Michigan delays $54 million in scheduled payments to hospitals
Patient Financial Services Weekly Advisor, August 9, 2007
Michigan's financial troubles mean that its hospitals will need to wait until September 26 for their overdue state and federal funding, according to a August 4 article in the Detroit Free Press.
The state should have paid $54 million to the facilities in April and July, the story said. "While cash-flow delays are not good for any organization, temporary delays are not as disruptive as cuts in payments," said Patrick McGuire, senior vice president and chief financial officer for the Warren-based St. John Health System.
The delays have not caused serious problems to the hospitals, though some facilities have postponed construction work or paid medical students from their cash reserves.
To read the full story, click here.
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