Private equity firms have targeted nursing homes for decades. But some of these facilities are in horrendous condition due to the greed of their corporate owners, and it is families that end up paying the price. It is our duty to ensure that they are safe. Senator Elizabeth Warren: Nursing homes are where the most vulnerable members of our communities live. Transcript: Residents at Risk: The Strained Nursing Home Inspection System and the Need to Improve Oversight, Transparency, and Accountability Senator Warren called on regulators to hold these corporate nursing home owners accountable, and stressed the importance of CMS’s proposed rule on nursing home ownership transparency to give regulators the information they need to hold owners accountable and keep patients safe. Residents go from thriving to just surviving.” When asked to describe the trends she’s noticed following a for-profit company’s acquisition of a nursing home, Leah McMahon, Director of Colorado’s Long-Term Care Ombudsman Program, shared “We see a fast deterioration and systematic stripping down of the operations of the facility to the bare bones to make a profit at the expense of residents’ lives. She noted that private equity and REIT-owned nursing homes are associated with higher Medicare costs, increased emergency department visits and hospitalizations, fewer registered nurses, and 40% higher COVID-19 fatality rates. Senator Warren called out private equity firms and REITs for targeting nursing homes as lucrative investments and prioritizing profit above patient safety. Senator Warren urged the Centers for Medicare and Medicaid Services (CMS) to finalize its proposed rule on nursing home ownership transparency, following a bipartisan letter she sent to CMS in support of the proposed regulation. Senator Elizabeth Warren (D-Mass.) called out corporate owners of nursing homes, including private equity firms and Real Estate Investment Trusts (REITs), for their failures to protect patient safety and use of complex legal arrangements to avoid regulatory scrutiny. – At a hearing of the Senate Special Committee on Aging, U.S. Warren, Bipartisan Lawmakers Call on Centers for Medicare & Medicaid Services to Finalize Proposed Rule on Nursing Home Ownership Transparency to Protect Patients State Nursing Home Ombudsman: “We see a fast deterioration and systematic stripping down of the operations of the facility to the bare bones to make a profit at the expense of residents’ lives. ICYMI: At Hearing, Warren Calls for Greater Ownership Transparency of Nursing Homes and Accountability for Corporate Owners’ Patient Safety Failures
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