Refinancing Shared Savings Program Applications Due June 20th
Nursing homes that have entered into an eligible refinancing arrangement since April 2015 should not miss the opportunity to apply for a share of the resulting Medicaid savings. A Dear Administrator Letter (DAL) outlining the process and eligibility criteria for participating in the Nursing Home Refinancing/Shared Savings Program, which authorizes the Department of Health (DOH) to share 50 percent of Medicaid savings derived from an approved refinancing arrangement with the provider, is available here. Although the DAL references an Excel form, the form is provided in print (PDF) format only. Those wishing to apply should complete the paper form, scan it, and submit it by email to NFRates@health.ny.gov by June 20, 2019 with "Refinancing/Shared Savings Submission" in the subject line.
To be eligible for the program, refinancing arrangements must meet the following general criteria:
- the refinancing closing occurred on or after April 1, 2015;
- the prior financing was not temporary in nature;
- both new and prior financing payments include appropriate amortization of the principal; and
- DOH has not determined that the refinancing is ineligible.
DOH has received questions regarding eligibility for shared savings for refinancings that are finalized after the June 20th program application deadline set in the DAL. Any future refinancings that meet DOH-established criteria and are approved by the Department may be eligible for the shared savings program. The application deadline applies to refinancing arrangements that were finalized prior to June 20th, and submitting the application does not preclude future financings from being eligible. For future refinancing arrangements, DOH will provide guidance on applying for shared savings when an organization requests approval to refinance. Any questions regarding the program should be directed to NFRates@health.ny.gov.
LeadingAge NY Contact: Darius Kirstein, dkirstein@leadingageny.org, 518-867-8841