One day after Genesis Healthcare (NYSE: GEN) announced a joint venture to acquire 15 skilled nursing facilities from its landlord, the main lender in the deal put a price tag on the transaction: $204 million. KeyBank underwrote and closed a $142.1 million loan to help Genesis and its deal partner, the New York City-based Next […]
More than 20 skilled nursing facilities operated by Welcov Healthcare are now under the control of new operators, court documents filed Monday show. The chain reached an agreement to formally transfer oversight of 22 SNFs in Minnesota, Wyoming, Iowa, and South Dakota to new operators. Lighthouse Management Group, Inc., a Brighton, Minn.-based consulting firm that […]
Genesis HealthCare Inc. (NYSE: GEN) on Monday announced the purchase of 15 skilled nursing facilities the operator had previously leased from Welltower Inc. (NYSE: WELL), as well as the provider’s planned departure from seven additional facilities. The Kennett Square, Pa.-based skilled nursing giant bought the 15 buildings in a minority partnership with Next Healthcare Capital, […]
A Centers for Medicare & Medicaid Services (CMS) official last week suggested that the public would benefit from more information about resident safety at nursing homes — including the explicit identification of bad actors. Writing in response to a November study about the correlation between Nursing Home Compare star ratings and safety, CMS chief medical […]
The cost to build a new skilled nursing facility crept up by a little under 3% from last summer amid tariffs and other pressures. A typical mid-level skilled nursing facility will cost between $207 and $242 per square foot to build new, according to the winter 2019 senior living construction report from Iowa-based general contractor […]
Management at Conway Lakes Health & Rehabilitation in Orlando this week struck back at the federal government’s claims of malfeasance, days after regulators announced a $1.5 million settlement deal to resolve allegations of illegal kickbacks. The Department of Justice accused Clear Choice Health Care, the operator of Conway Lakes, and its employees of giving improper […]
Capital Funding closed a $12.3 million refinance loan for a 105-bed skilled nursing facility in Baltimore through the Department of Housing and Urban Development’s (HUD) 223(f) program. The borrowers will use the proceeds in part to pay off debt on two other properties in their portfolio of SNFs, according to the Baltimore-based Capital Funding. The […]
Medicare Advantage plans have emerged as one of the strongest pressures on skilled nursing occupancy and margins in recent years, and operators have scrambled to find any possible way to adapt. Many have found reason for optimism in calls to embrace data analytics as the key to survival: Prove your worth to Medicare Advantage plans […]
Programs for Americans aged 65 and older will account for nearly half of all the federal government’s non-interest spending in the next decade, a new report from the Congressional Budget Office found, as the baby boom population continues to age into both Medicare and certain Medicaid benefits. Medicare, Medicaid, and Social Security spending will balloon […]
Editor’s Note: After the publication of this article, Clear Choice Health Care responded to the allegations in a separate statement provided to Skilled Nursing News, strongly denying the government’s version of events. The operator of an Orlando skilled nursing facility, along with several executives and a third-party doctor, earlier this month agreed to pay $1.5 […]
After years of facing governmental and legal scrutiny over providing too many rehabilitation hours, both skilled nursing and therapy providers will soon find themselves with the completely opposite risk. As the Patient-Driven Payment Model (PDPM) shifts incentives away from the volume of therapy hours, providers could find themselves accused of not providing enough rehabilitation time […]
Sabra Health Care REIT (Nasdaq: SBRA) late Sunday night announced that it would retain 10 Senior Care Centers-operated properties it had previously agreed to sell amid the skilled nursing provider’s bankruptcy proceedings. Just two days after the Dallas-based Senior Care Centers entered Chapter 11 bankruptcy protection in early December, landlord Sabra announced that it had […]
After an intense period of restructuring at the publicly traded real estate investment trusts (REITs), skilled nursing operators and owners believe private buyers are likely to pick up the slack in 2019. Private equity firms topped the list of likely buyers in the 2019 Skilled Nursing Outlook Report from SNN, with 38% predicting the companies […]
Blueprint Healthcare Real Estate Advisors arranged the sale of four skilled nursing facilities with 400 beds on the East Coast, the Chicago-based brokerage announced last week. The four properties — three in greater Boston and one between Atlanta and Savannah, Ga. — had occupancy of 88% and annual revenues of $20 million at the time […]
With a new payment model just eight months away, the skilled nursing industry has trained a laser-guided focus on maximizing patient outcomes and reimbursements under the system. But smart providers would be wise not to let the Patient-Driven Payment Model (PDPM) distract them from the pressing issues facing them between now and October 1. “Any […]
Four more nursing and senior care facilities previously operated by troubled provider Skyline Healthcare in Nebraska are set to close. Klaasmeyer and Associates, the firm that state officials installed to run the properties during a receivership process, has asked for permission to shutter the four buildings, according to a report in the Lincoln Journal Star. […]
After floating a proposed recommendation to slash nursing homes’ Medicare reimbursements for fiscal 2020, a leading legislative voice on health care issues made it final last week. The Medicare Payment Advisory Commission (MedPAC) called on Congress to reduce funding for skilled nursing facilities by up to $2 billion in the next fiscal year, citing sufficient […]
National health care operators would be wise to consider selling non-core assets to expansion-minded private equity firms in 2019, according to a recent report from Big Four audit and accounting company PwC — while also looking to the investors as partners for growth and innovation. “For years, private equity firms have invested in health care, […]
Despite optimism about the Patient-Driven Payment Model (PDPM) and demographic trends, there’s never been a more difficult time for investors to determine which operators will win and lose in the skilled nursing space — at least according to the leader of a major lender in the industry. Capital One Healthcare Real Estate closed 95 deals […]
The federal government on Friday unveiled a series of new test benefits that certain Medicare Advantage plans can offer, including expanded telehealth coverage — marking yet another push toward remote health care benefits. The Centers for Medicare & Medicaid Services (CMS) will implement the programs under the Value-Based Insurance Design (VBID) model, which seeks to […]
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