The nursing home industry spends millions of dollars per year on lobbyists, propaganda, and campaign contributions trying to get immunity, caps on damages, and passing legislation making it near impossible for victims of neglect and abuse from getting compensated. However, it is clearly not needed nor is it consistent with the constitutional right to a jury trial.
The Ensign Group recently disclosed record results for the fourth quarter of fiscal year 2008.
Fourth Quarter Highlights Include:
Total revenue was $123.9 million, up 13.7%, compared to $109.0 million for the prior year quarter; Skilled mix by revenue increased 268 basis points to 46.4%;
EBITDA grew by $3.8 million to $16.5 million, an increase of 30.0% over the fourth quarter of 2007;
Same store operational skilled nursing occupancy increased by 62 basis points to 83.0%; and
Consolidated net income for the quarter was $7.9 million, compared to $6.2 million the year before, an improvement of 26.2%.
Fiscal 2008 Highlights Include:
Total revenue was $469.4 million, up 14.1%, compared to $411.3 million for the prior year;
Overall skilled mix by revenue increased 372 basis points to 46.9%;
Same store skilled revenue mix increased 370 basis points to 47.2%;
EBITDA grew by $14.0 million to $57.7 million, a 32.0% increase over fiscal 2007; and
Net income grew by 34.0% to $27.5 million from $20.5 million, while the net margin increased to 5.9%, up from 5.0% in 2007.
Sunrise disclosed reported financial results and operating data for the fourth quarter and the full-year 2008. The Company reported revenues of $435.6 million and $1.7 billion for the fourth quarter and twelve months ended December 31, 2008, respectively, as compared to $403.0 million and $1.6 billion for the fourth quarter and twelve months ended December 31, 2007.
NHC also disclosed significant increase in revenue. Revenues for the fourth quarter increased 7.22% from $153,865,000 to $164,969,000. Annual revenues increased 8.51% from $598,034,000 to $648,943,000.
Advocat also had a great year. They disclosed that revenue increased 2.9% to $74.3 million in the fourth quarter of 2008, compared to $72.2 million in the third quarter of 2008. Net income from continuing operations was $1.3 million in the fourth quarter compared to $0.7 million in the third quarter.
For the fourth quarter of 2008 compared to the fourth quarter of 2007, key highlights include the following: Revenue increased 4.3% to $74.3 million in 2008, compared to $71.2 million in 2007. Net income from continuing operations was $1.3 million in 2008 compared to $1.8 million in 2007. Diluted income per common share was $0.21 in the fourth quarter of 2008 compared to $0.28 in
With this type of revenue and profit, why does the nursing home industry keep lying to the public about the need for more restrictions on legitimate claims for compensation? Greed is the only explanation.