New York City Health & Hospitals Corp. has released a plan to shore up its finances by 2020, according to The Wall Street Journal.
Ram Raju, MD, president and CEO of the 11-hospital system, revealed the plan this week as he spoke to hundreds of people, including elected officials and labor leaders, at John Jay College in Manhattan.
Treating more patients is part of the plan to improve the system's finances. Dr. Raju said the system will increase the number of patients its treats to 2 million by 2020. Many of those patients will be enrolled in MetroPlus, New York City's low-cost insurance program. Within five years, the number of MetroPlus members will double to 1 million, said Dr. Raju, according to the report.
HHC is in desperate need of a financial turnaround. A report by Citizens Budget Commission released in November 2014 projected the system's deficit would grow to $1.7 billion in fiscal 2018 from $702 million in fiscal 2015, according to the report.
More articles on healthcare finance:
Sentara Healthcare net surplus falls to $359.9M
13 recent hospital outlook and rating actions
10 hospital CFOs in the headlines this week