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Nursing Home Transparency Targets PE
Washington not only focusing its ire on Wall St. financial services this week.
September 29, 2008
A pair of left-leaning Congressmen joined a bi-partisan Senators’ bill in pushing for improved data coming from nursing homes and chastising private equity investors that have taken larger stakes of that industry.
“The nursing home industry is trending toward a lack of transparency and accountability, which can make it impossible for families to know who is calling the shots when it comes to the care provided to their loved ones,” said California Rep. Pete Stark. “As the government pays for 60 percent of spending on nursing homes annually, with 80 percent of residents supported by public funds at any time, we have the responsibility to hold these homes accountable for the quality of care they provide.”
Lawmakers’ call comes on the heels of a report from federal investigators that found more than 90% of nursing homes were cited in the last year. That report mentioned bedsores, abuse and neglect of patients and medication mix-ups among violations committed nationwide.
“Consumers are deeply concerned by reports of declining nurse staffing levels and declining quality of care in chains taken over by private equity investors,” a statement from the National Citizen's Coalition for Nursing Home Reform said.
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