DOH Distributes Nursing Home Refinancing Savings Program Application
On Fri., May 27th, the Department of Health (DOH) Bureau of Residential Health Care Reimbursement issued a Dear Administrator Letter (DAL) outlining the process and eligibility criteria for participating in the Nursing Home Refinancing/Shared Savings Program enacted in the 2015-16 State Budget. The program authorizes DOH to share 50 percent of savings derived from an approved refinancing arrangement with the provider. LeadingAge NY strongly advocated for the enactment and implementation of the program, and we are pleased that members now have the opportunity to apply. The DAL is accompanied by an instruction page and a simple two-page form that collects basic information on the previous and new financing arrangements. The DAL and form are 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.
The single form encompasses all rate periods from April 2015 through 2019, with DOH intending to collect shared savings information for future years through the capital rate review and correction process. Applicants should review the Refinancing Form Instructions page included with the application and submit questions to NFRates@health.ny.gov.
Contact: Darius Kirstein, dkirstein@leadingageny.org, 518-867-8841