HHS Releases $4.9B in COVID-19 Relief for Skilled Nursing Facilities

The federal government on Friday announced the distribution of almost $4.9 billion in COVID-19 relief funds directly to skilled nursing facilities, the first specific tranche of stimulus money for the industry released since the start of the pandemic. Each skilled nursing facility in the country will receive a baseline paymentof $50,000, plus an additional $2,500 […]

Price Tag for Testing All Nursing Home Residents, Staff for COVID-19 Once: $440 Million

The nation’s largest organization representing nursing homes on Wednesday pegged the one-time cost of testing each resident and staff member in the United States at $440 million, arguing that substantially more funding for long-term care will be necessary to meet more stringent testing mandates. The American Health Care Association arrived at that figure by adding […]

As CMS Relaxes Telehealth Rules, Skilled Nursing Startup Call9 Sees Second Chance at Success as Curve

Skilled nursing telehealth provider Call9 last year became another casualty of a central tension between innovation and reality: The law often takes years to catch up to new technology. But a crisis can accelerate the glacial rule-making process, and amid the COVID-19 pandemic, the federal government erased decades of telehealth law in a matter of […]

ProMedica Reports ManorCare Income Gains, $158M in CARES Act Support

ProMedica saw improvement in its HCR ManorCare nursing home business line during the first quarter of 2020, though the ongoing impact of the COVID-19 pandemic remains a long-term unknown for the health system. The Toledo, Ohio-based ProMedica pulled in $17.1 million in income associated with its ManorCare business to start 2020, according to its most […]

$32.4M HUD Loan for Chicago’s Legacy Healthcare; Kansas SNF Portfolio Lands $15.5M in Financing

Harborview Capital Partners arranged a $32.4 million Department of Housing and Urban Development (HUD) Section 232/223(f) loan for the refinancing of a 210-bed skilled nursing facility for the Chicago-based operator Legacy Healthcare. The loan features a 35-year term and “amortization at an extremely aggressive rate,” according to a statement announcing the deal. Ephraim Kutner, Jonathan […]

Fitch Ratings Drops Welltower’s Outlook to Negative Amid COVID-19 Pressures

Fitch Ratings on Wednesday revised its rating outlook for Welltower Inc. (NYSE: WELL) to “Negative,” down from “Stable,” while affirming the rating at “BBB+.” The Toledo, Ohio-based Welltower has a portfolio in which senior housing facilities accounted for 62% of net operating income as of March 31, while skilled nursing facilities account for about 15% […]

Despite COVID-19 Strains, NHI ‘On the Hunt for Skilled Nursing’ Assets

The COVID-19 pandemic has hit the skilled nursing field particularly hard, given the frailty of the residents and the challenges in securing testing and personal protective equipment (PPE) for both them and staff. But one major health care real estate investment trust (REIT) is optimistic on the possibilities of skilled nursing in the long term. […]

CareTrust Keeps 2020 Guidance Amid COVID-19: ‘There is a Possible Path Through This’

Several of the major health care real estate investment trusts (REITs) have responded to the challenges and upheaval of the COVID-19 pandemic by withdrawing their earnings guidance for the year — a move that’s entirely understandable given the number of unknowns about the impact of the resulting emergency on tenants. But the San Clemente, Calif.-based […]

With Federal Help Pending, ‘Parking Lot Guy’ Becomes Most Reliable Source of PPE for Nursing Homes

Despite promises from the federal government to speed the distribution of vital personal protective equipment (PPE) to the nation’s nursing homes, operators still find themselves paying exorbitant prices for necessary equipment — when they can even find any at all. Amid a global pandemic that laser-targets vulnerable elders, one of the most reliable PPE sources […]

Welltower: ProMedica, ManorCare in ‘Fine Shape’ Despite COVID-19 Strains on Nursing Homes

Welltower Inc. (NYSE: WELL) on Thursday provided little detail on the state of its joint venture with hospital system ProMedica, but executives insisted that the fundamentals of the business line — which includes the nursing home giant HCR ManorCare — remain strong despite COVID-19. “I will tell you that ProMedica is in fine shape,” Welltower […]

Omega: Skilled Nursing Will Come Back, But ‘No Overnight Fix’ to COVID-19 Crisis

Executives at Omega Healthcare Investors (NYSE: OHI) on Tuesday struck an upbeat tone about the long-term prospects of the skilled nursing marketplace, but with COVID-19 raging through more than a quarter of the company’s buildings, the real estate investment trust (REIT) emphasized that any kind of normalcy remains somewhere in the future. “The nursing home […]