Central Table Agreement Economics Sample Clauses

Central Table Agreement Economics. Section 1: Cumulative Total Economic Package Updated Annually Per Changes in the Actual Cumulative Net Medicaid Rate Increase Over the Three Year Term of the Contract 35
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Central Table Agreement Economics. Section 1: Cumulative Total Economic Package Updated Annually Per Changes in the Actual Cumulative Net Medicaid Rate Increase Over the Three Year Term of the Contract. Employers and Union agree to work together through the duration of the Contract on mutual concerns affecting nursing facility care and services, including all legislative matters about maintaining the current Medicaid nursing facility statutory reimbursement system to assure the necessary funding levels needed to deliver Medicaid rates paid according to the statutory requirements (62nd percentile of allowable costs). To protect the cumulative economic package increases projected below and to improve the quality of resident care, the parties will advocate legislatively to secure the following projected Net Medicaid Rates (i.e., the daily Medicaid Rate minus the long-term care assessment tax) over the next three (3) years: $331.84 for 7/1/21-6/30/22; $373.92 for 7/1/22-6/30/23; and $397.12 for 7/1/23-6/30/24. If the actual Net Medicaid rate is different from the previous projections, the Parties will alter the cumulative total economic package annual increases as follows: 1.1 Starting in rate year 7/1/22-6/30/23, as soon as a State Official posts actual Medicaid rates, Union and Employer shall use the Exhibit “A” spreadsheet to calculate the actual cumulative net increase from the 7/1/21-6/30/22 Net Medicaid rate of $331.84. 1.2 By each September 1st during the term of the contract, the Union and Employer shall compare the actual cumulative Net Medicaid rate increase total to date from the applicable projected cumulative Net Medicaid rate increase to date as follows: 7/1/22- 6/30/23 forty-two dollars and eight cents ($42.08); and 7/1/23-6/30/24 sixty dollars and twenty-eight cents ($60.28). 1.3 The Cumulative Total Economic Package (“CTEP”) annual increases per this Agreement shall be defined as follows: per Company Table agreement on 10/1/21; two dollar and twenty cents ($2.20) on 10/1/22; and ninety-five cents ($0.95) on 10/1/23. 1.3.1 Suppose the actual cumulative Net Medicaid rate increase differs by less than eight percent (8%) from the projected cumulative Net Medicaid rate increase. In that case, the parties shall implement the “total economic package” increase(s) per this agreement. 1.3.2 Suppose, instead, the actual cumulative Net Medicaid rate increase differs by eight percent (8%) or more from the projected cumulative Net Medicaid rate increase. In that case, the parties shall adjus...
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