It’s more profitable for nursing homes to roll the dice with the potential for enforcement, or litigation, than to hire more staff, especially with some penalties being little more than slaps on the wrist.
The co-founders of a Hixson nursing home business paid themselves six-figure salaries and drove company-financed Porsches while failing to pay employees, utility bills, taxes and creditors, according to court documents.
Skilled nursing facility prices hit record highs in 2015 with an average price of $85,900 per bed, according to a new report.
Two recent nursing home acquisitions pull down more than $100,000 per bed.
2015 closes with a spike in nursing home mergers and acquisitions.
Braemoor Health Center is a modest nursing home in Brockton, licensed to care for 120 residents. But Larry Lipschutz, who owns the property, was able to wring $1.8 million in pay out of it last year.
Mirroring national trends that show an increase in interest by investors in senior living facilities, the number of nursing home/elderly housing facilities that have changed hands is on the rise in Shelby County.
In the Land of Enchantment, nursing homes are accused of letting patients go hungry, fall down and languish for hours.
Senior and assisted-living facilities are on the rise in south Lee and North Naples as the region prepares for an influx of baby boomers.
With at least five transactions priced over $100,000 per bed so far this month, July may be a record for high-priced SNF sales.