McKnight's March 19, 2024
New York long-term care providers are one big step closer to making up Medicaid funding shortfalls 16 years in the making.
In deliberations for the state’s fiscal year 2024-25 budget, both chambers of the Legislature have proposed a reimbursement rate increase that would range between 9.5% and 10.5% total.
The proposed rate adjustment runs contrary to attempts from Governor Kathy Hochul (D) to rein in the state’s Medicaid costs, which currently amount to about $100 billion annually. The historic increase would follow a 7.5% boost in 2023 that was then the largest the state had seen to date.
Despite the potential for two years of historic increases in a row, however, still needed are the first steps in...
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