Two different legislative proposals in the state of Washington call for a change in how the state calculates Medicaid reimbursement for skilled nursing facilities. But the changes – if they take effect – may not be in time to save more facilities from closure, according to one trade group. Northwest News Network first reported on […]
Category: Finance
Skilled nursing facilities will become more financially stable under the new system for Medicare reimbursement – which is a good sign for their landlords, according to Moody’s. Specifically, the stabilized cash flows under the Patient-Driven Payment Model (PDPM) are set to improve real estate investment trusts’ (REIT) credit standing, allowing more investments in this sector, […]
Stabilizing and turning around a single skilled nursing facility can take up considerable time and resources for any one provider. Turning around an operating company with more than 200 buildings and a multitude of internal systems takes even longer. Consulate Health Care needed multiple years. Chris Bryson who joined the Maitland, Fla.-based operator in September […]
CareTrust REIT (Nasdaq: CTRE) on Friday announced a pending $37 million deal to sell six skilled nursing facilities in Michigan after the associated operator indicated its intention to leave the buildings — and also stop paying rent during the transition. The San Clemente, Calif.-based real estate investment trust (REIT) discovered this past quarter that Metron […]
The first round of earnings calls these past two weeks revealed few firm outcomes related to the new Medicare payment model for nursing homes, but one provider was identified as potentially ahead of the curve: Signature HealthCARE. Omega Healthcare Investors (NYSE: OHI) chief investment officer Robert Stephenson on Wednesday praised Signature, one of its tenants, […]
The court-appointed receiver for the former Atrium Health & Senior Living portfolio in Wisconsin and Michigan on Thursday announced that a new owner and operator has been found for the remaining seven centers in receivership. Last year, the Circuit Court of Wood County appointed attorney Michael Polsky as the receiver for 33 Atrium Health and […]
Prior to the advent of the new Medicare payment model for skilled nursing facilities, Genesis HealthCare (NYSE: GEN) CEO George Hager predicted that his company would see expense reductions of 12% — primarily through an increased emphasis on group and concurrent services. So far, at least according to Hager, the company has come through on […]
Blueprint Healthcare Real Estate arranged the sale of a vacant 150-bed skilled nursing facility in Southeast Ohio. The Chicago-based brokerage worked with a real estate investment trust (REIT) owner and its national skilled operator tenant, which was looking to exit the state. The property was designated a Special Focus Facility, the federal government’s list of […]
Despite showing long-term optimism about Daybreak Venture, executives at Omega Healthcare Investors (NYSE: OHI) on Wednesday revealed an ongoing plan to replace the struggling skilled nursing operator at many of its facilities in Texas. The two parties have mutually agreed to work toward a deal that would “selectively downsize” Daybreak’s footprint across the Lone Star […]
Omega Healthcare Investors (NYSE: OHI) on Tuesday announced the formal completion of a $735 million deal to acquire 58 skilled nursing facilities — with Consulate Health Care confirmed the primary operator involved in the transaction. First announced back in August, the deal closed on October 31, and saw the real estate investment trust (REIT) acquire […]
Special Medicare Advantage plans for long-term nursing home residents have emerged as a significant growth opportunity for operators in the space, but state governments around the country may not necessarily be on board. In fact, states may see Institutional Special Needs Plans (I-SNPs) as directly in opposition to their goal of shifting residents away from […]
The Ensign Group (Nasdaq: ENSG) this week delivered on a promise to continue its rapid expansion, announcing the acquisition of six more skilled nursing properties — to bring its total portfolio to 208. The first set of properties includes three buildings in San Antonio, Texas: Hunters Pond Rehabilitation and Healthcare, a skilled nursing facility with […]
Formed only last year, a small skilled nursing operator with a presence in the South recently made a significant push into Wisconsin, taking over seven properties out of receivership. When Bedrock Healthcare LLC, founded in part by former nursing home administrator Kenny Nichols, assumed operations of the facilities early last month, the move substantially expanded […]
LTC Properties, Inc. (NYSE: LTC) is still navigating the aftermath of bankruptcies with two of its skilled nursing operators — with plans to offload the assets operated by Preferred Care, and a potential end to the protracted Senior Care Centers fight on the horizon. The latter company, which declared bankruptcy in December of last year, […]
Walker & Dunlop provided a $28.3 million bridge loan for a buyer to purchase Pleasant Bay Campus, a 194-bed facility in Brewster, Mass., which offers both skilled nursing and assisted living services from operator Pointe Group Care. With plans to renovate the property during the 24-month bridge loan term and later move to permanent Housing […]
More than a year after falling into a court-mandated receivership, 22 senior housing and care facilities previously run by Atrium Health & Senior Living are tentatively set to change hands in a few weeks. North Shore Healthcare on Friday announced that it had reached an agreement to buy the portfolio, which consists of 16 post-acute […]
The move to the Patient-Driven Payment Model (PDPM) at the beginning of October was marked by reports of provider mandates to increase the proportion of group and concurrent therapy services as a cost-saving measure. But if SNFs that never used the models under the old Resource Utilization Group (RUG) system suddenly go right up to […]
Despite spinning off a significant chunk of its business lines into a separate company this year, executives at The Ensign Group (Nasdaq: ENSG) are confident that they can continue growing at the same rate as in the past. The San Juan Capistrano, Calif.-based skilled nursing operator again turned in strong quarterly earnings stats, with increased […]
Among properties in the senior housing and care space, skilled nursing facilities tend to be the oldest, with new construction largely constrained to higher-end rehab facilities — sometimes called “medical resorts.” While rehab continues to drive new development in the nursing home space, Skilled Nursing News found a variety of unique projects across the country, […]
Walker & Dunlop provided $28.3 million in bridge financing for the acquisition of the 194-bed Pleasant Bay Campus in Brewster, Mass., which features skilled nursing and assisted living services The campus, operated by Point Group Care, includes the 59-bed assisted living facility The Woodlands at Pleasant Bay and the 135-bed Pleasant Bay Nursing and Rehabilitation […]