Welltower CEO: Integra Health JV, ProMedica Exit a ‘Win’ For All Parties

ProMedica Senior Care’s ongoing efforts to rebound its portfolio — most recently through occupancy gains and lower contract labor costs — proved not to be enough to sway Welltower’s (NYSE: WELL) decision to transition and sell 147 of its skilled nursing assets, according to CEO and Chief Investment Officer Shankh Mitra. Mitra sees the deal […]

Sabra CEO: North American Portfolio Transition to Ensign, Avamere is ‘Best Possible Outcome’

Nursing home operators continue to reevaluate their position at this stage of the pandemic, as the industry continues to tackle a historic workforce shortage – some, like North American Health Care Inc., have decided to downsize in order to better manage existing properties. This shift to a more conservative strategy serves as the backdrop to […]

Sabra Shifts 24-Facility North American Portfolio to Ensign, Avamere

Sabra Health Care REIT (Nasdaq: SBRA) is divvying up a 24-property portfolio previously leased to North American Health Care Inc. to The Ensign Group and Avamere Family of Companies. Both existing tenants, Ensign (Nasdaq: ENSG) will now become one of the real estate investment trust’s (REITs) largest tenants — representing about 8% of annualized cash […]

[UPDATED] 147 ProMedica SNF Assets to Transition into New Welltower, Integra Health JV

Welltower (NYSE: Well) is selling and transitioning 147 skilled nursing facilities currently operated by ProMedica to a newly formed joint venture with Integra Health, the company announced Monday. ProMedica has agreed to surrender its 15% interest in the SNF assets involved in their existing 85/15 joint venture with the real estate investment trust (REIT) and […]

NHC Ties 3Q Revenue Decrease to Portfolio Trimming, Dried Up Government Stimulus

The third financial quarter for the nation’s oldest publicly traded senior health care company was marked by a modest decrease in net operating revenues — largely due to the lack of federal stimulus support and the offloading of seven SNFs. National HealthCare Corporation (NYSE American: NHC) ended the third financial quarter with $270,843,000 in net […]

More Health Care Job Growth in October as SNFs See Slow Climb

As health care employment numbers continue to climb, according to new federal data, nursing homes are only seeing slight job growth. Employers in health care overall saw 53,000 more jobs in October, with nursing homes seeing an estimated 4,100 more new hires, according to Bureau of Labor Statistics (BLS) data. When including residential care facilities, […]

‘The Haves and Have Nots’: Omega Closely Monitors Moves to Make Medicaid Rate Bumps Permanent

Nursing home sector leaders and financial backers are basing their future plans heavily on Medicaid rate increases seen across the country, as some states meet the moment with substantial increases to combat inflationary pressures and staffing costs. Others, meanwhile, haven’t increased rates in a meaningful way and have not kept pace with increased costs that […]

CVS Health Explores Sale of LTC Pharmacy Omnicare

CVS Health (NYSE: CVS) is eyeing the potential sale of its long-term pharmacy Omnicare, among other strategic alternatives, according to the company’s top executive. The retail and pharmacy giant recorded a pre-tax loss on assets held for sale of $2.5 billion to write down Omnicare. CVS Health President and CEO Karen Lynch said the company […]

Worrying 4.4% Cut Leaves Nursing Home Therapy Providers in Limbo 

As therapy providers in the nursing home setting, among other health care workers, are expected to absorb a finalized 4.4% cut to the 2023 Physician Fee Schedule (PFS), those impacted aren’t so sure Congress will help offset the decrease like they’ve done in years past. The Department of Health and Human Services (HHS) finalized the […]

How Therapy Providers Can Drive SNF Upside and Optimize Reimbursement

Therapy providers in the nursing home space believe their role in increasing mobility will contribute to upside in the sector – especially within the context of the Patient-Driven Payment Model (PDPM), pandemic recovery and staffing challenges. It’s a draw for prospective residents and their families, both on the short-term and long-term side, as clinical improvements […]

