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Article: Higher rates stanch nursing homes' red ink.(in Arkansas)(Statistical Data Included)(Illustration)
- Article from:
- Arkansas Business
- Article date:
- February 4, 2002
- Author:
CopyrightCOPYRIGHT 2002 Journal Publishing, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FIFTY-SEVEN PERCENT OF Arkansas nursing homes lost money in the fiscal year that ended June 30, 2001, and losses exceeded profits by more than $13 million.
And that's the good news.
The combination of improved Medicaid rates and a new cost-based reimbursement formula applied during the last half of the fiscal year kept the losses from being significantly larger. As it was, 2001 was an improvement over fiscal 2000, when 61 percent of nursing homes operated in the red and losses topped net income by almost $24 million.
The current fiscal year should be much better still because Medicaid rates have risen more than 40 percent since the beginning of ...