Diversicare To Sell Three Kentucky Facilities for $18.7M Executives with the operator Diversicare Healthcare Services Inc. (Nasdaq: DVCR) signed an agreement to sell three Kentucky properties for a combined $18.7 million, Nashville Post reported. The sales are expected to close in the fourth quarter, and will cut Diversicare’s footprint in the state to 10 facilities. The […]
LTC Properties (NYSE: LTC) is closely monitoring Senior Care Centers after fellow real estate investment trust (REIT) Sabra Health Care REIT announced the termination of its leases with the troubled provider — but it hasn’t yet seen comparable problems. “They’re not in default in anything relative to our lease,” LTC chairman, CEO, and president Wendy Simpson […]
CareTrust REIT (Nasdaq: CTRE) had a rosy report for the third quarter of 2018 — and is optimistic about what’s to come next year. “Our third quarter went about as smoothly as any in our history,” Greg Stapley, CareTrust’s chairman, president, and CEO, said on the call. “We closed on a couple of nice deals, […]
ResMed (NYSE: RMD, ASX: RMD) announced Monday that it signed a definitive agreement to acquire post-acute software provider MatrixCare for $750 million. “We were looking for another great addition to add a third leg, if you like, to the stool of our out-of-hospital software investments, and MatrixCare just came straight to the top,” ResMed CEO Mick […]
After months of repositioning, Omega Healthcare Investors (NYSE: OHI) beat analyst expectations in its third-quarter earnings, and the company expects to continue the momentum next year. “We expect that in 2019, acquisitions will meaningfully outpace dispositions as we return to our historical growth mode,” CEO Taylor Pickett said on Omega’s third-quarter earnings conference call on Monday. Omega […]
Monticello Provides $69M Financing for New Jersey Portfolio Monticello Asset Management recently raised $69 million for a New Jersey skilled nursing investor and its operating partner. Two of the New York City-based firm’s investment vehicles originated $65 million in first-lien debt financing to HP Intermediate Administrative Services, which is looking to buy a four-asset skilled […]
When looking at a Medicare Advantage (MA) contract, the first instinct of many skilled nursing providers will be to check the rates. But if they stop there, they could miss out on significant amounts of revenue. “We do know when people get a contract, they want to just look at the rates,” Steve Wermuth, a […]
Diversicare Healthcare Services Inc. (Nasdaq: DVCR) recorded a net loss from continuing operations of $7.4 million, or $1.15 per share, in what president and CEO Jay McKnight described as “a challenging quarter.” The loss was mainly attributable to a $6.4 million litigation contingency expense related to an open Department of Justice (DOJ) investigation into potential violations […]
Improving surveys, clarifying nursing facilities’ reporting requirements, and providing more detail on citations are some of the current top priorities for the Centers for Medicare & Medicaid Services (CMS). Karen Tritz, director of the Division of Nursing Homes in CMS’ Quality and Safety Oversight Group, walked through several policies and their status in a presentation […]
Preferred Care Selling Two Santa Fe Nursing Homes Preferred Care, which declared bankruptcy in November of last year, is selling two nursing homes in the Santa Fe, N.M. area, the Santa Fe New Mexican reported. Genesis HealthCare (NYSE: GEN), based in Kennett Square, Pa., is acquiring the Casa Real nursing home; the major nationwide provider […]
The New York Health Department appointed a receiver to take over Emerald South Nursing and Rehabilitation Center and Emerald North Nursing and Rehabilitation Center in Buffalo, N.Y. The move was first reported by The Buffalo News, which recently published an in-depth investigation on out-of-town investors buying up nursing homes in the area. Emerald South and Emerald […]
As skilled nursing providers start preparing for the new Medicare payment model, they need to zero in on how much money they’re making now on the various services they provide. Specifically, they need to brush up on their ICD-10 codes, which will play a key part in the setting of their reimbursement rate, as well […]
Lancaster Pollard closed 70 loans — totaling $619.1 million — that were insured by the Department of Housing and Urban Development (HUD) in fiscal 2018. Of the total closed through the program, the Columbus, Ohio-based lender logged 35 for skilled nursing facilities, for a total value of around $349.4 million and an average bed count […]
Reliant Care Management Group, based in Maryland Heights, Mo., had a busy summer. The company, which has 20 skilled nursing facilities and five assisted living facilities in Missouri and Illinois, recently executed a deal to sell the real estate of eight SNFs to Griffin-American Healthcare REIT IV, Inc. for $88.2 million. Reliant is staying on as […]
In an industry where a coming wave of customers seems to be permanently just out of reach, skilled nursing facilities have to be braced for some short-term pain. But if they take charge of their strategies and relationships, it’s possible for them not just to survive, but to thrive. That was the message from a […]
Legacy Healthcare Buys Elgin, Ill., SNF for $5M, Plans Millions in Renovations Legacy Healthcare purchased the Advocate Sherman West Court skilled rehabilitation and nursing facility in Elgin, Ill., and plans to invest $2 million in renovations, The Daily Herald reported. Most or all of the 75 staff members are expected to keep their jobs. The renovations […]
It’s been an active year for long-term care transactions, and a leading financial publication has taken notice. Long-term care led all health care segments tracked by investment bankers in deals for the third quarter of 2018 and the entire year to date, Bloomberg News reported. Out of 287 transactions announced or closed in the quarter, […]
Out-of-town investors have snapped up a third of the 47 nursing homes in the Western New York towns of Erie and Niagara since 2007, and a Sunday report from The Buffalo News questions whether care in the region has suffered as a result. Eight out of the 10 local nursing homes in Erie and Niagara rated “much […]
Despite concerns about its impending doom, the financial outlook for the Medicare program has improved considerably from where it was 10 years ago. That said, Medicare remains an extremely expensive program, Alicia Munnell and Anqi Chen, both of the CRR, noted in a research brief published last week. “U.S. health care costs as a percentage of […]
Greystone Healthcare Management to Develop $21M SNF in Florida Greystone Healthcare Management will develop a $21 million, 80-bed skilled nursing facility in Clermont, Fla. The 60,250 square-foot center will have 40 private suites and 20 semi-private rooms. Services will include specialized orthopedic, cardiac, and stroke rehabilitation programs, with an emphasis on higher-end “health care resort” touches. “The cornerstone […]
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