Market Watch reported that Assisted Living Concepts, Inc. reported net income of $7.3 million in the fourth quarter of 2011 as compared to $5.4 million in the fourth quarter of 2010. Excluding the One-Time Items described below, net income in the quarters ended December 31, 2011 and 2010 would have been $6.3 million and $5.5 million, respectively.

"Fourth quarter results blossomed with the momentum we built up in quarter three," commented Laurie Bebo, President and Chief Executive Officer. "We continued to see improvements in workers compensation and general and professional liability expenses. We believe these items combined with our private pay strategy, increased occupancy and other careful cost controls resulted in record operating income for the fourth quarter and all of 2011."

For the year ended December 31, 2011, ALC reported net income of $24.4 million as compared to $16.5 million in the year ended December 31, 2010. Excluding the One-Time Items described below, net income in the years ended December 31, 2011 and 2010 would have been $22.1 million and $18.2 million, respectively
 

Assisted Living Concepts, Inc. and its subsidiaries operate 211 senior living residences comprising 9,325 residents in 20 states. ALC’s senior living residences typically consist of 40 to 60 units and offer a supportive, home-like setting. Residents may receive assistance with the activities of daily living either directly from ALC employees or through our wholly owned home health subsidiaries. ALC employs approximately 4,200 people.

 

A recent audit of Medicaid payments in New York showed overpayments are a major fiscal issue.  Nursing homes in NY received at least $42 million in overpayments because of flaws in how patient income is recorded.  New York pays $6.8 billion a year for an estimated 121,000 Medicaid patients in 700 nursing homes. New York auditors say the state Health Department has overpaid nursing homes about $42 million in Medicaid over a 44-month period.

 

 

"The system is not efficiently tracking the money that we are allocating to care for our most vulnerable citizens — that’s upsetting," said Richard Mollot, executive director of the Long-Term Care Community Coalition, a patient-advocacy group.

Upsetting?  It is criminal.