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Article: REPORT: N.Y.'S NURSING HOMES LOSING MONEY.(Business)
- Article from:
- The Post-Standard (Syracuse, NY)
- Article date:
- December 24, 2002
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Byline: James T. Mulder Staff writer
More than one-third of the state's not-for-profit nursing homes are at risk of bankruptcy because of inadequate Medicaid payments, according to a report released Monday.
The New York Association of Homes and Services for the Aging report said 57 percent of private, not-for-profit nursing homes lost money on operations in 2001, while nearly every public nursing home lost money last year. The average public facility lost $2.1 million; the average private not-for-profit lost more than $750,000.
"The days of widespread bankruptcies for not-for-profit nursing homes are not that far off," said Carl S. Young, president of NYAHSA, an ...