The proposed elimination of Medicaid funding for graduate medical education programs could cost New York City's public hospitals $390 million and its voluntary hospitals $790 million annually in lost federal and state matching funds, according to a report released yesterday by the New York City Independent Budget Office.

Hardest hit would be the New York City Health and Hospitals Corp., which would lose $195 million of Medicaid GME funds annually and could then also lose $195 million of matching state funds.

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