New York State’s (NYS) FY 2023 budget allocated up to $100 million to assist nursing homes in severe financial distress. Applications to secure these funds are now being accepted by the Department of Health (DOH) through the Nursing Home Vital Access Provider Assurance Program.
The payments, which will be made monthly to successful applicants, are intended to help NYS facilities maintain operations and vital services as they implement long-term solutions for sustainability.
Before applying, it is important to understand the program’s unique eligibility and application requirements to determine if your facility is eligible and maximize the effectiveness of your application:
- Application deadlines. DOH will accept applications on a rolling basis, with the following deadlines: August 1, 2022 (for facilities already engaged in this process with DOH); and November 1, 2022 and February 1, 2023 for others.
- Financial documentation. In addition to audited financial statements, the application requires financial projections, breakdown of payor sources, description of debt, proof of no other monetizable assets, and other supplemental documents.
- Strategic initiative plan. Your application must be submitted with a strategic initiative plan that outlines your strategies for achieving sustainability and resident satisfaction. This plan needs to be truly transformational and show the path to long-term sustainability.
- Evaluation criteria. Your application should take into consideration the criteria that DOH will use to evaluate your eligibility and monthly award amount. These include quality of care, transformation plan effectiveness, special services, community engagement, and amount of assistance required compared to the number of beds at risk of loss (among other criteria).
- Eligible expenses. The funds can only be used on expenses related to the operation of your facility and cannot be used on long-term debt, consultant fees and bankruptcy-related costs.
Where to begin?
Grassi Healthcare Advisors can help your facility develop the data to determine eligibility and the evidence to support your application’s success. Our cash flow projections, business transformation plans and application assistance can position your facility to secure the maximum relief it deserves.
For a free, no-obligation consultation, please contact Joseph Tomaino, CEO of Grassi Healthcare Advisors or your Grassi Nonprofit or Commercial Regulated Healthcare advisor.
