Wealth Extraction from a Nursing Home Chain With Individual, Private Equity, and Real Estate Owners.

0 HEALTH CARE SCIENCES & SERVICES
Charlene A Harrington
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引用次数: 0

Abstract

For-profit nursing home (NH) chains have become increasingly financialized in order to maximize short-term profits. This descriptive case study focused on the wealth extraction from a mid-sized for-profit California NH chain, from its founding in 1999 until its sale in 2021. The chain had individual founders/owners, a private equity owner, and a real estate group owner. The aims were to analyze the chain's (a) history and profits, organizational structure, and board; (b) management, operations, and strategies; (c) financial status; and (d) quality outcomes. Qualitative and quantitative data were collected and analyzed from multiple public and private sources. The company grew to 63 NHs and related companies with an estimated enterprise value of US$1.3 billion in 2020, while making substantial profits for its owners. The private equity owners had a strong, direct influence on the chain's organizational structure, board, management, operations, strategies, and financial controls from 2016-2020. Its cost controls appeared to be associated with a negative impact on NH nurse staffing levels, nursing wages, turnover rates, resident complaints, penalties, and litigation. Future research should study NH policies that improve ownership and financial transparency while ensuring that government funds are used for NH residents and care providers.

个人、私募股权和房地产所有者从养老院链中提取财富。
营利性养老院(NH)连锁店已经变得越来越金融化,以最大化短期利润。这个描述性案例研究的重点是加利福尼亚一家中型营利性NH连锁店从1999年成立到2021年出售的财富提取。这家连锁店有个人创始人/所有者,一个私募股权所有者和一个房地产集团所有者。目的是分析该连锁店的(a)历史和利润、组织结构和董事会;(b)管理、运营和战略;(c)财务状况;(d)质量结果。从多个公共和私人来源收集和分析了定性和定量数据。到2020年,该公司已发展到63家NHs及相关公司,企业价值估计为13亿美元,同时为其所有者创造了丰厚的利润。从2016年到2020年,私募股权所有者对该连锁店的组织结构、董事会、管理层、运营、战略和财务控制有着强大而直接的影响。其成本控制似乎与NH护士人员配备水平、护理工资、流动率、居民投诉、处罚和诉讼的负面影响有关。未来的研究应该研究新健康政策,以提高所有权和财务透明度,同时确保政府资金用于新健康居民和护理提供者。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
6.40
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0.00%
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