The Healthcare Association of New York State published a report Sunday stating that hospitals in New York have seen their average profit margins slip to -1 percent, one of the worst margins in the nation. The slumping economy and budget cuts already enacted at the state level have forced hospitals to pause construction plans, or cut services and staff, to stay afloat, the association said. The report includes information from 107 hospitals across the state.
“Hospital balance sheets have gone from bad to catastrophic. The national and state economic crises and repeated governmental cuts to health care have devastated the most important services our communities need,” HANYS President Daniel Sisto said.
You can view press release here.