The GNYHA Board of Governors met on November 6, 2008, and took the following actions:

• heard a status report of the capital markets from Andrew Garvey, head of Capital Markets at Cain Brothers, who reviewed the crisis in the financial services industry, and its implications for the municipal bond market on which not-for-profit and public institutions depend for capital financing;
• received a post-election briefing, including the Democratic Party gains in the U.S. Senate and House, Democratic gains in the New York and New Jersey Congressional delegations, and the potential for a lame duck session of Congress the week of November 17;
• listened to a report on the New York State Budget, for which the Governor has estimated a $1.5 billion deficit for the remainder of the 2008-09 fiscal year and a $12.5 billion deficit for the 2009-10 fiscal year—the largest deficit in dollar terms in State history. The Board was also reminded about the Special Economic Session of the State Legislature, to be held on November 18, during which the Governor has asked the Legislature to cut the current year budget by $2 billion;
• learned about GNYHA’s payer reform priorities, which have the goal of including meaningful payer reforms in the next Executive budget;
• was asked for feedback on GNYHA’s medical malpractice insurance cost relief and tort reform activities;
• heard an outline of GNYHA’s workplan for issues relating to the State Office of the Medicaid Inspector General (OMIG); and
• received an update on the State’s rebasing proposal, including that GNYHA, HANYS, and the Iroquois Healthcare Alliance sent a joint letter to the State’s Technical Advisory Committee (TAC) calling for the extension of the TAC and its research function for one more year before enacting rebasing.

Although the GNYHA Board will meet again on December 11, Mr. Raske reminded Board members that GNYHA will host an Emergency Membership Meeting on Thursday, November 13, 2008, and encouraged Board members and their staffs to attend.