Another more pressing article appeared in The New York Times (1/8/08) concerning Grady Memorial Hospital’s declining financial status. A multimillion dollar shortfall of the 675-bed hospital is due to providing charity and emergency care that no entity (not the sourrounding counties, nor the state or federal government) has been willing to cover.
The lengthy article cites Medicaid and underinsured and uninsured patients as the culprit for Grady’s cash flow problem. To date, Grady Memorial estimates it would take a whopping $366 million to meet the long-ignored capital needs, which include outdated and broken equipment and nurse staffing shortages.
Although we mentioned before that Grady Memorial Hospital was paying it’s vendors in about 30 days, it’s currently taking PRN Funding’s clients at least 60 days to be paid by the facility.
Click here to read the entire article, A Safety-Net Hospital Falls Into Financial Crisis. Please note, that you might have to create an account to view the article.