June 21, 2012 - Harris, N.Y. – Catskill Regional Medical Center (CRMC) has received a Health Care Efficiency and Affordability Law of New York State (HEAL NY) Phase 21 grant in the amount of $12.6 million. As stipulated in the award conditions, the funds will be used to reduce CRMC’s long-term debt.
"We are very excited to receive these funds from the HEAL NY program, and would like to thank the State for including CRMC,” said CRMC Chief Executive Officer Fred Kuriger. “These funds will go toward reducing our long-term debt, which will help generate positive income and cash flow on an annualized basis. With these savings, we will be able to invest more into the future of CRMC, which will help support our mission of improving the health of our community by providing exceptional health care. This is a great step forward in ensuring CRMC’s long-term sustainability."
Funds available under the HEAL NY grant program support projects that assist hospitals and nursing homes to implement necessary actions to restructure, in favor of a reconfigured health care system delivering more efficient, higher quality health care appropriate to the health care needs of the community. This is the last major grant award under New York State’s existing Medicaid 1115 Waiver, which expires on March 31, 2014.