KENNETT SQUARE, PA – A May 27 article in the New York Times details the $300 million in government relief that nursing home giant Genesis HealthCare has received during the coronavirus crisis, even as some 1,500 of its residents have been killed by the disease.
The largest nursing home operator in the United States, Genesis is also one of the few such companies to be publicly traded — which offers a rare level of transparency when it comes to the firm’s finances. According to a statement the company released last Wednesday, it has received $180 million through the CARES Act, $27 million from state governments, and $158 million in advance Medicare payments, which function as a federally guaranteed short-term loan.
Genesis says that their expenses have skyrocketed because of the pandemic, with an additional $21 million in operating costs for April and expectations that those costs will have grown by a similar amount in May. At the same time, occupancy rates are falling as families remove elderly loved ones for fear that they will contract the disease. At the end of March, roughly 88% of the company’s 42,000 beds were occupied; it estimates the current number is closer to 76 percent.
Still, decreasing revenues are no excuse for cut corners, especially with the government—and by extension taxpayers—filling in much of the gap. If you or someone you love has been hurt or worse because of a nursing home’s actions during the pandemic, Finz & Finz, P.C., would like to hear from you. Contact us today to speak with one of our New York coronavirus attorneys.