The Bipartisan Budget Act passed by Congress in early December could result in an estimated $90-million reduction in Medicare payments for the state.
According to a news release by the Colorado Hospital Association, the budget deal will also extend Medicare cuts until 2023.
“This marks the latest in a series of unexpected cuts mandated by Congress that continue to threaten the financial stability of many Colorado hospitals,” officials stated in the release.
During an analysis last March, the CHA found that hospitals in the state were already facing more than $2 billion in Medicare-related cuts over 10 years, which amounts to a 10-percent revenue reduction. Some of these reductions were a result of the 2010 Patient Protection and Affordable Care Act, but around $700 million have been incurred since.
“This trend is not only troubling, but also unsustainable for some of our hospitals in the long run,” CHA President and CEO Steven Summer said in the release.
“We’re gravely concerned that this could result in longer wait times, reduced access and even the end of some vital health care services in Colorado communities with higher percentages of Medicare patients.”