While the Coronavirus Aid, Relief and Economic Security Act and the Paycheck Protection Program and Health Care Enhancement Act provided $175 billion in relief funds to health care providers generally, those funds were not devoted solely to hospitals and were distributed based on various criteria that did not correspond to financial need. Consequently, many rural and safety-net hospitals[1] still face extraordinarily daunting financial challenges.
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The health care industry continues to face financial challenges, as evidenced by more chapter 11 bankruptcy filings and closures by hospitals and other providers, including long-term-care facilities.
Verity Healthcare Assistance of California scored a major victory in the U.S.
Hospital bankruptcies are on the rise, and rural hospitals are no exception. About 20% of rural hospitals are considered to be at risk of closure nationwide,and the majority of these hospitals are considered essential to their communities. In light of these trends, this webinar will provide ABI members an overview of the unique issues faced by small rural hospital designated as “critical access hospitals” (“CAHs”) by the Centers for Medicare and Medicaid Services. Established by the Balanced Budget Act of 1997, the CAH designation allows eligible rural hospitals to receive reimbursement from Medicare (and state Medicaid programs) based on 101% of allowable costs rather than the traditional fee-for-service model.
There have been a number of recent bankruptcy filings by large and high profile healthcare providers, such as the filings of Verity Health System of California, Inc., in Los Angeles (the second largest hospital bankruptcy case in American history), Hospital Acquisition LLC and 25 related debtors d/b/a Promise Health and American Academic Health System (Hahnemann University Hospital and St. Christopher Hospital in Philadelphia) in Wilmington, Delaware, and Astria Health in Yakima, Washington.