Nursing Home Profits: "Astonishing"

According to a recent Wall Street Journal Market Watch press release, the nursing home industry is doing just fine, thank you very much. This is true despite the fact Medicare reimbursements were reduced back in 2011.

Families for Better Care, Inc. is a citizen advocacy organization dedicated to quality resident care in nursing homes and other long-term care settings. Executive Director Brian Lee served as Florida’s State Long-Term Care Ombudsman for most of the past decade. According to Mr. Lee: “The industry’s analysts framed the Medicare adjustment as an eventual doomsday for the nation’s nursing home market. But the industry’s own reports show quite the opposite, revealing surging revenues, strong profits, and expansion through acquisitions. The industry is wallowing in strong profits while failing to consistently provide quality care.”

The release goes on to note: "A recent study by the University of California-San Francisco shows a steady decline in nursing hours for Medicare-licensed facilities and an unacceptably high level of deficiencies."

Do not let the nursing home industry fool you by crying poverty due to funding cutbacks. The numbers don't lie. In 2011, one company, Adcare Health Systems posted record annual revenues of $151.4 million, which is an increase of 198% over the previous year. Another company, Kindred Health Care, reported an increase in consolidated revenues of 27% to $5.5 billion compared to $4.4 billion in previous year. If that's "hard times" ...don't we all wish our times were that hard?

Staffing cutbacks effect nursing home residents every day. No matter what the industry says, those cutbacks are not because of a lack of funding. They are nothing more than a business decision...a decision that puts profits over people.

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