INVESTORS WILLING TO PAY BILLIONS TO PURCHASE NURSING HOME
I hear it all the time, “we cannot hire more nurses to take care of residents because we just don’t make enough money!” More than one nursing home administrator has testified in depositions that there is “not enough money in the budget to hire more help because 60 – 70 % of the residents are on Medicaid and the reimbursements are too low!”
If true, why are savvy investors and businessmen wiling to pay $1.36 billion for Genesis HealthCare Corporation? Genesis is the nation’s fifth largest nursing home chain. These corporate chains, which operate more than half the nation’s nursing homes, are positioning themselves as the cheapest setting to provide rehabilitation rather than as places that house frail, elderly people until they die, industry experts said.
Nursing home owners are making big money and if you don’t believe their philosophy is “profits over people”…you better get your head examined!