Nursing homes contribute $116 million to New Jersey economy
All told, New Jersey nursing homes are responsible for $5.4 billion in annual expenditures that ripple throughout the state economy, according to the New Jersey Nursing Home Profile.
The Nursing Home Profile is a first-of-its-kind report, created by the New Jersey Hospital Association, using publicly available data to provide a comprehensive view of the economic contributions and quality results of the state's nursing homes.
Financial information was compiled from the 2013 Medicare cost reports, and quality information was collected from the Centers for Medicare and Medicaid Services' Nursing Home Compare Web site.
New Jersey has 358 nursing home facilities with a total of 54,785 beds. More than half of these homes received the highest scores of either a four- or five-star rating from CMS for overall quality.
The Nursing Home Profile also provides information about number of employees, type of ownership and payer mix, in addition to the quality metrics, for every facility in the state.
Nearly 59 percent of payment to New Jersey's nursing homes comes from Medicaid; Medicare accounts for roughly 16 percent, and all other payers were responsible for 25 percent of the residents.
New Jersey Medicaid pays nursing homes 18 percent less than cost, resulting in an estimated $500 million shortfall statewide. ■