Health care cyber attacks have been an ever-present threat for providers, including nursing homes. But the most recent attacks on Change Healthcare have had ripple effects on the industry, prompting lobbying groups and federal agencies to action. The attack in February has affected cash flow and claims processes for some nursing home operators, associations said, […]
Petersen Health Care’s sale of a number of its nursing homes is facing delays as a creditor is calling into question the Illinois-based nursing home operator’s ability to file for bankruptcy. According to an article in WCBU Peoria, the dispute centers around whether Petersen can file for bankruptcy on behalf of eight properties currently being […]
Privately owned real estate and private equity firm Pacifica Companies has added more than 560 skilled nursing beds to its portfolio in the $180.5 million acquisition of a 15-community portfolio from Retirement Housing Foundation, which is pivoting away from post-acute care. That’s according to an April 19 press release from Chicago-based specialty investment bank Ziegler, […]
With Medicare Advantage penetration on the rise, one industry leader recently described his concerns around MA rates for skilled nursing providers as a “race to the bottom.” That comment came from Paul Branin, VP of Business Development at Health Dimensions Group (HDG), during the recent Capital & Strategy conference in Washington, D.C., which was organized […]
An activist investor of National Health Investors (NYSE: NHI) has called for changes to the real estate investment trust’s (REIT’s) board of directors , ahead of lease negotiations with one of the REIT’s largest tenants, National HealthCare Corporation (NHC). Land & Buildings Investment Management issued a letter to shareholders on Thursday, urging a shakeup in […]
Evans Senior Investments (ESI) recently orchestrated the stock sale of a dual-property skilled nursing portfolio in southwest Louisiana to Tutera Senior Living and Healthcare, which will operate the facilities as well. Constructed in 1970 and 1972 and located within 10 miles of each other, the communities have a combined total of over 350 skilled nursing […]
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 […]
Skilled nursing beds continue to be associated with more operational stress among continuing care retirement communities (CCRCs) this year, despite improved occupancy from 72.4% in 2022 to 82.2% in 2023, and preliminary 2024 data showing further improvement. Fitch Ratings recorded eased labor challenges as well among skilled nursing providers as part of its “exposure draft” […]
Government leaders are cracking down on long-term care providers in Arizona, expanding health officials’ authority to monitor and fine operators in nursing homes, as well as assisted living and memory care. Legislation was signed into law on Monday, originally designed to establish minimum training standards for staff working with memory care residents, according to a […]
The federal government’s proposed Medicare payment increase for 2025 is not sitting well with the nursing home sector, with financial experts and operators raising concerns that the bump fails to compensate for inflation-induced operating costs – and a staffing proposal anticipated to cost in the billions each year. For some experts, the Centers for 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 […]
Nursing homes in Pennsylvania face a critical underfunding of Medicaid, with one in four nursing home beds currently offline due to inadequate reimbursement. Survey findings from LeadingAge PA also point toward the continuing workforce shortage, as to why so many beds are not in use. About 48% of facilities in the state have had to […]
Neil Pruitt, CEO of PruittHealth, believes that the movement toward creating all-private rooms for residents represents an industry shift to enhancing healing experiences and improving infection control. To that end, PruittHealth recently added a 104-bed luxury skilled nursing center in Beaufort, North Carolina, and a key feature of its layout emphasizes patient comfort and privacy […]
Some nursing homes in Kansas have been misclassified as continuing care retirement communities (CCRCs), resulting in the state losing close to $88 million in assessment revenue. That’s according to a performance audit conducted by the Kansas Medicaid Inspector General’s (MIG) office, which found that 68% of CCRC certifications between July 2020 and Aug. 31, 2023 […]
Two Florida-based skilled nursing facilities received $17.4 million in refinancing brokered by CFG, a subsidiary under CFG Bank. This financial arrangement, completed on February 27, 2024, involved securing two HUD loans and benefited a nationally recognized borrower. The development comes shortly after CFG’s announcement of another successful refinancing venture involving two skilled nursing facilities in […]
Over 20% of claims requesting discharge to nursing homes for ongoing care and post-acute therapy were denied by private insurers. That’s according to a recent survey conducted by Premier Inc., a group purchasing organization, which polled 516 acute-care hospitals about their 2022 claims. Approximately 15% of all claims submitted to private payers for reimbursement were […]
CFG, a subsidiary of CFG Bank, closed two HUD loans amounting to $13.55 million, facilitating the refinancing of two skilled nursing facilities in Illinois. These facilities collectively included 173 beds and the financing for both properties was finalized on February 27, 2024. The loans were secured on behalf of a nationally recognized borrower. “Our entrepreneurial […]
One of the largest nursing home operators in the U.S., Petersen Health Care, on Wednesday filed for bankruptcy, following cyberattacks and defaults on government-backed loans. The Illinois-based operator filed for Chapter 11 protection in Delaware bankruptcy court with more than $295 million in debt, according to a report from Reuters. About $45 million of that […]
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 […]
In response to the acute workforce shortage affecting Minnesota’s long-term care sector, the state has introduced a grant program aimed to support immigrant workers to attain healthcare careers, particularly in skilled nursing facilities. Launched on March 19, the grant program will be administered by the Minnesota Department of Human Services. It invites applications from local […]
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