Nursing Home Revenues -- 1994
Albany, December 29 -- The New York State Health Department today released data on 1994 nursing home finances in New York State. The combined figures show profits for proprietary homes and surpluses for voluntary facilities. Overall, publicly-owned nursing homes reported a net loss.
The annual report, based upon financial statements filed by the facilities themselves, shows that 278 proprietary (for-profit) facilities had profits totaling $156 million, about $17 million more than the previous year. Owners withdrew equity totaling $135 million from 204 of those homes.
Voluntary (not-for-profit) homes showed an overall surplus of $42 million, a more than $17 million increase from 1993. Included in that surplus is approximately $40 million in non-operating revenue (income resulting from contributions or investments), amounting to approximately 1.5 percent of gross revenue for the 214 nursing homes reporting.
A total of 15 public nursing homes reported a surplus in 1994, while 27 incurred deficits, resulting in a $6.7 million net loss. That compares to a $5 million net surplus the preceding year. Localities that sponsor public nursing homes provided $30 million in tax levy support during 1994.
The Health Department's annual financial report on nursing homes offers numerous fiscal details about residential health care facilities in New York State, including net income/loss, equity withdrawal and owners' salaries. These salaries often involve payment to more than one individual.
During 1994, owners of proprietary nursing homes received salaries totaling more than $43 million.
There are 587 licensed, free-standing nursing homes in New York State. Not all facilities reported financial data to the Department of Health in time to be included in this report.
12/29/95-144
OPA Contact: Claudia Hutton, Director, Public Affairs (518) 474-7354New York State Department of Health Posted: January 22, 1996
