Private equity and REIT own and control nursing homes but hide behind sham related entities and shell companies. The Centers for Medicare & Medicaid Services will provide nursing home ownership data available to increase transparency in the industry. CMS will post on data.cms.gov and updated monthly.
The industry has profited significantly from creating complex organizational structures. Complicated ownership networks and intertwined infrastructure to avoid accountability for corporate mismanagement of resources in violation of 42 CFR 483.75.
A facility must be administered in a manner that enables it to use its resources effectively and efficiently to attain or maintain the highest practicable physical, mental, and psychosocial well-being of each resident.
Officials at CMS say transparency will shine a light on an industry that receives substantial federal funding.