Industry Bankruptcy

Despite the gross amount of profit nursing home operators rake in, the number of senior care facilities filing bankruptcy seems to stay consistent, if not increase, each year.

16 senior care facilities are projected to file bankruptcy this year. That’s up from 11 the previous year and 15 in 2023. This even includes health care giants such as Genesis Healthcare Inc, and Pacifica Senior Living.

One thing long-term care facilities have made clear is this inability to properly handle large amounts of money without tunneling to related entities and mismanaging the resources necessary to maintain the health, safety, and well-being of the vulnerable adults under their care. and supervision.

Worse, these are only statistics from senior care; the health care industry altogether filed 79 cases in 2023 and 57 in 2024.

However, many senior care facilities will likely find it easy to convince debtors their facility has a low worth, as their poor histories of violating standards and harming adults reveal their true value.

Meanwhile, Congress has yet to find a viable solution to allow Americans to afford basic health care.  As the Affordable Care Act subsidies expire with no alternative solution in sight, Americans will soon find themselves paying more and more for their medical treatments and services.

If the health care industry seemed bad already, it’s about to get much worse, as Congress, health care providers, health care directors, and everyday Americans all try to scrap together funding to afford basic care.

House speaker Mike Johnson (R-LA) is refusing to call the House into session, keeping its members out of Washington, D.C., and thus continuing to refuse to solve the health care crisis in America.