The state of Wisconsin was notified Friday that a skilled nursing facility formerly operated by Dycora Transitional Health and Living — and currently in receivership — will be closing next year. The Milwaukee Journal Sentinel first reported the news. The state Department of Health Services had previously approved the SNF’s relocation plan for residents. The […]
Category: Finance
The long-term and post-acute care industry’s reaction to a new federal abuse warning icon for nursing homes was swift and negative when the plan was first announced last month — and now another voice has entered the fray to claim that the icons may actually do more harm than good. Leaders from AMDA, the Society […]
After the non-profit ProMedica Health System took over the operations of HCR ManorCare in a blockbuster deal last year, the skilled nursing entity continues to help improve the system’s shaky financial results. The Toledo, Ohio-based ProMedica reported an operating loss of $102.8 million for its ProMedica Insurance Corporation arm for the nine-month period ending September […]
Earlier this fall, a decades-old annual survey of nursing home finances revealed that for the first time, the median operating margin for the nation’s skilled nursing facilities fell below zero. While the statistics from consulting firm CLA weren’t necessarily surprising, given the micro- and macro-level challenges facing nursing home operators over the last decade, that […]
In another sign of the shifting paradigm in post-acute care, home health agencies beat out the skilled nursing setting as the most likely post-acute referral destination — while SNF admissions dropped in all 50 states from last year. That’s according to the 2019 Industry Trend Report from Trella Health, which analyzes Medicare Part A and […]
Executives at the largest skilled nursing operator in the U.S. on Wednesday reiterated their optimism about the impact of the new Medicare reimbursement system on their businesses — and expressed some hope that Medicaid payments nationally might start to improve. “I think we’ve got terrific visibility now on PDPM, and so on the Medicare side […]
Early PDPM Claims Data Reveals Far More Winners Than Losers, ‘Impossible Combinations’ of Conditions
The first round of claims data under the new Medicare payment model for nursing homes shows that the majority of operators are seeing reimbursement boosts — while some are also making key billing mistakes that could result in missed payments for certain services. The average skilled nursing facility saw Medicare reimbursements of $614.96 per patient […]
After already losing 20 nursing homes over the course of the last year-plus, one in four facilities remain at risk of closure in Massachusetts, according to a long-term care trade group in the state. Citing a new report from advisory firm CLA, the Massachusetts Senior Care Association late last week warned that 95 of the […]
Strawberry Fields REIT this week announced the $3.15 million acquisition of The Waters of Muncie, a skilled nursing facility in Muncie, Ind. The all-cash deal for the 72-bed facility now brings the real estate investment trust (REIT) to 74 nursing homes, a spokesperson for Strawberry Fields told SNN. “The Waters of Muncie is a well-located […]
The structure and finances of private equity investors in the skilled nursing space have come under the federal microscope, with two U.S. senators and a U.S. representative demanding answers from four major firms about their investment in nursing homes. Presidential hopeful Sen. Elizabeth Warren, along with Sen. Sherrod Brown and Rep. Mark Pocan, sent strongly-worded […]
The federal government has spent the last few years focusing on staffing as a key area of improvement for nursing homes, requiring operators to provide payroll-based evidence of their labor hours and tightening the requirements for achieving the top scores — all based on the assumption that there’s a direct line between staffing and quality. […]
One of two skilled nursing facilities in Connecticut with a respiratory unit was placed into voluntary receivership on November 5, raising concerns about access to such care in the state. The Republican-American first reported the news over the weekend. The state Department of Social Services (DSS) placed Waterbury Gardens for Nursing and Rehabilitation under the […]
Medicare Advantage, a frequent source of headaches for skilled nursing operators, remains overwhelmingly popular among seniors, according to a new poll — and its growth has come even as many enrollees remain unaware of their options when they turn 65. About 94% of seniors with Medicare Advantage plans reported being “satisfied,” a poll commissioned by […]
Staffing struggles are nothing new for skilled nursing operators, but one provider in Ohio specifically credits investments in staffing and culture for its recent growth. Foundations Health Solutions, a skilled nursing and physical therapy company that operates 57 properties across Ohio, has boosted margins and expanded its footprint by streamlining the relationships between corporate, clinical, […]
The influx of cash into the nursing home world from outside investors such as private equity firms came under fire during testimony in a hearing of the House Ways and Means Committee on Thursday. The hearing focused on the costs — both financial and social — of caring for elderly Americans, with testimony from caregivers, […]
Since the day the new Medicare payment model for nursing homes was announced in 2018, leaders in the space have predicted a wave of sell-offs as small operators head for the exits rather than adapt. The jury remains out on the Patient-Driven Payment Model’s (PDPM) near-term effects on nursing home sales, but executives at one […]
Capital Funding, LLC announced the closing of a $14.7 million of a real estate term loan for a skilled nursing facility in Utah, which closed on October 3, 2019. The Baltimore-based Capital Funding helped owner Stonehenge of Utah to refinance existing debt and buy out Stonehenge of American Fork, minority partners of a 119-licensed bed […]
Operators that have historically thrown all of their eggs into the therapy basket will fare worse than others under the new Medicare payment model for nursing homes, Genesis HealthCare (NYSE: GEN) CEO George Hager said Wednesday — and that includes a subset of his own facilities. “Those providers that maybe pushed therapy, really high-end therapy […]
A pair of companies with presences in the skilled nursing space on Tuesday announced new chief financial officers — with a promotion at a real estate investment trust (REIT) and a retail-industry veteran for a Midwest operator. The board of National Health Investors (NYSE: NHI) promoted John Spaid to the CFO spot effective this past […]
Two different legislative proposals in the state of Washington call for a change in how the state calculates Medicaid reimbursement for skilled nursing facilities. But the changes – if they take effect – may not be in time to save more facilities from closure, according to one trade group. Northwest News Network first reported on […]