Friday Round-Up: QCP’s ManorCare Ultimatum, Top-Paid SNF Execs
In case you missed it, here’s a look at the past week in skilled nursing news, from a potential final showdown between a major provider and its landlord to a peek into the highest-paid executives in the business.
Today’s the day for HCR ManorCare, Inc. to pay the back rent it owes Quality Care Properties, Inc. (NYSE: QCP) or face an even bigger bill. The Bethesda, Md.-based SNF real estate investment trust (REIT) gave ManorCare, its primary tenant, until the end of business today to come up with nearly $80 million in rent payments or face an immediate invoice for an additional $265 million in deferred rent obligations. The two parties have been locked in an extended battle over rent, but with ManorCare currently in default, the end could be in sight.
In other QCP news, SNN’s Tim Regan took a dive into the highest-paid executives in the industry, and found that QCP CEO Mark S. Ordan easily took the title, claiming $14.2 million in total compensation. And elsewhere in the world of skilled nursing, we looked at how an upstate New York provider converted to a “small house” model without breaking the bank, and a study out of MIT that showed hospitals that invest heavily in post-acute care had better patient outcomes than those that rely on standalone SNFs. On that same subject, we also gave you a window into what hospitals consider when recommending SNFs at discharge.
What We’re Reading
Nursing home companies have begun wading into the Medicare Advantage insurance market with mixed results, according to this long look from Kaiser Health News. Though the stated goal is to reduce hospitalizations, some critics claim that extending insurance coverage constitutes a serious conflict of interest, and Kaiser found several cases where families claimed that residents with provider-sponsored insurance received insufficient care.
CMS Fixes Typos, Technical Errors
The Centers for Medicare & Medicaid Services (CMS) issued a housekeeping update to its final rule for long-term care facilities this week, correcting typographical errors and other “technical” issues. Check out the fixed document over at the Federal Register.
Written by Alex Spanko