About one year after being acquired by Dwyer Workforce Development (DWD) in a $590 million deal, Regency Integrated Health Services has rebranded as Wellsential Health and is moving forward under a “new nonprofit model,” the company announced Thursday.
The 63 skilled nursing facilities under the Wellsential banner now represent the “largest family” of non-profit SNFs in the state of Texas, according to the announcement.
“While retaining the care and culture established under Regency, transitioning to a non-profit model allows Wellsential Health to focus solely on strengthening the families and communities it cares for,” the company’s press release stated. “With access to more funding sources, including grants and donor support, the organization now continually reinvests all revenue into providing better amenities and resources, including advancements in technology, staff development, community-building efforts, and more.”
As the new name suggests, the organization is placing a high premium on helping residents, patients, team members and other members of the Wellsential community achieve “true wellness” through a “continuum of support.” In addition to skilled nursing, Wellsential offers services such as therapy and rehab, memory care, hospice and palliative care.
Converting Regency to a non-profit model was part of the plan in acquiring the company, DWD Founder Jack Dwyer told Skilled Nursing News shortly after the deal was first announced. Dwyer also is founder, owner and president of Capital Funding Group (CFG), which financed the Regency acquisition in concert with banks and a real estate investment trust.
Another key part of the plan: Leveraging the Regency portfolio to help support and expand what Dwyer described as a “revolutionary approach” to workforce development. That approach involves identifying promising individuals who are interested in forging careers in the sector, and providing them with comprehensive support, ranging from individualized career coaching to child care to scholarships and job placement.
“We’re using all the profits that we generate through our operations to fund this business,” Erik Howard, executive managing director of business development and marketing for CFG, said at the recent SNN RETHINK conference. “One of the things that we do is, once those folks graduate through the CNA program, they typically will then go into the workforce in that community and generally work with a skilled nursing provider in that area.”
A potential joint venture with the state of Florida and expanded community college involvement in Texas are among the plans DWD is currently working on, Howard said.
PruittHealth adds 3 SNFs
PruittHealth has acquired three additional skilled nursing centers in Georgia from Piedmont.
Two of the skilled nursing facilities are located in Augusta, while one that PruittHealth already manages is in Stockbridge. This brings the number of PruittHealth SNFs across the Southeast to 107.
“We are extremely excited to grow our ability to serve the entire Augusta community,” said Neil L. Pruitt, Jr., chairman and CEO of PruittHealth. “We have built a strong relationship with Piedmont, and this is the next step that will allow us both to better serve the health care needs of Georgia. We are committed to working with them now and in the future to ensure that superior post-acute care is available in our communities.”
Patients of all three centers will have access to PruittHealth’s continuum of care including home health, palliative care, hospice, and pharmacy and therapy services.
Piedmont’s chief development and strategy officer, Jack Tillman, said the nonprofit system is committed to ensuring long-term and successful operations of nursing homes across Georgia. In particular, he said, Piedmont will continue to focus on these areas in the communities Piedmont serves as it continues to focus on efforts to strengthen its ambulatory and acute-care hospital capabilities.
“After an extensive process and search for the most appropriate new owner and operator for our Skilled Nursing Facilities in Columbia and Richmond counties, it was natural for us to select PruittHealth, an organization we have known and trusted for years, to provide care for patients and our people transitioning to these facilities,” said Lily Henson, M.D., CEO of Piedmont’s Augusta clinical hub. “We are most impressed with PruittHealth’s focus and dedication to providing high-quality skilled nursing services close to home.”
“Since 1969, we have strived to provide exceptional and compassionate care to those who need it most,” said Pruitt. “We like to say our patients and their loved ones are part of our family and we are thrilled Piedmont is trusting us to welcome their staff and patients into our extended family.”
With the transition, each center is taking on a new name with Augusta Extended Care Westwood rebranded as PruittHealth – Evans; Piedmont Augusta Extended Care Kentwood renamed PruittHealth – Richmond; and Laurel Park is now to be called PruittHealth – Laurel Park.
VIUM Capital closed nine separate financings in Q3 totaling $175M
VIUM Capital closed nine separate financings in the third quarter totaling $175M. The transactions included seven bridge loans and two HUD loans across 18 separate properties.
Six of the financings were for SNFs, while the remaining three were for assisted living facilities and memory care facilities.
The transactions funded acquisitions, recapitalizations, and refinancings for properties located in Ohio, Michigan, Tennessee, Missouri, Louisiana, Texas and Washington. VIUM also received 14 HUD 232/223f commitments during the third quarter, positioning it for a strong calendar year end and a promising HUD fiscal year 2024.
Blueprint involved in deal to revitalize 128-bed SNF
Blueprint was involved in a confidential marketing process of the 128-bed skilled nursing facility located in South Dennis on Cape Cod.
The deal used Blueprint’s Seniors Housing & Care group and Blueprint’s Behavioral Healthcare group, a targeted variety of skilled nursing investors, as well as alternative use investors.
The winning bidder, Housing Assistance Corporation Cape Cod, will embark on a capital expenditure plan to revitalize the asset and will ultimately convert the community into housing.
Companies featured in this article:
