New York’s home-care agencies are struggling in an environment of rising costs and state Medicaid cuts, according to a newly released report from the Home Care Association of New York State (HCA).
More than three-quarters of home-care providers in the state, 79 percent, posted negative operating margins in 2011, according to the report. Negative operating margins were more common than in 2010, when they stained 65 percent of providers’ books with red ink.
Data was only available through 2011, according to HCA. The association released its research today in a document titled “A Report on the Fiscal Health of Home Care in New York State.”
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“These findings show the financial impact of $1 billion in home-care cuts and policy changes enacted in the 2011 state budget,” HCA President Joanne Cunningham said in a news release. “The math is simple. Providers have seen a damaging combination of chronic reimbursement cuts and rising administrative costs due in large part to state policies that accelerated to unprecedented levels in 2011.”
HCA is an Albany–based association. It represents over 400 providers, individuals, and associate members. The group’s entire report can be viewed at http://bit.ly/13ZqjHy.
Contact Seltzer at rseltzer@cnybj.com
