Mariner files Chapter 11
ATLANTA — Mariner Post-Acute Network has filed for Chapter 11 bankruptcy protection. The nursing home giant — it has more than 400 facilities nationwide, including several in Northern Colorado — cited federal cuts in Medicare reimbursement for its predicament.
The Atlanta-based company said in a statement that the 1997 Balanced Budget Act cut its Medicare reimbursement by $115 per nursing home resident. Mariner blamed the cuts for the layoff of 7,300 of its 65,000 employees in May 1999.
Mariner isn¹t the first long-term care network to face financial difficulties. Two other national long-term care chains have filed for bankruptcy…
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