New York State Nursing Home Revenues
Albany, Jan. 13, 1997 – The New York State Health Department today released data on 1995 nursing home finances in New York State. The combined figures show profits for proprietary homes and surpluses for voluntary facilities.
The annual report, based upon financial statements filed by the facilities themselves, shows that 282 proprietary (for–profit) facilities had profits totaling $107 million, about $38 million less than the previous year. Owners withdrew equity totaling $129 million from 204 of those homes.
Voluntary (not–for–profit) homes showed an overall surplus of $40 million, a more than $1 million increase from 1994. Included in that surplus is approximately $60 million in non–operating revenue (income resulting from contributions or investments), amounting to approximately 2.1 percent of gross revenue for the 221 nursing homes reporting.
A total of 17 public nursing homes reported a surplus in 1995, while 25 incurred deficits, resulting in a $13.7 million net loss. That compares to a $6.7 million loss the preceding year. Localities that sponsor public nursing homes provided $25 million in tax levy support during 1995.
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 1995, owners of proprietary nursing homes received salaries totaling more than $41 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.
1/13/97–6 OPA
