S&P Revises Outlook on N.J.'s St. Barnabas

Braun, Martin Z.
June 2003
Bond Buyer;6/13/2003, Vol. 344 Issue 31656, p4
Trade Publication
Standard & Poor's Corp. has changed its outlook from positive to negative on bonds issued for New Jersey's largest health care provider, because of an unexpected 10 percent reduction in revenues. The St. Barnabas Health Care System lost 140 million dollars in 2002 in revenue and is expected to lose an estimated 100 million dollars in 2003 because of federal government changes in calculating so-called outlier payments from Medicare. Medicare pays hospitals based on diagnosis, not on cost. But in some case, Medicare makes payments for cases that are more expensive or complicated than expected. The Centers for Medicare and Medicaid Services, the federal agency responsible for overseeing the programs, is scrutinizing the way hospitals calculate reimbursements for outlier cases. Two of the system's nine hospitals, Community Hospital in Toms River and Community Hospital in Lakewood, are the highest outlier recipients in the country.


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