Diversicare Healthcare Services (Nasdaq: DVCR) on Wednesday announced a plan to exit the Kentucky market, ceding control of the 10 skilled nursing facilities it operates in the state. The Brentwood, Tenn.-based Diversicare reached an agreement with landlord Omega Healthcare Investors (NYSE: OHI) to terminate operations at the 10-building portfolio, which consists of around 885 skilled […]
Genesis HealthCare (NYSE: GEN) has seen stabilizing occupancy and length of stay in recent quarters, positive trends that its leaders on Wednesday attributed to an unlikely source: long-term care residents covered under Medicaid. “We’re very happy to bring on patients that need our services that have long-term care needs, and we think that that’s the […]
The looming specter of a strike at nursing homes in Connecticut has prompted leaders in the state to support increases to daily Medicaid rates for institutional care. Connecticut Gov. Ned Lamont this week expressed support for three Medicaid rate boosts through 2021, a move that the CT Mirror — which first reported the news — […]
Greystone on Tuesday announced the successful closing of a nearly $72 million bridge loan used in the acquisition and refinance of a seven-building skilled nursing portfolio across North Carolina and Kentucky. The New York City-based lending and advisory firm extended 24-month payment terms on the $71.9 million bridge financing, along with a pair of six-month […]
The old adage says that you can’t fight City Hall — and if you’re a nursing home trying to survive amid insufficient Medicaid funding, you have more than just local officials to fight. Medicaid exists in a bureaucratic grey zone between the federal and state governments, requiring a coordinated pitch to state lawmakers and federal […]
Accountable care organizations (ACOs) don’t always meet their intended goals of saving the government money, and while a new study shows that the model has led to losses in New York, its author asserts that the programs remain ripe for skilled nursing opportunities. Five years into the Medicare Shared Savings Program (MSSP), ACOs in the […]
ProMedica on Thursday announced a pair of promotions that will bring a new leadership team at the health system and its skilled nursing subsidiary, HCR ManorCare. The Toledo, Ohio-based health system promoted Steve Cavanaugh, president of the ManorCare division, to chief financial officer of the entire ProMedica network. Replacing Cavanaugh at the helm of ManorCare […]
At surface level, the new Medicare payment model for nursing homes revolves largely around therapy, as the federal government works to realign incentives and prevent what officials claim to be a wave of unnecessary services. Speech, occupational, and physical therapy account for three of the five components of the Patient-Driven Payment Model (PDPM), and providers […]
A week after announcing plans to sell all of its standalone skilled nursing assets as part of a larger portfolio reshuffle, Senior Housing Properties Trust (NYSE: SNH) pulled off a three-SNF sale in California. The real estate investment trust (REIT) sold three buildings in Van Nuys, LaSalette, and Thousand Oaks, Calif., with a total of […]
For each of the last several years, LindenGrove Communities has lost a total of $5 million to $7 million caring for long-term residents covered by Medicaid — a shortfall that began to drag on the non-profit’s other business lines, including short-term rehabilitation. And though the choice was difficult, LindenGrove president and CEO Linda Joel said […]
Shareholders of MedEquities Realty Trust (NYSE: MRT) on Wednesday overwhelmingly approved a plan to merge with fellow real estate investment trust (REIT) Omega Healthcare Investors (NYSE: OHI). Around 99.9% of the votes cast — representing 79.5% of all outstanding shares as of March 4 — were in favor of the $600 million deal, first announced […]
Cascade Capital Group expanded its footprint in a major way over the last month, buying a total of 15 skilled nursing and assisted living facilities in two separate transactions with a total purchase price of $130 million. The first deal, which closed May 1, saw Cascade pick up five skilled nursing buildings in Southern California, […]
A new long-term care benefit for residents of Washington state could ease some of the crippling Medicaid burdens on nursing home operators in the state. Starting in 2025, qualifying Washingtonians will have access to a $36,500 lifetime long-term care benefit, funded by a new 0.58% income tax set to take effect in 2022. The program, […]
LTC Properties (NYSE: LTC) late last week announced a plan to sell off the majority of the 23 buildings in its portfolio operated by Preferred Care, Inc., citing the bankrupt provider’s desire to minimize its relationship with the real estate investment trust (REIT). “We continue to work cooperatively with them to accommodate Preferred Care’s interest […]
Major landlords have taken steps in recent years to reduce their exposure to Genesis HealthCare (NYSE: GEN) and skilled nursing properties more broadly — and now a leading national provider is looking to return the favor. The Kennett Square, Pa.-based Genesis is actively searching out more real estate acquisition opportunities after pulling off a 15-building, […]
A sizable real estate impairment charge related to the bankrupt Senior Care Centers contributed to a $77.7 million first-quarter loss for Sabra Health Care REIT (Nasdaq: SBRA), but executives remain upbeat that the changes coming to skilled nursing this fall will boost fortunes industry-wide. The real estate investment trust (REIT) took a $103 million impairment […]
A month after announcing a $900 million disposition plan with a specific focus on standalone skilled nursing assets, the president of Senior Housing Properties Trust (Nasdaq: SNH) confirmed that the company intends to sell all remaining single-site SNFs in its portfolio. “We’re marketing and selling all of our standalone skilled nursing, and are very far […]
A proposal to increase the minimum wage in Connecticut has employees hopeful for higher salaries — and operators worried about even tighter margins moving forward. Nursing care providers in the Constitution State, already facing the threat of a strike by about 2,500 employees at 20 facilities, have become increasingly concerned about the potential for a […]
Despite multiple quarters of record earnings and a stock price that dwarfs that of other publicly traded skilled nursing companies, executives at The Ensign Group (Nasdaq: ENSG) said that investor skittishness over SNF assets played a major role in their decision to spin off its home health and senior housing business lines into a new […]
Conventional wisdom holds that Medicare Advantage saves the government money by bringing a private-sector insurer’s focus on efficiency to the more freewheeling federal Medicare program. But that progress may have way more to do with the types of people who elect Medicare Advantage coverage — and much less to do with the cost-cutting strategies of […]
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