Late last year, the New York State Department of Health (DOH) began accepting applications for the Nursing Home Vital Access Provider Assurance Program (VAPAP). This provision in the state’s FY 2023 budget allocates up to $100 million in funding for nursing homes in severe financial distress.
Applications are accepted on a rolling basis, with the DOH recently announcing the following upcoming deadlines:
- August 1, 2023: For second quarter of FY 2023-24
- November 1, 2023: For third quarter of FY 2023-24
- February 1, 2024: For fourth quarter of FY 2023-24
Before applying, it is important to understand the program’s unique eligibility and application requirements, such as:
- Financial documentation, including financial projections, breakdown of payor sources, description of debt and proof of no other monetizable assets.
- Strategic initiative plan that outlines your transformation strategies for achieving sustainability and resident satisfaction.
- Eligible expenses related only to the operation of your facility.
Click here to learn more about submitting a VAPAP application and how Grassi Healthcare Advisors can help you maximize its effectiveness. For a free, no-obligation consultation, please contact Joseph Tomaino, CEO of Grassi Healthcare Advisors or your Grassi Nonprofit or Commercial Regulated Healthcare advisor.