House OKs bill to open private nursing facilities’ finances to the public

HARTFORD, Conn. –The House passed legislation Tuesday that would require about 154 for-profit nursing home companies to share more financial information with the state.

The bill proposed by Democratic Gov. Dannel P. Malloy acknowledges the troubles that SEIU 1199 — one of the state’s largest healthcare unions — had with at least two nursing home chains in the past decade. The bill, which passed 86-57, seeks to get these private skilled nursing facilities to share more of their financial information with state officials.

The amended bill seeks the profit and loss statements for any business that does more than $50,000 of business with a nursing home. It also reinstates the Nursing Home Financial Advisory Committee.

Deborah Chernoff, policy director of SEIU 1199, said essentially nursing home chains are vertically integrated businesses. She said the nursing home itself may not make money, in fact it may lose money, but you can send a stream of revenue to your management company, to your pharmaceutical company, and to your therapy agency.

See the complete story at CT News Junkie.