Delta, CO (April 4, 2023) – Last Friday the Colorado Department of Health Care Policy and Financing (HCPF) advanced Delta Health’s April and May 2023 Colorado Healthcare Affordability and Sustainability Enterprise, or CHASE, payments totaling $653,060.
CHASE payments are monies received each month to help offset the losses experienced on Delta Health’s Medicaid payments. These are funds Delta Health does not have to pay back.
“When HCPF learned that we were short on cash, they agreed to advance us the April and May CHASE payments so that we would receive a quick infusion of cash into our account,” stated Julie Huffman, Delta Health Interim CEO and Chief Legal Officer. “This amount from HCPF, coupled with encumbered cash from our investment account, allows the pay-off of [a] loan in full.”
This means the organization has an increase of days cash-on-hand.
Huffman also announced that Kelly Johnston of JFS LLC, a healthcare company based out of Grand Junction, will be the organization’s Interim Chief Financial officer. Johnston and team will take a deep dive into Delta Health’s financials to guide them through the current circumstances.
“She and her firm have a lot of experience helping rural healthcare entities, and most recently she helped St. Vincent Hospital in Leadville for the past 8-9 months after their financial crisis,” said Huffman. “She comes highly recommended by everyone I have spoken to across the State. After discussions with the board, our goal is to allow Ms. Johnston an opportunity to assess and make financial course corrections as interim CFO before we turn our finances over to a permanent CFO.”
HCPF will advance some additional funds the week of April 17 that will further assist Delta Health.
“This is a great first step to building back our cash reserves and getting us on the right track,” said Huffman. “We are in a time of leadership transition and finances are tight right now, but Delta Health is not going anywhere. We still have important work to do.”
To stay informed on all Delta Health updates, visit deltahealthco.org/news.