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The sale affects nearly 2,700 beds across the state, impacting facilities in 27 Iowa cities from Allison to Webster City. One facility in Morning Sun has already closed its doors. Legacy Healthcare, Cascade’s affiliate, will manage daily operations while Cascade owns the properties.
The change in ownership comes at a time when private equity involvement in nursing homes faces increased scrutiny. Healthcare advocates worry that profit-driven investors might reduce staff or cut corners on care while collecting steady Medicare payments.
According to a news article, families should know that Iowa law offers them some protection. New owners must be able to prove they have enough money to operate the facilities and maintain reserves for at least two months of expenses. However, these financial details are kept confidential by state regulators.
The facilities’ previous owner, ABCM Corp., was a major Iowa employer with over 3,000 workers. The new owner, Cascade Capital Group, currently operates more than 300 healthcare facilities across 19 states through various partnerships.
Federal regulators are taking notice of this trend. The Federal Trade Commission and Department of Justice launched investigations this year to examine how private equity ownership affects nursing home care quality and costs.
At a minimum, this change in ownership change represents a significant shift in Iowa’s nursing home landscape. For families with loved ones in these facilities, it warrants paying close attention to any changes in care quality or facility operations.
We help victims injured by the negligence of nursing home facilities every day. Our trusted PKSD nursing home abuse lawyers have been advocating on behalf of nursing home negligence for decades, and we have recovered millions in compensation for our clients.
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This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney Jeffery A. Pitman, who has more than 28 years of legal experience and handled thousands of personal injury cases while obtaining millions of dollars in verdicts and settlements in Wisconsin.
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