Cambridge Provides $10.4M HUD Loan For Dual SNF, AL Campus; Oxford Closes More Than $347M in Deals

Cambridge Realty Capital Companies provided a $10,400,000 HUD Lean loan to refinance a dual-facility assisted living and skilled nursing campus in the state of Iowa. The Views of Burlington, located in Burlington, Iowa, comprises Oakview Nursing and Rehabilitation, a 60-bed SNF, and Ridgeview Assisted Living, a 42-bed facility. Cambridge President Andrew Erkes said in a […]

LTC CEO: PruittHealth JV Fits Strategic Vision for Skilled Nursing, Portfolio Performing Well in ‘Less than Stellar’ Conditions 

Leaders with LTC Properties (NYSE: LTC) on Friday expanded more on the company’s joint venture with Georgia-based nursing home operator PruittHealth, while putting recent acquisitions in context of Medicaid rate increases – potential and finalized – across multiple states. The $62 million JV with PruittHealth to purchase three nursing homes in Florida is the real […]

Another Facility Shuttered as Montana Nursing Home Closures Continue

A skilled nursing facility in Helena, Mont. is the latest to close in the state, citing insufficient Medicaid rates and residents choosing options other than nursing homes.  Rocky Mountain Care Center, which has been in business for 45 years, announced its last day would be Dec. 24, according to a Helena Independent Record report. A […]

Ensign COO: No Slowing Down on Deals as 3Q Marks Busiest Acquisition Quarter in Years

The Ensign Group (Nasdaq: ENSG) kept busy during the third financial quarter, signing off on a whopping 17 new skilled nursing deals. Ensign COO Chad Keetch told listeners during the company’s latest earnings call on Thursday that it was “one of the biggest” acquisition quarters in several years. The San Juan Capistrano, Calif.-based operator is […]

Why the Future of Standalone Skilled Nursing Facilities Could Be Dim

The nursing home industry remains largely fragmented, evidenced by the fact that just under one-third of the sector is currently made up of single site providers. But that number is beginning to slowly decline — having fallen two percentage points over the course of the Covid-19 pandemic, according to NIC MAP Data, powered by NIC […]

ESI Closes California SNF Deal for $25M; Blueprint Advises Sale of Pennsylvania Nursing Home to Tryko Partners

Evans Senior Investments (ESI) arranged the sale of a 138-bed skilled nursing facility in Anaheim, Calif. for $25 million or $181,159 per bed. The buyer, an East Coast real estate holding company, structured the lease with a local owner/operator in the state, according to the real estate brokerage firm. Operating long-term care assets in today’s […]

Operators See ‘Glimmer of Relief’ As Staffing Concerns Shrink

While the ever-present staffing shortages have continued to challenge operators across the industry, some indications may show a “glimmer of relief” as the most severe workforce woes could be behind the industry. Just 9% of senior care operators reported severe staffing shortages at their organization — down from 25% of respondents who reported the same […]

Oxford Finance Closes $124.7M Financing for 4-Building Deal

Oxford Finance LLC announced the closing of a $124.75 million senior credit facility to finance the acquisition of four skilled nursing facilities in Maryland. Autumn Lake Healthcare, which acquired the buildings, is a management company that provides non-health care services to licensed health care centers, according to its website. Its network of independently owned and […]

Optalis Healthcare Acquires Vrable Healthcare in Latest Regional Growth Move

Optalis Healthcare has extended its reach across the state of Ohio over the course of the last year, most recently with a deal announced this week to acquire family-owned and operated Vrable Healthcare. This acquisition comes on the heels of the Michigan-based skilled nursing operator’s purchase of seven properties within The Macintosh Company portfolio earlier […]

Inbound Health Launches with $20M Round, Intentions to Scale SNF-at-Home

Minnesota-based health system Allina Health has partnered with venture capital firm Flare Capital Partners to take its SNF-at-home and hospital-at-home programs to a national platform. Allina and Flare Capital Partners announced a $20 million fundraising round on Tuesday for its new standalone company Inbound Health, a platform that enables health systems and health plans to […]