Amid COVID Strains, LTC Properties Records $5.5M Write-Off From Genesis and Unnamed Operator

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 […]

Ensign CEO Port Sees Improvement in ‘Sentiment Toward Post-Acute Care’ Even Amid COVID Surges

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 […]

Call9 Founder’s New Venture Curve Health Raises $6M in Skilled Nursing Tech Push

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 Takes $97 Million Write-Down on Genesis in Wake of ‘Going Concern’ Notice

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 […]

Ensign Group to Return $23M More in Federal Relief After Another Record Quarter

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 […]

76% of Eligible Nursing Homes to Split $333M in First Round of Performance-Based Aid

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 […]

Sanford, Parent of Non-Profit Skilled Nursing Giant Good Sam, to Merge with Intermountain

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 […]

Florida Nursing Home Sells in Bankruptcy Auction; $9.75M for Mississippi SNF

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 […]

Pruitt: Funding for Private Rooms Top Challenge as Nursing Homes Look to ‘Learn from History’

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 […]

SNN Survey: Most Providers Will Survive into 2021, But Capital Providers Remain Worried About Census

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 […]

Despite COVID Revenue Hit, Omnicare’s President Sees Stronger Future for Long-Term Care Pharmacies

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 […]

Verma: Alternative Payment Model Performance ‘Deeply Concerning,’ More Mandatory Programs Ahead

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 […]

To Build the Next Generation of Nursing Homes, Players May Need to Live with Lower Profits

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 […]

Genesis’s LTC ACO Pulls in $18.8M in Shared Savings for 2019

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 […]

Dwight Capital Secures Two $20M+ Skilled Nursing HUD Loans; Helios Logs $27M Sale

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 […]

COVID Could Accelerate Skilled Nursing Consolidation as Smaller Operators Head for the Exits

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 […]