LTC Properties (NYSE: LTC) joined other real estate investment trusts (REITs) in recording a third-quarter hit from doubts about the future of Genesis Healthcare (NYSE: GEN). However, the $5.5 million write-off in straight-line rent receivable balances was tied to both Genesis and an unnamed operator, with both leases transitioned to cash-basis accounting as of September […]
Category: Finance
Even as COVID-19 surges across the U.S. heading into fall, The Ensign Group (Nasdaq: ENSG) expressed confidence that its model of local leadership can weather the storm — and provide significant operational and financial returns. Despite facing a surge of COVID-19 over the third quarter in some of its largest states — Texas, Arizona, and […]
Senior care tech startup Curve Health raised $6 million in seed funding as the firm seeks to build on a platform developed by its founder’s previous company, the now-defunct skilled nursing telehealth provider Call9. The New York City-based Curve on Thursday announced the results of a funding round led by Lightspeed Venture Partners, with Lightspeed […]
Welltower Inc. (NYSE: WELL) took a $97 million write-down associated with properties operated by Genesis HealthCare (NYSE: GEN) amid concerns about the nursing home giant’s future, the real estate investment trust (REIT) announced Thursday. The move came as Welltower switched Genesis to cash-based reporting for its lease income, retroactive to July 1, though chief financial […]
Earlier this year, skilled nursing heavyweight The Ensign Group (Nasdaq: ENSG) raised eyebrows when it announced the return of about $110 million in federal coronavirus relief, citing record earnings in the second quarter despite the then-new pandemic. But the San Juan Capistrano, Calif.-based operator wasn’t done, setting another record in the third quarter and on […]
Slightly more than three quarters of eligible nursing homes across the country will receive a total of $333 million in federal aid after meeting infection control improvement benchmarks between August and September, the Department of Health and Human Services (HHS) announced Wednesday. The distribution marks the first payout in a $2 billion program designed to […]
With a presidential election less than a week away and a pandemic still raging out of control in many parts of this country, the post-acute and long-term health care landscape finds itself on the brink of what could be both a brutal and potentially transformative winter. A shift in power in Washington could bring new […]
The parent company of a non-profit skilled nursing and senior care heavyweight is about to get even larger. Sanford Health this week announced its intention to merge with fellow non-profit system Intermountain Health, bringing 366 senior care centers operated by The Evangelical Lutheran Good Samaritan Society along with it. The two parties signed a letter […]
The Bluebonnet Point Wellness skilled nursing and rehabilitation center in Bullard, Texas, opened after nine years of planning and construction, The Tyler Morning Telegraph reported October 10. The facility includes 119 rooms, including 57 private rooms. The facility received a $1 million grant from the Texas Department of Agriculture for infrastructure assistance, a grant that […]
The final report from the Coronavirus Commission for Safety and Quality in Nursing Homes contained plenty of ideas on how to keep residents and staff safer should COVID-19 resurge or if another pandemic hits the United States. While some of the onus falls on the federal government, nursing home operators must also raise the bar […]
A recent Skilled Nursing News survey of nursing home operators found cautious optimism about the near-term future of the space, with a majority seeing a clear path to the future even without additional government support. At the same time, operators have largely been pouring that federal largesse — including CARES Act grants, Payroll Protection Program […]
James Love took the top post at one of the nation’s leading long-term care pharmacies in perhaps the most crucial and consequential month in the entire history of the sector: April 2020. In the six months since, the Omnicare president has had to navigate a post-acute and long-term care landscape forever changed by COVID-19, while […]
Even with limited data due to COVID-19, an annual benchmarking report found that the operating margin for skilled nursing facilities remained at zero for 2019. And given the costs of managing operations during the pandemic — to say nothing of the occupancy hit — the picture is bleak for margins in 2020. But for all […]
The nation’s top Medicare official this week expressed serious disappointment in the performance of alternative Medicare payment models, citing key design flaws and promising more mandatory programs to come. The Centers for Medicare & Medicaid Services (CMS) recently completed an analysis of several early attempts at value-based payment structures, with administrator Seema Verma disappointed in […]
The COVID-19 crisis exposed countless vulnerabilities in the nation’s long-term care infrastructure, but the design of the buildings themselves might loom the largest: With multiple-person rooms the norm in aging physical plants across the country, today’s nursing homes simply weren’t built with infection control in mind. And as the industry and the government look ahead […]
LTC ACO, the accountable care organization (ACO) launched by Genesis HealthCare (NYSE: GEN), brought in $18.8 million for the nursing home operator under the Medicare Shared Savings Program (MSSP) during the 2019 program year. The ACO achieved sufficient Medicare fee-for-service savings among its 5,800 beneficiaries to trigger the payment, which translates to $17 million in […]
As skilled nursing operators gather themselves together to prepare for their new era in the wake of a pandemic that has upended their sector in particular and society more broadly, there are significant lessons to be learned from the COVID-19 era, according to the leader of the largest trade organization for nursing homes in the […]
Dwight Capital closed a $25.68 million Department of Housing and Urban Development (HUD) 232/223(f) loan for Graceland Rehabilitation and Nursing Center, a 221-bed skilled nursing facility located in Memphis, Tenn., and a $23.83 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed SNF located in the Bronx, N.Y. The closings were […]
In the months leading up to the implementation of a new Medicare payment model for skilled nursing facilities, various voices predicted an exodus of smaller, mom-and-pop operators who’d rather call it a career than adapt to a completely new reimbursement system. But only a few months after the Patient-Driven Payment Model (PDPM) took effect last […]
The federal authorities that regulate skilled nursing facilities issued a slew of changes to the rules governing nursing home care in the early months of spring as part of efforts to curb the spread of COVID-19 in the facilities. Some of those changes, such as the loosening of restrictions around the use of telemedicine, are […]