As NYC launches one of the largest medical debt relief efforts in the country, CFOs face a growing pressure to view patient financial wellness as a core component of fiscal and operational health.
New York City Mayor Eric Adams has made a bold move, and it comes with broad implications for health system finances.
Adams’ administration announced that it has cancelled nearly $135 million in medical debt for more than 75,000 working-class residents, while also opening eight new financial empowerment centers in partnership with the public hospital system.
What does it mean?
The program, which was announced in October, is aimed at New Yorkers who meet one of two eligibility criteria: An annual household income at or below 400 % of the…