Nursing homes provide a sense of security for loved ones. A certain level of care is expected out of these homes that provide services for the elderly. Nursing homes are increasingly busy as the New Jersey population grows and more people find themselves in need of supportive care. Often nursing homes are located near hospitals to help stop preventable re-admissions of patients after their release from the hospital. Health care costs can increase dramatically for people as they grow older. Some nursing home units are extremely profitable due to efficient care, excellent service and popular demand. It’s important for nursing home businesses to understand that they are held to a high standard of care. If that standard is broken, residents and their families may be eligible for financial compensation for nursing home neglect.
Recently, the New Jersey private equity firm Tryko Partners LLC purchased a 159-bed nursing home located in Danvers, Massachusetts. The nursing home, Radius HealthCare Center, was sold for $3.8 million. Tryko Partners LLC said that it would invest $2 million into renovation and then would re-brand the home. The nursing home is three stories high and contains 57,750 square feet located on 1.85 acres. The center sold for $3.5 million in 1999.
As new owners get involved in a nursing home unit, it’s important for quality to remain central to the service provided. If a loved one isn’t receiving proper care, the resident and family members may be eligible for financial restitution. Simple items like safety concerns, inadequate meal preparation or security breaches can dramatically decrease quality of life. Nursing home abuse or negligence can be properly handled by someone who is familiar with the ins and outs of complex medical systems, which may include complications with Medicaid and insurance companies.
Nursing homes are being seen by private equity firms as good investments. Those firms expect returns on their investments. With a new owner in the nursing home care business, the biggest concern for residents and their families is that the residents are adequately cared for. Maintenance of this standard of care helps families have peace of mind.
Source: Boston Business Journal, “New Jersey private equity firm buys Danvers nursing home for $3.8M,” Julie M. Donnelly, Nov. 4, 2013
