Legislation’s progress so far
It was during a mid-February press briefing that Gov. Andrew Cuomo first publicly voiced support of New York state deciding how much nursing homes can profit.
“If you’re a for-profit nursing home, I believe it should be mandated how much you put back into the facility and how much profit you can make,” he said.
Cuomo later included the proposed profit cap, also called a medical loss ratio, as an amendment to his 2021 budget proposal. It would mandate nursing homes put at least 70% of their revenue toward caring for residents.
Both the state Senate and Assembly have since passed their own separate versions of the profit cap over the last five weeks. The two sides will need to come to an agreement if the legislation will become law, but both their bills would also mandate at least 70% of revenue go toward care.
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