By Kimberly Marselas
Federal and state regulators should require consolidated, audited financial reporting of every nursing home group in the country to get beyond the “smoke and mirrors” and better understand exactly how much owners are making, a consumer attorney and financial auditor said Tuesday.
Ernest Tosh runs a national “bedsore” litigation firm and frequently testifies to forensic accounting details during civil trials pinning nursing homes with charges of inadequate care. Tuesday, he trained his targets on cost reporting and ownership transparency in a webinar titled, “Behind Closed Books: How Hidden Profits Harm Nursing Home Residents.”
The current financial reporting system allows nursing homes “to claim they’re losing money, when in fact, they’re making massive amounts of profit,” said Tosh, who has also testified before Congress on nursing home issues and worked with the Long-Term Care Community Coalition and other consumer advocacy groups to advance stringent new regulations for nursing homes.