Another Industry Bailout
The Biden Administration continues to bailout the nursing home industry because of their greed and mismanagement are killing residents. Nursing home owners and operators used prior bailout money to satisfy mortgages, shareholder dividends, and siphoning to related entities.
HHS Secretary Xavier Becerra admitted:
“Provider Relief Funds have been a lifeline for healthcare providers across the country. From providing life-saving care to tackling workforce challenges, these funds will help many healthcare facilities weather the pandemic’s continued impact.”
$560 million in Provider Relief Funds will go to 4,100 “COVID-impacted” healthcare providers. I hope it goes to increase training and staffing. The industry has made plenty of money during COVID. See Kingsley DE, Harrington C. Financial and Quality Metrics of A Large, Publicly Traded U.S. Nursing Home Chain in the Age of Covid-19. Int J Health Serv. 2022 Feb 4:207314221077649. doi: 10.1177/00207314221077649. Epub ahead of print. PMID: 35118905.
CMS gave $11.5 billion in Phase 4 payments to more than 78,000 providers so far. Phase 4 payments reimburse smaller Medicare and Medicaid providers for alleged “lost revenues and increased expenses”.