New report shows impact of pandemic on home care finances

News

(Pixabay)

ALBANY, N.Y. (NEWS10) – In a report released by the Home Care Association of New York (HCA), home care finances were shown to have been impacted by the COVID-19 pandemic. The entire report breakdown is viewable here.

Along with the new report the HCA called on the Governor and state Legislature to restore funds for home care workforce and services. The call comes after New York’s budget announced a fifty percent cut to workforce recruitment‐and‐retention funding. This includes not only the workforce funding cut but also proposed 1% across‐the‐board reductions

Among the key findings of HCA’s 2021 report for New York providers:

  • 55% of all home care agencies in New York are estimated to have had a negative operating margin in 2019, the most recent year of data available, not accounting for the impact of the pandemic
  • One‐third of New York providers have relied on limited, short‐term Paycheck Protection Program (PPP) funds from the federal stimulus program just to meet payroll.
  • Home care staff turnover rates are 23 percent and 29 percent, on average, for nursing and aide staff, respectively, in New York.

In a prepared statement HCA President Al Cardillo said:

“These findings make a clear and convincing case that further cuts to home and community-based services are unsustainable, and that a prevailing ‘home care first’ policy is essential in our health care system,”

HCA President Al Cardillo

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Now