough of New York are so financially strapped due to cuts and the bleak economic climate that they are unable to make critical capital investments, according to a Crain's New York Business report.
According to the report, New York City hospitals underwent cuts of approximately $1.4 billion in annual revenue since 2008. What's more, New York City hospitals must repay $400 million to Medicare for overpayments and potentially face a 2 percent cut on Medicare payments, pending updates from a Congressional supercommittee on debt reduction.
In addition, like other hospitals across the country, New York City hospitals have experienced lower volumes of privately insured patients. The blow to cash flow has crippled New York City hospitals' ability to invest in infrastructure and other projects, according to the report.
Leaders of the Greater New York Hospital Association presented this data to the New York State Department of Health's Medicaid Redesign Team, which is charged with assessing the strengths and weaknesses of Brooklyn hospitals and making specific recommendations that will lead to a sustainable health system in Brooklyn.
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According to the report, New York City hospitals underwent cuts of approximately $1.4 billion in annual revenue since 2008. What's more, New York City hospitals must repay $400 million to Medicare for overpayments and potentially face a 2 percent cut on Medicare payments, pending updates from a Congressional supercommittee on debt reduction.
In addition, like other hospitals across the country, New York City hospitals have experienced lower volumes of privately insured patients. The blow to cash flow has crippled New York City hospitals' ability to invest in infrastructure and other projects, according to the report.
Leaders of the Greater New York Hospital Association presented this data to the New York State Department of Health's Medicaid Redesign Team, which is charged with assessing the strengths and weaknesses of Brooklyn hospitals and making specific recommendations that will lead to a sustainable health system in Brooklyn.
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