Spectrum News: Medicare revision means nearly $1 billion more a year headed to N.Y. hospitals

Dr. Steven Hanks, president and CEO of SPHP and St. Joseph’s Health, was interviewed by Spectrum News for its report on changes coming at the federal level surrounding the Medicare Wage Index.

From the story:

Nearly a billion dollars a year is on its way to hospitals across the state thanks to the federal government modifying the Medicare Wage Index. Some health care providers say it couldn’t have come sooner.

“We’ve literally been operating with one arm tied behind our back,” said Dr. Steven Hanks, Trinity Health New York president and CEO.

St. Joseph’s Health in Syracuse is one of dozens of New York health care organizations standing to benefit from the new stream of federal dollars.

“For years, upstate New York struggled with unfair, low Medicare reimbursement,” U.S. Senate Majority Leader Chuck Schumer said.

The Medicare Wage Index determines what the federal government pays hospitals for treating Medicare patients.

“It means more jobs. Our hospitals will be able to hire more people. But it’s great for everyone, because it means better health care,” Schumer said.

The revision will direct more than $967 million to hospitals across the state. St. Joseph’s Health will receive nearly $38 million.

“This adjustment is going to really put us on a path to, we believe, some degree of financial stability,” Hanks said.

Click here to watch Spectrum’s full report.