With Backing from Kaiser Permanente, Post-Acute Tech Firm IntelyCare Wraps $45M Funding Round

A software provider targeting the workforce shortage in the nursing field raised $45 million in a Series B funding round, building off earlier fundraising with the goal of continuing its expansion over the past 12 months. The Quincy, Mass.-based IntelyCare provides a platform via app for matching nurses and certified nursing assistants (CNAs) with shifts […]

Verma Touts Low SNF Provider Terminations, Wants to Give Operators Chance to ‘Turn Things Around’

The head of the Centers for Medicare & Medicaid Services (CMS) touted the agency’s changes around enforcement of quality and safety standards in a blog post published on Tuesday, as part of a series on its five-part strategy to improve care in nursing homes across the country. The strategy’s components include: strengthening oversight, enhancing enforcement, […]

$76.6M Portfolio Sale in Florida; Genesis Partners with Sava

Cushman & Wakefield facilitated the sale of a 10-property senior housing portfolio, consisting of assisted living and skilled nursing properties, for $76.6 million, REBusinessOnline reported. The portfolio includes 1,289 beds and was sold by ADME Investment Partners; Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented ADME. The buyers were not disclosed. The skilled […]

To Turn the Page on Tragedy Under Previous Operator, Philosophy Care Focuses on Transparency, Track Record

Turning around a struggling nursing home is no easy task, and that task becomes more challenging when the skilled nursing facility’s struggles played out in national headlines. But for Philosophy Care Group, the challenges of taking over a troubled facility were mitigated by the presence of a strong staff — and by the knowledge that […]

New York Nursing Home Providers Could See CON Tax Hike on New Buildings

Health care providers — including skilled nursing operators — in New York could see a new 3% surcharge on all new facilities under the governor’s proposed budget for fiscal 2021. The New York Post first reported the news earlier this week. The 2020-2021 executive budget proposes setting a certificate of need (CON) fee of 3% […]

Skilled Nursing Finance Vet: If CMS Isn’t ‘Measured’ on Medicaid Crackdown, Operators Face ‘Quite a Blow’

When it comes to the buying, selling, and financial backing of skilled nursing facilities, the new chief development officer of Senior Living Investment Brokerage has seen all angles. Steve Gilleland, who joined the Glen Ellyn, Ill.-based SLIB at the beginning of the month, worked on the lending side of skilled nursing and senior housing in […]

New York to Pull Nursing Home Residents Out of Managed Medicaid — While Also Pursuing More Spending Cuts

After a tense year of standoffs between New York nursing home providers and the state government, Gov. Andrew Cuomo outlined his budget for the new fiscal 2021 with an eye toward curbing rapidly-expanding Medicaid spending. The budget doesn’t propose specific cuts to the Medicaid program, but Cuomo’s goal is to achieve $2.5 billion in savings […]

Why 2020 Could Be the Year of PDPM Exits — and the Skilled Nursing-Led ACO

The consulting firm Avalere Health, based in Washington, D.C., has had a front-row seat for the changes shaping the health care world, including the post-acute sphere. For skilled nursing facilities, many of those changes have felt like one punch after another, ranging from the rise of Medicare Advantage enrollment to the federal government’s encouragement of […]

Skilled Nursing Operators See Disaster Ahead As CMS Takes Aim at Medicaid-Boosting Provider Taxes

The federal government has proposed a rule governing the use of Medicaid supplemental payments for nursing homes that could have drastic effects on the reimbursement they receive. But the ripples of the rule don’t stop there. They could also overhaul the taxes that providers pay in several states — taxes that in turn contribute to […]

CMS Chief Medical Officer to Leave for Role With Insurance Giant Humana

The chief medical officer at the Centers for Medicare & Medicaid Services (CMS) will be leaving the agency next month to take a new position with health insurance heavyweight Humana (NYSE: HUM). Modern Healthcare first reported the news Thursday. CMS confirmed to Modern Healthcare that Goodrich, who has also served as director of the Quality […]

Lancaster Pollard Closes $420M Refinance for 26 Plum Healthcare Skilled Nursing Facilities

Lancaster Pollard on Wednesday announced the completion of a $420 million portfolio refinancing for 26 skilled nursing facilities operated by Plum Healthcare Group. The transaction marked the first Department of Housing and Urban Development-backed loan transaction for the Carlsbad, Calif.-based Plum, according to a release announcing the deal. In 2018, the Columbus, Ohio-based Lancaster Pollard […]

Proposed Medicaid Rule Would Mean Billions in Cuts, Waves of Nursing Home Closures

With skilled nursing facilities in multiple states facing significant shortfalls in their Medicaid reimbursement, supplemental payment programs used to bolster rates have become a lifeline. This is especially true for Texas and Indiana, both of which employ programs designed to get SNFs a higher rate for Medicaid services through varying mechanisms. Both states are motivated […]

Verma: Overhaul Led to Significant Growth in ACOs Taking on Risk, But Verdict Out on Spending

A federal overhaul to the Medicare Shared Savings Program (MSSP), implemented late in 2018, has led to an increase in the number of accountable care organizations (ACOs) taking on downside risk. The redesign of the program, dubbed “Pathways to Success,” generally required new ACOs to take accountability for spending increases after two years; previously ACOs […]