A nursing home costs $1,865 a day for a four-bed unit, according to a report from Concordia University, and that includes a day at the gate.
The $1.3 million cost for the facility, which opened in June, is a far cry from the $9,854 a day the facility was billed at in 2014, according to the university’s study.
According to the study, Concordia was paying out a median $1 for every $1 in the state of Connecticut’s Medicaid program, and was paying an average of $4,935 a day out of pocket.
The state of New York paid $4.9 million in costs, and $3.3 billion in benefits, according the study.
Concordia is the only nursing home that uses a state-run program called the Medicaid Access to Care Program.
The cost of the nursing home is far higher than the $1-per-day rate, and the average cost per day is only $9.81, the university said.
Costs vary by facility, as Concordia found that the cost of paying a day of care for a single family of four is $839, or about half the cost at a hospital.
When asked why Concordia decided to change its pricing, the company said the costs of the facility were rising.
“The cost structure is evolving and adjusting to meet the changing needs of patients,” a spokesperson said.
“The new pricing for Concordia is designed to be competitive with other facilities in the region and will reflect a new reality for the region in the coming years.”
The spokesperson said Concordia has begun working with the US Centers for Medicare and Medicaid Services on the cost-effectiveness analysis.