A sweeping portfolio deal on behalf of Eagle Arc Partners marked the first transaction for Capital Funding Group’s new credit venture — with a $317.5 million price tag. The Baltimore-based lending and finance firm closed the bridge-to-Department of Housing and Urban Development (HUD) acquisition loan through its CFG Credit Partners entity. The $300 million-plus deal […]
The federal government has talked a big game about shifting toward value-based payments for Medicare and Medicaid providers, but fee-for-service reimbursements have remained a primary force governing operations in the post-acute and long-term care sector. COVID-19 has subtly shifted that dynamic, however — especially in the field of telemedicine, which has seen skyrocketing adoption rates […]
Evans Senior Investments this week announced the successful completion of an $86 million deal that saw a Midwestern nursing home owner-operator offload 21 facilities across three distinct portfolios. The unnamed seller was looking for an exit from the long-term care space, according to a release from the Chicago-based ESI, which marketed the buildings in three […]
Invesque Inc. (TSE: IVQ.U) this week reported significant COVID-19 strains on a pair of its post-acute care tenants, with the skilled nursing landlord taking steps to reduce its exposure to Symphony Care Network and reporting no revenue from Bridgemoor Transitional Care. The real estate investment firm will either sell or transition operations at half of […]
Providers of nursing home care and other long-term services continued to expand their Medicare Advantage offerings into the 2021 plan year, as more operators look to gain financial control in a landscape where managed care maintains its steady march toward a Medicare majority. The number of provider-led Institutional Special Needs Plans (I-SNPs) increased from 76 […]
Successfully taking the reins of a nursing home chain during the COVID-19 pandemic may seem like an insurmountable challenge, but Kevin Morris sees only opportunity ahead — both for his company, BaneCare Management, and the industry as a whole. It’s just up to the leaders within the industry to chart a better and safer path […]
The federal government this week announced that Medicare will cover a recently approved antibody treatment for COVID-19 in a range of settings, including nursing homes. The Food and Drug Administration on Monday cleared on an emergency basis the use of bamlanivimab — a monoclonial antibody infusion — for adults with mild to moderate cases of COVID-19. […]
The federal government will increase shipments of point-of-care testing supplies to nursing homes in counties with high levels of COVID-19 community spread, while also launching a separate pilot program with yet another testing device in select states. The Department of Health and Human Services (HHS) will now send enough rapid test kits to support twice-weekly […]
Coronavirus cases among nursing home residents and staff are surging alongside community numbers in 20 states across the country, a new analysis from the Associated Press and the University of Chicago has determined. Between May and October, weekly case counts for residents jumped from 1,083 to 4,274, while deaths doubled from 318 to 699 per […]
Nursing home giant Genesis HealthCare (NYSE: GEN) is in active talks with its financial backers about several potential restructuring options amid ongoing COVID-19 financial strains, CEO George Hager indicated Monday. “We have initiated discussions with select capital partners to analyze a number of restructuring alternatives,” Hager said on the company’s third quarter earnings call with […]
Senior living and skilled nursing landlord CareTrust REIT (Nasdaq: CTRE) on Friday projected a relative period of financial calm ahead for the sector as emergency Department of Health and Human Services (HHS) funding continues to insulate its tenants from serious hardships. “The HHS provider relief funds appear to be providing our skilled nursing operators with […]
Sabra Health Care REIT (Nasdaq: SBRA) this week became the latest landlord to change its accounting for nursing home tenants Genesis HealthCare (NYSE: GEN) and Signature HealthCARE, writing off $14.3 million of non-cash rent receivables associated with the operators. The real estate investment trust (REIT) cited concerns about Genesis and Signature’s operational futures in the […]
If there’s been one constant in 2020, it’s been uncertainty — and the post-acute and long-term care landscape has seen more than its fair share. For operators and the residents they serve, that murkiness has taken the form of shifting mandates, questions about reopening their properties to vital visits from family and friends, and the […]
Nursing home operator Diversicare Healthcare Services (OTCQX: DVCR) this week announced a deal to shift all of its therapy services to a third-party provider, Reliant Rehabilitation. The Brentwood, Tenn.-based chain had previously offered rehab care under Diversicare Therapy Services, a wholly owned subsidiary. “We believe that this transition will equip us to continue to be […]
The nation’s top Medicare and Medicaid official this week called on states to boost their home- and community-based services for the elderly, arguing that the impact of COVID-19 on nursing homes has exposed a key flaw in the overall system. “The COVID-19 crisis has shone a harsh light on the human costs of a long-term […]
SavaSeniorCare on Tuesday announced a plan to transfer the operations of 48 skilled nursing facilities and assisted living properties in eight states by the end of next year, as the Atlanta-based operator looks to pivot to a more regional footprint in the wake of the pandemic. “The current state of the world brought on by […]
Senior care tech startup Curve Health raised $6 million in seed funding as the firm seeks to build on a platform developed by its founder’s previous company, the now-defunct skilled nursing telehealth provider Call9. The New York City-based Curve on Thursday announced the results of a funding round led by Lightspeed Venture Partners, with Lightspeed […]
Welltower Inc. (NYSE: WELL) took a $97 million write-down associated with properties operated by Genesis HealthCare (NYSE: GEN) amid concerns about the nursing home giant’s future, the real estate investment trust (REIT) announced Thursday. The move came as Welltower switched Genesis to cash-based reporting for its lease income, retroactive to July 1, though chief financial […]
Earlier this year, skilled nursing heavyweight The Ensign Group (Nasdaq: ENSG) raised eyebrows when it announced the return of about $110 million in federal coronavirus relief, citing record earnings in the second quarter despite the then-new pandemic. But the San Juan Capistrano, Calif.-based operator wasn’t done, setting another record in the third quarter and on […]
Slightly more than three quarters of eligible nursing homes across the country will receive a total of $333 million in federal aid after meeting infection control improvement benchmarks between August and September, the Department of Health and Human Services (HHS) announced Wednesday. The distribution marks the first payout in a $2 billion program designed to […]
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