Robert W. Hurlbut, president of Hurlbut Care Communities, knows a thing or two about battling burnout among his workers. Paying staff well along with flexibility of work schedules and retaining a family atmosphere has proven to be sure shot strategies to beat turnover. And the proof of this strategy’s success is in the results. Hurlbut […]
In its Wall Street debut on Thursday, PACS Group’s (NYSE: PACS) shares traded above the initial public offering (IPO) price to raise $450 million in funds. PACS shares closed at $23 per share, up nearly 10% above the IPO’s price of $21. This values the healthcare firm at $4 billion. The Farmington, Utah-based company raised […]
The Centers for Medicare & Medicaid Services’ (CMS) recently proposed Value-Based Purchasing Program updates include staffing provisions that are being met with provider concern, although other updates should be well received once the dust settles. Among recommended changes, CMS is proposing allowing SNFs to review and correct Payroll-Based Journal (PBJ) data beginning with the fiscal […]
In an address to care workers and unions, President Joe Biden said Tuesday that the federal government plans to release “in the coming weeks” new rules to bolster the workforce in nursing homes. The Centers for Medicare & Medicaid Services has been working on finalizing the proposed staffing mandate, with some in the industry anticipating […]
Medicare Advantage plans might lower their payments to nursing homes in 2025, to absorb the federal government’s benchmark rate cut to insurers. Nursing home advocacy groups are worried that this move by the Centers for Medicare & Medicaid Services (CMS) to cut Medicare Advantage rates may be passed on to nursing home providers. The Medicare […]
LTC Properties (NYSE: LTC) has extended a $12.7 million senior loan to Ignite Medical Resorts, a current LTC operator, for the purchase of a skilled nursing and assisted living campus in Katy, Texas. The investment is termed an unconsolidated joint venture, LTC said in a press release. The California-based real estate investment trust also said […]
A majority of discharges of mentally ill patients from nursing homes are initiated by facilities due to dangerous behaviors, and perhaps many of these patients should never have been admitted in the first place given “the challenges” at nursing homes, according to the Office of Inspector General (OIG). OIG’s review issued Wednesday suggests that of […]
As staffing challenges persist, operators are striving to make nursing homes a more attractive place to work and some simple, tried and true tactics are at play. Gauging employee well-being through annual surveys – administered quarterly for new hires – and acting on the feedback is proving to be a technique that has turned out […]
The Centers for Medicare & Medicaid Services (CMS) issued its proposed rule that updates Medicare payment policies and rates for skilled nursing facilities under the Skilled Nursing Facility Prospective Payment System for fiscal year 2025. CMS also proposed to expand the penalties that can be imposed through regulatory revision to allow for more per instance […]
As nursing homes are still in the process of updating their procedures to align with October 2023’s MDS requirements, avoiding compliance and payment problems involves having accurate data, and it all begins with its collection. Data collection has become a tough exercise in the midst of staffing challenges, and many facilities have yet to update […]
Congressional leaders released on Thursday bipartisan fiscal appropriations bills for 2024 totaling $1.2 trillion in funding, including for health care. Ahead of it, two House panels grilled the Department of Health and Human Services’ (HHS) Secretary Xavier Becerra on Wednesday during hearings on White House’s fiscal 2025 budget proposal for the department. Becerra addressed lawmaker’s […]
Clinical complexity and rising acuity at nursing homes isn’t going away any time soon so nursing homes are adapting their clinical practices and also renewing ways they train staff – and surveyors. This trend of sicker residents has led to a hospital-like sorting and prioritizing of patients in a manner similar to a triage, said […]
PACS Group filed for an initial public offering with the Securities and Exchange Commission (SEC) on Wednesday, citing focus on growth plans in its filing. “As we continue to grow, we intend to explore additional purchases of real-estate assets, through purchase options or right-of-first refusals in existing leases, as well as acquisitions and de novo […]
Inflation and the shortage of skilled care workers were the main drivers of increases in the rising costs of long-term care services in 2023, with skilled nursing rooms posting the highest increase. Genworth’s latest Cost of Care Survey released Tuesday found that since 2022, the national annual median cost of a semi-private room in a […]
Ahead of President Biden’s State of the Union address Thursday, a final rule mandating staffing limits and calling for greater Medicaid payment transparency was submitted for regulatory review to the Office of Management and Budget (OMB). And while in addressing the joint session of Congress, Biden failed to mention the reforms contained in the rule […]
CareTrust REIT (NYSE: CTRE) announced Wednesday the acquisition of three skilled nursing facilities for approximately $55.6 million across Texas and Missouri. The portfolio consists of 210 skilled nursing beds and 24 assisted living units, and will be added to CareTrust’s existing master lease with affiliates of PACS Group, which have been operating the facilities for […]
Bernie McGuinness has spent three decades in the nursing home industry, rising from a certified nurse aide (CNA) to reach the pinnacle as former CEO of Majestic Care. But the road for McGuinness has hardly ended there. Now, he is venturing into ownership with Journey Skilled Nursing. McGuinness, president and CEO of Journey, sat down […]
About a year ago, Illinois-based Heritage Operations Group significantly reduced its skilled nursing footprint, divesting almost half of its 44 skilled nursing facilities and an assisted living facility. At the time, the company cited added challenges posed by staffing shortages and increased staffing costs amid a challenging economic climate. But a year makes a difference. […]
Medicare fraudster Philip Esformes pleaded guilty on Thursday to health care fraud, laying to rest a longstanding effort to prosecute him after his 20-year sentence was commuted by former President Donald Trump. Esformes, previously convicted of one of the biggest Medicare frauds in 2019 for his involvement in a billion-dollar Medicare fraud scheme, pleaded guilty […]
Even as operating pressures and staffing shortages persisted at nursing homes, long-term care corporate executives with multi-facility organizations were paid 3.69% more in 2023 compared to the previous year. This represents an increase from the 3.17% salary jump reported in 2022. And, there’s a planned increase of 3.45% on average expected from 2023 to 2024 […]
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