CNH Finance announced a $3.5 revolving line of credit to a skilled nursing and rehab provider, to be secured by accounts receivable. The line of credit will support working capital needs for a newly acquired skilled nursing facility. The operator manages and operates more than 80 SNFs in 13 states, and expects to continue to grow.
New Operators for California Hospital’s SNF
Sonoma Valley Hospital will move management of its skilled nursing facility to an outside agency beginning next month, with full management of the facility under the new agency expected to begin July, hospital CEO Kelly Mather told the Sonoma Index-Tribune.
Mather said she cannot release the name of the agency because it is working under a nondisclosure agreement. But it is the “fasting-growing, number-one skilled nursing facility operator in the nation,” she said to the publication. The company will be able to draw in more patients because it has contracts with other hospitals in the area, Mather added.
Sonoma Valley Hospital was facing an operational loss of more than $800,000 per year for the skilled nursing program, and the hospital started exploring working with an outside agency to manage the facility late last year, the Index-Tribune reported. It reviewed proposals from at least two management companies and is in the final stages of negotiations with one of the firms, according to the article.
KPC Health Acquires Two SNFs, Seven LTACs from Promise Healthcare
KPC Health, based in Santa Ana, Calif., acquired two Promise Healthcare SNFs and seven of its long-term acute care hospitals. The facilities are located in Kansas, Utah, Mississippi, Arizona, Louisiana, and Texas, including northwest Dallas.
“Our vision is to create a fully integrated national healthcare system offering access to advanced, quality care,” Kali Chaudhuri, chairman of The KPC Group and KPC Health, said in a statement announcing the deal. “This acquisition is a major step forward in adding a multi-state network of ancillary facilities to our chain of hospitals and medical groups.”
KPC Health’s assets include acute care hospitals, independent physician associations, medical groups, and various multi-specialty medical facilities.