30 Oct Spectrum News: NY Hospitals Stand to Lose More Than $1.7 Billion, Schumer Says
“Senate Minority Leader Chuck Schumer was at Albany Medical Center Monday, pushing back on cuts to a program he calls essential to maintain high-quality health care for patients in the Capital Region.
Back in the 1990s, Congress enacted the 340B Drug Pricing Program, which allows hospitals like Albany Med, that serve high numbers of uninsured patients, to purchase drugs at 20 to 50 percent discounts.
This has allowed health care organizations to expand services, while reducing patient costs.
In January, the Center for Medicare and Medicaid Services imposed a 28.5 percent cut to reimbursement for 340B drugs.
Senator Schumer says that could force hospitals to lay off staff and eliminate critical services.”