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 […]
Petersen Health Care, which runs around 100 nursing homes and assisted living facilities across the Midwest, is preparing to file for Chapter 11 bankruptcy in the coming weeks, according to Bloomberg News. “Talks are not final and plans could change,” the Bloomberg report stated, citing unnamed sources with knowledge of the matter who asked not […]
Ventas Inc. (NYSE:VTR) sold some of its skilled nursing assets at “favorable” prices in the last quarter of 2023, and is planning more, executives for the Chicago-based real estate investment trust (REIT) said Thursday. “We’ll continue to pick our spots and be opportunistic … on disposing off certain of the Santerre assets over time, including […]
Sanford Health announced plans Tuesday to break ground on a $200 million project for a continuing care retirement community (CCRC) in South Dakota through its subsidiary, the Evangelical Lutheran Good Samaritan Society. The Good Samaritan Society executives told Skilled Nursing News that the funding for the project is an outcome of a strategy to expand […]
In the midst of lagging Medicaid reimbursements, more nursing providers are pushing states to launch quality incentive programs that are designed to enhance care and reward high-performing long-term care providers. Twenty-four states already have them in place, and the latest to join this trend is Pennsylvania. And to that end, nursing home providers in Pennsylvania […]
As Omega Healthcare Investors Inc. (NYSE: OHI) advanced on its restructuring efforts at 2023’s end, company executives said that they were finally able to have a better grasp on their outlook for 2024. And, while the company’s current fundamentals were looking strong, the looming federal staffing mandate might obscure the path forward for the sector […]
Presbyterian Homes & Services’ president and CEO Dan Lindh has announced his retirement after a career of almost five decades with the organization. The PHS board of directors has launched a national search for the next CEO. The faith-based provider of senior housing, care and services anticipates that the leadership transition with Lindh will be […]
Bottlenecks at hospitals have mounted over the last year with long wait times for patient transfers to nursing homes – recent facility closures in the sector not helping the situation. These persistent delays in discharges from emergency departments and inpatient care resulted in unnecessary hospital-level care and deep financial losses for hospitals because these delayed […]
Nursing home owners and advocates have long decried low Medicaid reimbursements to the sector across the U.S. And now leaders in New York state – home to one of the largest number of facilities – are uniting to forcefully demand change. Much like the rest of the country, closures, especially in Upstate New York, have […]
American Healthcare REIT announced Monday the terms of its expected initial public offering (IPO), saying that it was aiming to raise up to $840 million. The California-based real estate investment trust’s (REIT) primary operating partner is Louisville, Kentucky-based Trilogy Health Services, which is one of the nation’s largest skilled nursing and senior living providers. The […]
Given that a vast majority of long-stay nursing home residents are dual eligible for Medicare and Medicaid, residents and facilities alike can reap financial benefits while improving quality of care and reducing administrative burdens if federal and state policies better enabled a value-based care model that integrated the experiences of dual eligibles. This is the […]
PACS Group announced Thursday that Derick Apt will serve as the company’s new chief financial officer. “[Apt] led the way in our growth and acquisition efforts for the last several years, ensured our investment strategies were forward-thinking, and helped pave the way for future growth,” Jason Murray, CEO and co-founder of PACS, said in a […]
The Centers for Medicare & Medicaid Services (CMS) officials are looking to finalize the nursing home minimum staffing proposal in 2024, an official at the federal agency confirmed at its national stakeholder call on Tuesday. Dr. Dora Hughes, acting chief medical officer and director of the Center for Clinical Standards and Quality (CCSQ), said, “The […]
Rural states like South Dakota are requesting more funds to address challenges to nursing homes from staffing shortages, which have accelerated shutdowns and suppressed occupancy levels. South Dakota’s Department of Human Services (DHS) requested its Legislature this week for $715.8 million in funds for fiscal 2025 in order to support nursing homes and long-term care […]
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