And what came next is straight from the private equity playbook. They sold the land under the nursing homes with the money going straight to the PE firm. The nursing home then had to start paying rent on the land they once owned. The PE company then cut costs, meaning they slashed the staff at the nursing homes. So the quality of care went down and Genesis racked up a massive amount of debt. (00:36–00:42)
CLAIM
Asserts that Genesis nursing homes had to pay rent on land they previously owned.
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