Since last fiscal year, the Commonwealth Healthcare Corp. has received a significant amount of reimbursements from both Medicare and Medicaid programs, totaling to $12.9 million as of last month.
The corporation's management team, led by CEO Juan N. Babauta, disclosed this to hospital staff yesterday.
According to CHCC records, Medicaid reimbursements in fiscal year 2012 totaled $6.142 million. As of Feb. 28 this year, reimbursements for fiscal 2013 amounts to $3.393 million.
Medicaid is a U.S. health program for low-income individuals and families. It is funded by both state and federal governments and is managed by the state.
Also, as of Feb. 28 this year, Medicare has reimbursed the corporation of a total of $3.381 million.
Medicare is a national social insurance program administered by the federal government, which guarantees access to health insurance for Americans ages 65 and older and younger people with disabilities as well as people with end-stage diseases.
In combined figures, the corporation received a total of $12.9 million from the two programs as of last month.
Besides reimbursements, the corporation also depends on revenue from patients.
Yesterday, it was disclosed that CHCC recorded $1.3 million in upfront payment from patients, or self-payers. This amount, according to the CHCC officials, is about $500,000 more than the previous year.