New York Gov. Andrew Cuomo’s handling of the COVID-19 crisis in nursing homes continues to make headlines amid accusations of a deliberate cover-up, but the embattled executive this week promised to explore reforms targeted at for-profit facility owners. “I have long believed that there is a tension in a for-profit nursing home, because those institutions […]
The average U.S. nursing home has operated in a kind of survival mode for the last year, with long-term goals around new clinical and reimbursement models shoved aside to tackle the immediate and persistent scourge of COVID-19. That said, some facilities were still able to execute on previously developed strategies to enter the world of […]
PruittHealth, a major nursing home operator across the Southeast, took a $137.2 million revenue hit during the COVID-plagued year of 2020 — but saw a significant increase in demand for home health services. That income loss includes the operator’s skilled nursing, therapy, pharmacy, and hospice business lines, according to a new report released this week, […]
Metropolitan New York was the first epicenter of the COVID-19 pandemic in the spring of 2020, and Gov. Andrew Cuomo received significant criticism for his decision to require nursing homes to accept residents regardless of their coronavirus status. The controversy, which was reignited last month after the state attorney general’s office released a report claiming […]
The Biden administration will likely bring some degree of new oversight to the nursing home sector as lawmakers and regulators look to sort out what went wrong during the COVID-19 pandemic, and ownership transparency — coupled with significantly more stringent financial reporting requirements — could emerge as a key area of reform. While the industry […]
Nursing facilities with the highest proportion of non-white residents saw COVID-19 infection and death rates that were 3.3 times higher than those with the greatest concentration of white residents, according to a new study that illustrates the disproportionate impact of the novel coronavirus on communities of color — both in long-term care and generally. The […]
Despite the promise of the national vaccine rollout, 2021 dawned in the middle of the deadliest four-week period of the pandemic thus far for residents of nursing homes and other long-term care settings, according to a new analysis — though the most recent set of federal data shows a consistent drop in resident and staff […]
Welltower Inc. (NYSE: WELL) this week announced another major write-down related to troubled nursing home tenant Genesis HealthCare (NYSE: GEN) as the provider’s future — along with the outlook for the rest of the sector — remains unclear. During the fourth quarter of 2020, the Toledo, Ohio-based real estate investment trust (REIT) wrote down $83 […]
The COVID-19 pandemic brought the twin financial strains of elevated expenses and sharply reduced sources of revenue for the nation’s nursing homes as they became an epicenter of sickness and death, and a major industry trade group this week painted a dire operational picture for the year ahead. Nursing facilities will lose a total of […]
Even before the COVID-19 pandemic trained an intense spotlight on the financing of nursing home operations and real estate in America, private equity investors in the sector found themselves under the microscope. Moving forward, the pandemic will likely have a double-barreled effect on PE interest in the space, with a more selective crop of companies […]
Nursing home giant Genesis HealthCare (NYSE: GEN) last week announced greater-than-average COVID-19 vaccine uptake among its residents and staff, but the company’s top clinical official emphasized that the work isn’t over — both because of continued gaps in acceptance among people of color, and an uncertain future after the end of the federal vaccination program. […]
A major skilled nursing and senior living landlord on Friday pushed back on a pair of recent industry storylines hinting at future declines in demand for institutional care, pointing to positive demographic shifts on the horizon. Executives at Omega Healthcare Investors (NYSE: OHI) acknowledged the trend toward sending post-acute patients straight into home health during […]
The Biden administration is leaning toward the selection of former federal health official and current Manatt Health managing director Chiquita Brooks-LaSure for the administrator of the Centers for Medicare & Medicaid Services (CMS), Politico reported this week. Brooks-LaSure held posts at CMS and the Department of Health and Human Services (HHS) under President Obama, with […]
Against the backdrop of the COVID-19 pandemic, the federal government has left its new Medicare payment system for nursing homes virtually unchanged since the original rollout in October 2019 — but that doesn’t mean operators and investors should assume the status quo will last forever. The Centers for Medicare & Medicaid Services (CMS) and its […]
Genesis HealthCare (NYSE: GEN) announced late Tuesday that it had achieved a staff COVID-19 vaccination rate of 61% through the first round of on-site clinics, with 84% of residents opting in. The Kennett Square, Pa.-based chain — which operates more than 300 skilled nursing and senior living facilities in 24 states — contrasted those figures […]
Faced with a surplus of nursing home beds — and growing demand for private rooms and in-home care in the wake of the COVID-19 pandemic — nursing home operators may soon be able to voluntarily downsize their facilities in exchange for cash. Ohio Gov. Mike DeWine proposed a $50 million fund that would allow the […]
Among the many long-standing issues that COVID-19 exposed in long-term care, the design of the facilities themselves stands as one of the most obvious. With new development of long-term care facilities almost nonexistent, nursing homes frequently rank as the oldest health care properties in their given markets. “Semi-private” rooms with up to four beds remain […]
President Biden’s pick to lead the Department of Health and Human Services (HHS) late last week announced several moves to crack down on nursing home fraud and abuse in his home state. California attorney general Xavier Becerra touted the creation of a surprise inspection program known as Operation SAFE, to be led by a new […]
Senior housing and care operators that had been struggling prior to the COVID-19 pandemic may need permanent rent cuts of 30% to survive in the long term, a top financial ratings agency noted — but even that hit is unlikely to hurt one of the top landlords in the sector. Fitch Ratings on Monday upgraded its […]
More than any other issue, liability shields for nursing home operators have consistently generated headlines and public outrage as lawmakers and regulators look to sort out the top areas of reform in the wake of the COVID-19 pandemic. States across the country have come under fire for including nursing homes in legislation that provides blanket […]
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