Even More Trouble For St. John's Riverside Hospital In Yonkers, New YorkFrom The Desk Of RoundupNewswires.com Publisher And Editor Brian Harrod....
NYS CASH CUTOFF: This Just Might Cause The Struggling And Money Losing St Johns Riverside Hospital To Close Its Doors For Good...
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THANKS ANDREW: The right way to screw the poor folks in #Yonkers... #SMH....Is to announce the cuts to their services on New Year's Eve....
SPECTRUM NEWS: Governor Andrew Cuomo Begins Medicaid Rate Cut
POLITICS: As the calendar flipped to 2020, Gov. Andrew Cuomo’s administration backed a 1 percent rate cut for the Medicaid program, a move that will reduce payments in the program by hundreds of millions of dollars.
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THANKS ANDREW: The right way to screw the poor folks in #Yonkers... #SMH....Is to announce the cuts to their services on New Year's Eve....
SPECTRUM NEWS: Governor Andrew Cuomo Begins Medicaid Rate Cut
POLITICS: As the calendar flipped to 2020, Gov. Andrew Cuomo’s administration backed a 1 percent rate cut for the Medicaid program, a move that will reduce payments in the program by hundreds of millions of dollars.
The development, announced with little fanfare in the State Register on New Year’s Eve, comes amid a $4 billion gap in the Medicaid program for the 2019-20 fiscal year and a $6.1 billion hole for the 2020-21 state fiscal year that begins April 1.
The rate cut will affect payments to hospitals, nursing homes, doctors, those who provide home-care services and managed-care plans in the program.....
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MORE INFO: Some Hospitals Are In Worse Shape Than Others, Meaning That Some Hospitals Will Survive And Others Will Be Closed - But The Auditors Said St. John's Riverside Hospital's liquidity is extremely thin, with just over 6 days’ cash on hand in 2018.
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MORE INFO: Some Hospitals Are In Worse Shape Than Others, Meaning That Some Hospitals Will Survive And Others Will Be Closed - But The Auditors Said St. John's Riverside Hospital's liquidity is extremely thin, with just over 6 days’ cash on hand in 2018.
FLASHBACK: November 22, 2019
BAILOUT NEEDED: Liquidity is extremely thin, at St. John's Riverside Hospital, with just over 6 days' cash on hand and the Yonkers Industrial Development Agency might get left holding the bag
GETTING WORSE: Standard & Poor downgraded Yonkers’ St. John’s Riverside Hospital’s revenue debt to “CCC+” from “B-,” due to the hospital’s continuing operating losses.
FOR IMMEDIATE RELEASE: S&P Global Ratings lowered its rating to ‘CCC+’ from ‘B-‘ on Yonkers Industrial Development Agency, N.Y.’s existing revenue debt issued for St. John’s Riverside Hospital (SJRH).
PRESS RELEASE: The outlook for St. John's Riverside Hospital is negative.
YONKERS: St. John's Riverside Hospital’s ‘CCC+’ rating and negative outlook reflect Standard & Poor’s view of SJRH’s extremely weak financial profile underlined
S&P listed St. John's Riverside Hospital’s persistent operating losses, extremely weak maximum annual debt service (MADS) coverage, and highly leveraged balance sheet that continues to deteriorate as factors in its further downgrade of the Yonkers healthcare provider.
S&P Global Ratings credit analyst #AamnaShah said, “In addition, liquidity is extremely thin, with just over 6 days’ cash on hand in fiscal 2018.”
An even lower rating is precluded at this time due to a pending $29 million NY Statewide Healthcare Facility Transformation grant award that management indicates will be used to retire its outstanding debt obligations.
Management anticipates the funding will be received in December 2019; however, if the funds to retire existing debt are not received, it is S&P’s opinion that the hospital’s financial commitments appear to be unsustainable in the long term, although the issuer may not face a near term (within 12 months) credit or payment crisis.
In August 2018, the hospital’s Board of Trustees approved of a resolution to begin negotiations to formally integrate into Montefiore Health System (Montefiore).
Management has indicated that SJRH is working with #Montefiore to discuss terms to execute on a letter of intent to join Montefiore.
There is still some uncertainty regarding timing; however, management has indicated that a formal affiliation could be possible in 2020.
S&P views the potential integration favorably as the partnership should bring synergies from both a financial and strategic perspective.....
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