Nyack Hospital Could Shut Down

[N1Medic 69]

Would it be healthy for Rockland to go down to one hospital? This would certainly screw EMS and their turnaround times, having to go all the way across the county to transport patients. In addition, the growing county would lose a hospital. How does the goverment let this happen?

Nyack Hospital's finances worsen.

By JANE LERNER

jlerner@lohud.com

THE JOURNAL NEWS

(Original publication: May 18, 2006)

NYACK — Nyack Hospital's finances have worsened to the point where an industry analyst is warning it might not have enough money to stay open.

The hospital lost nearly $2 million in 2005, according to unaudited financial records reviewed by Fitch Ratings, a credit rating agency.

Nyack has only four days of cash available to pay its bills, said Garey Fuqua, a Fitch analyst.

Hospitals with similar finances should have about 80 days of cash on hand, he said.

"With four days' cash, they're barely keeping the lights on and the doors open," Fuqua said this morning.

The agency lowered its rating of Nyack Hospital two notches. Its bonds are still considered "junk" or non-investment grade. But the newly updated rating puts Nyack Hospital just two levels above default, he said.

If the hospital defaults on $28 million in bonds issued in the late 1990s by the New York State Dormitory Authority, the state agency could force Nyack into bankruptcy, Fuqua said.

Nyack Hospital released a statement today saying the negative rating issued by Fitch was caused by a number of factors, some temporary and some not.

"The rating will have no affect on the high quality of patient care that the Rockland County community has come to expect from Nyack Hospital," the hospital said in its statement. "We appreciate the community's trust in us."

Read more about this story tomorrow in The Journal News.

[llm60 0]

I dont understand how anyone could let a hospital shut down? Can't the state or federal goverment do something about this? It seriously affects the lives of thousands of people, all of us!

[res6cue 67]

That hospital has been in financial trouble for as far back as I can remember, certainly back to the early 90s when I was still in EMS in the county. I can tell you it would have a MAJOR impact on EMS operations in the county. It's quite a haul to Good Sam from the areas along the Hudson. At least agencies near the Thruway wouldn't be too bad off, but still. Nyack is a straight run right up and down 9W, especially for the areas up north like Stony Point and Haverstraw. I suspect, depending on location and nature of the illness/injury, that some agencies would either go to WCMC or down the PIP to Jersey somewhere.

[gpdexplorer 46]

Just wondering, where is the next closest hospital b/c anyone who gets caught out on the bridge is gonna have a hell of a ride in the back of a bus going back across the span and going to Phelps.

[res6cue 67]

Good Sam in Suffern (Exit 14B on the T-Way) is the closest on this side of the river.

[27east 19]

United shut down, St. Agnes shut down...how does govt let it happen...

[STAT213 332]

United shut down, St. Agnes shut down...how does govt let it happen...

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How does the government let it happen? What exactly do you mean by this? It's not the government's fault that these hospitals can't manage their finances properly.

Now, it may be the government's problem in that they only pay 80% of 80% for medicare bills, but there are plenty of hospitals out there that do just fine even with this limitation.

[ajsbear 11]

This is all the more reason for local and county gov'ts to open their eyes. The big trama center in the 4 county area WCMC which takes patients from Westchester, Rockland, Orange and Putnam needs 4 county support and doesn't get it. Wait until the day it starts turning people away or closing its doors to Trama on a temp basics because of staff cuts it cannot handle the volumn. We all need to wake up. With the recient hospital closing in Port Chester it should have sent a wakeup call. Everyone hit the Snooze button.

[27east 19]

How does the government let it happen?  What exactly do you mean by this?  It's not the government's fault that these hospitals can't manage their finances properly. 

Now, it may be the government's problem in that they only pay 80% of 80% for medicare bills, but there are plenty of hospitals out there that do just fine even with this limitation.

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STAT, what I meant was it happens...I just didn't write it out...

[Guest]

This is all the more reason for local and county gov'ts to open their eyes. The big trama center in the 4 county area WCMC which takes patients from Westchester, Rockland, Orange and Putnam needs 4 county support and doesn't get it. Wait until the day it starts turning people away or closing its doors to Trama on a temp basics because of staff cuts it cannot handle the volumn. We all need to wake up. With the recient hospital closing in Port Chester it should have sent a wakeup call. Everyone hit the Snooze button.

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Well put, i was pretty sad to see United Close...after all my brother and i along with countless family/friends were born and treated there. Somthing surely needs to be done...afterall WCMC is the only other Level 1 Trauma Center other than Albany...that would create havoc for EMS.