Academic journal article Health Care Financing Review

Managed Care Growth Threatens New York's Academic Medical Centers

Academic journal article Health Care Financing Review

Managed Care Growth Threatens New York's Academic Medical Centers

Article excerpt

The cost pressures exerted by the growth of managed care are placing New York City's academic medical centers increasingly at risk, according to Hospital Watch, the United Hospital Fund's quarterly report on hospital performance.

In 1994, voluntary hospitals, as a group, generated a small surplus, the first since Hospital Watch began tracking financial performance in 1989. But the city's academic medical centers continue to struggle to meet the new marketplace challenges resulting from the growth of managed care.

As a group, the academic medical centers - Montefiore Medical Center, The Mount Sinai Medical Center, Me New York Hospital, New York University Medical Center, and The Presbyterian Hospital - have consistently lost money since the late 1980s, according to Hospital Watch. The losses tell only part of a bleak financial story. In 1993, the most recent. year for which audited figures are available, the city's academic medical centers had only 5.5 days' cash on hand, compared with other New York City voluntary hospitals' 11.6 days. In addition, they were carrying nearly twice as much long-term debt - $292,178 per bed - as other voluntary hospitals. …

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