In New York, a major gulf divides the financial health of hospitals serving richer and poorer patients.
“We’re making the largest Medicaid rate increase in two decades, investing in hospitals, nursing homes, assisted living centers, all to stabilize our state’s health care system,” Hochul said Friday in a speech announcing the conceptual agreement.
The 7.5% boost that Hochul and state lawmakers settled on “falls well short of the minimum 10% increase the heath care community was seeking and sorely needs for many institutions to remain viable,” the Greater New York Hospital Association said in a memo to members Friday. Most hospitals statewide, 61%, posted operating margins in the black in their 2021 fiscal years, even after expenses related to COVID-19, according to afrom the Empire Center, a policy think tank. But there were major disparities. New York-Presbyterian reported an operating surplus of nearly $1.5 billion that fiscal year, while Montefiore Medical Center reported losses of $314 million, according to the report.
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