The corporate owners of America’s nursing homes complain loudly that they are losing money! The CEOs say that the Medicaid payments, which pay for about two-thirds of their residents, are not enough to cover operating costs.
Is this claim true or false? I don’t have the answer but do find it curious that these corporations pay their executives a handsome salary! How can the corporations pay these kinds of salaries and benefits if they are losing money?
Last year, for example, Edward Kuntz, Kindred’s CEO, was paid $4.9 million in salary and other compensation as well as restricted stock and options valued at $7.9 million, a company filing shows.
Paul Ormond, who runs Manor Care Inc., took home $2.5 million in salary and other compensation as well as stock options valued at $5.6 million.
Beverly’s CEO, William Floyd, got $1.3 million plus stock options worth $2.3 million more.
Source: St. Louis Today