The senior care division of non-profit hospital system ProMedica took a serious revenue hit amid the COVID-19 pandemic — like many other post-acute and long-term care providers — but significant federal relief helped the HCR ManorCare owner offset the strain. The Toledo, Ohio-based ProMedica’s senior care business line, which includes its HCR ManorCare skilled nursing […]
Category: Finance
The number of new COVID-19 cases in nursing homes reported to the federal government at the end of July surpassed its previous high-water mark back in May, a new analysis from a leading trade group determined. The nation’s nursing facilities reported 9,715 confirmed COVID-19 infections during the week ended July 26, the American Health Care […]
The infectious nature of COVID-19 makes it imperative that skilled nursing facilities take extra precautions around any new admissions that they bring in, as well as any residents that are returning from a hospital stay. According to the Centers for Disease Control and Prevention (CDC), the procedure for SNFs is straightforward: Keep any COVID-19-positive patients […]
The costs of operating a skilled nursing facility have increased significantly during the COVID-19 pandemic, and a new survey from the nursing home trade group American Health Care Association indicates that providers may not be able to keep up with them much longer. The survey, which drew from the responses of 463 nursing home providers […]
Walker & Dunlop facilitated a $16.41 million financing for three skilled nursing facilities in central Colorado through the Department of Housing and Urban Development’s (HUD) LEAN 232/233(f) refinance program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The facilities were the 99-bed Pioneer Health Care Center in Rocky Ford, Colo., the 56-bed Paonia […]
The leader of the nation’s largest trade group for nursing homes on Tuesday expressed confidence that with a COVID-19 vaccine in hand by the start of 2021, the nursing home industry can begin to rebuild after “the roughest five months in the history of the sector.” “If the pandemic is over at the end of […]
The federal government’s latest targeted coronavirus aid for nursing homes will consist of four separate programs, with a significant portion of the $5 billion price tag doled out based on operators’ performance in monthly value-based competitions. Of that pledged total, the Department of Health and Human Services (HHS) will distribute half — or $2.5 billion […]
The future of one of the largest skilled nursing operators in the U.S. is deeply uncertain because of the COVID-19 pandemic, and that uncertainty extends to the actual effects of the emergency — which in one state could be crippling and in another, barely noticeable depending on the extent of the disease spread. For the […]
UPDATE, August 11: An earlier version of this story indicated that a portion of the $5 billion in relief funding for nursing homes will be based on prior performance. Speaking at a virtual event Tuesday, American Health Care Association president and CEO Mark Parkinson clarified that the value-based initiatives will be exclusively prospective, with only […]
Citing significant financial strain related to the ongoing COVID-19 pandemic, nursing home giant Genesis HealthCare (NYSE: GEN) on Monday expressed serious concerns about its future — while also raising the specter of a potential bankruptcy filing. “Without giving effect to the prospect, timing and adequacy of future governmental funding support and other mitigating plans, many […]
New Jersey nursing facilities with private equity ownership or investors had higher rates of COVID-19 infections and deaths, a new report from a financial reform advocacy group determined. At properties either wholly owned by private equity firms or backed by such companies, the coronavirus fatality rate was 10.2% higher than the statewide average, the Americans […]
The federal government has pumped billions in aid from the CARES Act into nursing homes, which have been battered by the COVID-19 pandemic and need far more resources than they have in years past to provide care for their medically frail, almost-always elderly residents. But as the amount in aid has risen, so has media […]
For many potential skilled nursing investors, the threat of government action — either through new regulations or wholesale changes to payment models — has represented one of the largest risks. But while COVID-19 has brought unprecedented operational strain to nursing homes across the country, leaders at major health care landlord CareTrust REIT (Nasdaq: CTRE) believe […]
The Ensign Group’s (Nasdaq: ENSG) skilled nursing facilities, like many others across the U.S., have been hit by the COVID-19 pandemic, and received federal government assistance to help ease the financial strains caused by the emergency. But the San Juan Capistrano, Calif.-based operator is doing well enough that it raised its 2020 annual earnings guidance […]
Occupancy at Sabra Health Care REIT’s (Nasdaq: SBRA) skilled nursing facilities tumbled 811 basis points since the start of the COVID-19 pandemic, but executives remained upbeat about the shift toward Medicare-funded services — even if the rafts of federal relief cash muddy the overall valuation picture. That census decline sits slightly higher than other industry […]
Omega Healthcare Investors (NYSE: OHI) reported that it collected 99% of contractual rent and mortgage payments for the month of July, with the exception of one skilled nursing operator that had been struggling well before the COVID-19 pandemic hit — a testament to the various financial aids provided by state and local governments. But Omega […]
Welltower Inc. (NYSE: WELL) CEO Tom DeRosa didn’t mince words on Thursday when describing the impact of COVID-19 on the real estate investment trust’s (REIT) senior care tenants. “When we last spoke with you in early May, Welltower was in the midst of the most challenging period in the company’s history,” DeRosa said on REIT’s […]
Health care providers that received more than $750,000 in federal awards from the federal coronavirus Provider Relief Funds (PRF) will face a single audit or program-specific audit, and they need to ensure that the funds are used in accordance with the federal government’s terms and conditions — especially since they can’t be classified as a […]
Sabra Health Care REIT (Nasdaq: SBRA) on Wednesday announced the $18.4 million sale of a skilled nursing and transitional facility leased to operator Genesis HealthCare (NYSE: GEN), formally concluding a long-term disposition plan that began in 2017. The August 1 transaction also saw the unnamed buyer assume $17.6 million in mortgage debt, backed by the […]
The federal government is proposing a range of reductions to Medicare reimbursement for various Part B therapy services as part of its Medicare Physician Fee Schedule for the calendar year 2021, including physical, occupational and speech-language services in skilled nursing facilities. The fee schedule was announced by the Centers for Medicare & Medicaid Services (CMS) […]