In a U.S. health care landscape dominated by calls to shift from silos to episodic care, skilled nursing facilities have been feeling the pressure to expand their reach. For the Chicago-based Symphony Post Acute Network, that urge was a major driver behind its recent acquisition of Caretel Inns of Brighton and Caretel Inns of Lakeland, […]
Despite a quarter-over-quarter drop, national occupancy at skilled nursing facilities inched upward in the second quarter of 2019 as compared to last year, even as Medicare Advantage revenues took a slight tumble. The nation’s nursing homes sat at 83.3% full during the second quarter of the year, up 0.5% from the same period last year, […]
Siena Lending Group earlier this month launched a health care finance practice that its leaders say will have a significant focus on the skilled nursing industry. The asset-based lender established Siena Healthcare Finance to serve a variety of players in the space, including hospitals, home health agencies, hospice companies, and institutional pharmacies. But given the […]
Over recent years, as length of stay and reimbursement have declined in the skilled nursing space, one trend has risen steadily: the acuity of the patient population. It’s a trend that multiple executives in the skilled nursing field have observed, particularly as the industry prepares to pivot toward the new Patient-Driven Payment Model. But it’s […]
With capital chasing upside and new development dominated by high-end “medical resorts,” the availability of long-term care beds has emerged as a big-picture issue for the skilled nursing industry. While it may not be a nationwide problem just yet, certain markets — from Wisconsin to California — have begun to show the early signs of […]
Meridian Capital Group this week announced its involvement in a 19-building skilled nursing portfolio deal that saw the New York City-based finance and investment firm provide $241 million in acquisition financing. The portfolio has a total of 2,175 beds, with locations in Massachusetts, New Hampshire, Pennsylvania, Delaware, Maryland, and West Virginia. Meridian’s managing directors, Ari […]
With just two weeks to go before the new payment model for nursing homes takes effect, operators that have prepared for the changes could be expecting a significant boost in their Medicare reimbursements. But providers shouldn’t necessarily expect their investors to share in their optimism over the Patient-Driven Payment Model (PDPM). Over the course of […]
Regional Health Properties (NYSE: RHE) successfully completed the sale of four skilled nursing facilities in Alabama, Georgia, and Oklahoma for $28.5 million, Blueprint Health Care Real Estate Advisors announced last week. The deal, originally announced last month, initially consisted of three properties for $26.1 million; closing on the fourth property had been extended to late […]
Formation Capital remains a heavyweight in the private investment space for senior housing and care, but its CEO says that its skilled nursing tastes have become more opportunistic as capital continues to aggressively chase available properties. The Atlanta-based Formation this past spring sold off a 12-property skilled nursing portfolio in Virginia and Pennsylvania, and CEO […]
Skilled nursing provider Absolut Care — and some of its subsidiaries — filed for Chapter 11 bankruptcy on September 10 in the U.S. Bankruptcy Court for the Eastern District of New York. The East Aurora, N.Y.-based company operates six SNFs and one assisted living facility in the Empire State, with approximately 975 employees, according to […]
As the post-acute and long-term health care industry struggles through shortened lengths of stay and compressed reimbursements, an oasis has lingered just beyond the horizon: the so-called silver tsunami. If operators can wait out the current downturn, the thinking goes, the glut of baby boomers turning 80 and older over the coming years will be […]
Symphony Post Acute Network expanded its footprint into the Michigan market this week with the acquisition of Caretel Inns of Brighton and Caretel Inns of Lakeland, a pair of skilled nursing and assisted living facilities. Located in Brighton and St. Joseph, Mich., respectively, the facilities blend high-end post-acute care with assisted living units, according to […]
Officials at the University of Kansas Health System recently found themselves facing a familiar issue for hospital groups: To bolster their post-acute presence, and reduce costly readmissions, should they partner with an external operator or do it themselves? Each option comes with its own pros and cons. Some major health systems have gone all in […]
Peace Capital and its affiliated operator Complete Care Management acquired a 930-bed senior living and skilled nursing portfolio in the Ocean County, N.J. area in a $169 million deal. The transaction was financed by a $26 million mezzanine loan from the New York City-based private equity firm Northwind Group, and a $131 million senior financing […]
Diversicare Healthcare Services (OTCQX: DVCR) this week announced the successful completion of a 10-building transfer that saw the skilled nursing operator exit the Kentucky market entirely. The handoff was completed on August 30, according to a release from the Brentwood, Tenn.-based provider. Diversicare had previously announced its intention to leave the Bluegrass State back in […]
Two skilled nursing facilities in Texas formerly operated by Senior Care Centers, which declared bankruptcy last year, were purchased by a New York-based owner-operator group for $20.5 million. The facilities, located in New Braunfels and in Round Rock, Texas, were each built in 2008 and have 128 licensed beds. The SNF in New Braunfels was […]
A judge this week held the management company for the troubled Blue Ridge Rehab Center skilled nursing facility and Blue Ridge Manor assisted living facility in contempt of court, and ordered leaders to turn over records required by the third-party receiver operating the properties. If they fail, the company and its leaders could face fines […]
Welltower Inc. (NYSE: WELL) on Wednesday announced the promotion of Tim McHugh to the position of chief financial officer — as well as the departure of former CFO John Goodey. McHugh had previously held the title of senior vice president, corporate finance at the Toledo, Ohio-based real estate investment trust (REIT), and will continue to […]
With less than a month to go before the implementation of the new Medicare payment system for nursing homes, most providers should have a firm plan in place to effectively capture reimbursements on October 1. But as the Patient-Driven Payment Model (PDPM) transitions from a proposal to a reality, operators need to prepare for the […]
Capital Funding, LLC last week announced its involvement in a $36.9 million deal that saw The Portopiccolo Group pick up a pair of skilled nursing facilities in Virginia and Maryland. The transaction covered the Iliff Nursing and Rehabilitation Center, a 130-bed facility serving both pediatric and geriatric residents in Dunn Loring, Va., and the Fox […]