A Long Island hospital that treats some of the area’s most vulnerable residents is seeking another round of turnaround advice after an earlier recommendation to shut its inpatient unit and sell its nursing facility, Bloomberg News reported. Nassau Health Care Corp. this month issued a request for advisers to help boost revenues and performance at the 530-bed Nassau University Medical Center and its 589-bed skilled nursing facility. Like other so-called safety net hospitals, most of Nassau Medical’s patients are on publicly funded insurance — about 80% according to a December report issued by Alvarez & Marsal, the advisers previously hired. Medicare and Medicaid typically reimburse at a lower rate than private insurance, and A&M projected that the hospital would lose close to $200 million this year. Because it’s operated by the county, filing for bankruptcy isn’t an option without authorization from the governor or legislature. With a shift to outpatient care and 2,300 vacant beds in the county, the hospital “fails to address the changing needs of the community,” the A&M report said. “The status quo is simply not an option,” and without changes “the survival of NHCC remains doubtful.” Nassau County Health Care Corp. has $150 million municipal bonds outstanding. The bonds are guaranteed by the county and carry an A+ rating from S&P Global Ratings Inc., according to data compiled by Bloomberg.
