Nursing Home Giant PACS Delays 1Q earnings

The PACs group of nursing home operator postponed the release of their first quarter earnings for this year. PACS has now missed filing there financial results for three straight quarters.

This is a mandatory requirement for publicly traded companies. This is not the first time PACs have postponed the disclosure of their earnings. In Q3 of 2024, they did the same thing.

PACs are currently under investigation because of allegations of submitting false Medicare claims, which led to the lawsuit about the company’s earnings from 2020 to 2023. There is a complaint that also claims that the company has abused a Covid-era waiver by inappropriately accessing Skilled Nursing Medicare benefits for many patients.

In April of this year, PACs had reported making progress by addressing the investigation concerns. The repeated delays in financial reports and ongoing legal challenges have raised concerns among investors and the industry about the company’s loyalty. PACs are one of the largest nursing home operators in the US. Their instability of financial irresponsibility can deepen and worsen systemic issues. This can lead to the disruption of operations, lowering staff ratings, and affecting resident care.