Could be, but I'm reminded of the logistical problem in a cavalry regiment. On a campaign of 100 mounted troopers, one wagon of hay was required for each ten horses. That's ten wagons of hay. But the wagons were drawn by two mules who also needed hay. So, for twenty mules, an extra two wagons were required. but that meant four more mules and one more wagon. And so on.
To eliminate the waste in the healthcare system, more oversight is required. These green-eyeshade types, wearing decorative sleeve-garters, in turn, would need managers, and the managers need supervisors, and the supervisors need directors. All in the loop need manuals, guidelines, studies, reports, standards, exceptions to the standards, lawyers, investigations, notaries public without number, and so on.
In a perfect system, a pharmacist who dropped a pill on the floor, then stepped on it, would have to fill out forms in triplicate, attend a board of inquiry, and stand by while committees were formed, new guidelines developed and promulgated, and fussing without end ensued to ensure this ghastly waste never recurred.
Screw all that! I remember a world before breast augmentation. The world was a dismal place indeed.
Competition. Lower prices. Better service.
And if they get no "residents" the profit to the shareholders goes to zero. The fault is not with the nursing home - they are catering to a particular class of people. On the other hand, there ARE nursing homes that can compete with the finest hotels. It's all in the choice of the client.
Society used to have such a thing. It was called children and grand-kids.