A Republican senator is calling on the Justice Department to open an investigation into the “egregious and flagrant conditions” at the Woodland Behavioral and Nursing Center, a nursing home that has made national headlines amid the COVID-19 pandemic. U.S. Sen. Chuck Grassley of Iowa penned a letter to Attorney General Merrick Garland on Wednesday, urging […]
Category: Finance
The Medicare Payment Advisory Commission (MedPAC)’s value incentive program (VIP) seeks to standardize the many value-based purchasing programs that are available to different care settings, including skilled nursing. In its most recent report on Medicare payment policy, MedPAC devoted a chapter to the design of a VIP for post-acute care (PAC) in order to highlight […]
CareTrust REIT (Nasdaq: CTRE) has a new CEO and is embarking on what leadership is calling a pivotal year as the company takes steps to mitigate the risk in its portfolio and pursue new avenues, while remaining active in its core business markets. It’s been a busy few months for new CEO David Sedgwick. The […]
The Ensign Group (NASDAQ: ENSG) announced it acquired the real estate and operations of The Waterton Healthcare and Rehabilitation, a 74-bed skilled nursing facility in Tyler, Texas. In a separate transaction on the same day, Ensign affiliates acquired the operations of Amarsi Assisted Living, a 103-bed assisted living facility located in Glendale, Ariz. and Citadel […]
Minimum staffing standards may be on the top of the wish list for many lawmakers, including President Biden, but they won’t likely happen overnight for nursing homes – and declining revenues may be part of the reason why. Excluding the Covid-related financial assistance provided by the federal and state governments, the industry incurred an average […]
By Nick Andrews Invesque has plans to continue to trim its portfolio in 2022 following a big fourth-quarter push that led to a record-breaking year for dispositions. The latest transactions show continued movement away from skilled nursing and toward seniors housing. Carmel, Indiana-based Invesque (TSE: IVQ.U) sold more than $210 million in assets in 2021, […]
At a time when the Biden administration stated its intent to limit private equity ownership and its “particularly dangerous model” in the skilled nursing space, it appears private equity is driving mergers and acquisition activity in long-term care. That’s according to a report from professional services firm CliftonLarsonAllen (CLA), which showed that dealmaking rebounded toward […]
Industry leaders, including nursing home executives, believe margins will increase between 1% and 5% in the next six months, thanks to an easing pandemic and occupancy recovery. Only 5% of long-term care leaders expect their margins to decrease during that time, according to the latest National Investment Center for Seniors Housing & Care (NIC) executive […]
Movement at the state and federal level has prompted an expedited shift to more private settings in nursing homes. While the trend isn’t entirely new for the industry, the push from government agencies to make it a compliance issue has garnered mixed reactions. The Biden administration called for reduced room crowding in nursing homes in […]
The Centers for Medicare & Medicaid Services (CMS) is in a “full court sprint” toward fulfilling the Biden administration’s proposed nursing home reforms first announced last week, CMS Principal Deputy Administrator Jonathan Blum said during a stakeholder call on Thursday. Twenty-one initiatives across five strategic goals will have short-, mid- and long-term timelines for implementation, […]
The Biden administration wants to make information surrounding nursing home ownership and conditions more publicly accessible. Reporting released by USA Today this week could add fuel to that fire. The report stems from the publication’s nursing home project, where USA Today researchers combed through various databases to generate their findings. Described as a “first-of-its-kind analysis” […]
The value-based purchasing program (VBP) may not be offering sufficient incentives for nursing homes to improve, particularly for low-performing facilities in areas with underserved populations. Only 0.7% of poor-performing skilled nursing facilities were able to improve enough to avoid a financial penalty under VBP, a JAMA study found – the program didn’t “offer a viable […]
It may seem impossible to remove agency use completely during the ongoing staffing crisis, with 238,000 caregivers that have left the profession since the pandemic began and workforce levels at the lowest that have been in 15 years, according to the U.S. Bureau of Labor Statistics. Meanwhile, nursing home operators may pay three to four […]
Evans Senior Investments (ESI) announced it represented the bankruptcy disposition of two skilled nursing communities in Florida tied to Consulate Health Care. The bankruptcy stemmed from a whistleblower case that resulted in a civil fraud judgment of $256 million, of which Consulate Health Care was ordered to pay $4.5 million. Both nursing homes operated under […]
Nursing homes are battling a continued workforce crisis while being three years deep into a pandemic that has disproportionately affected its residents. Looking ahead to next year, as many as 40% of residents may be displaced, as the sector’s operating margin is projected to be between -3% and -8%, according to a report released by […]
With the goal of improving the real estate investment trust’s ability to buy properties in tax-deferred structures, Welltower (NYSE: WELL) is undergoing a reorganization. The Toledo, Ohio-based REIT will become an umbrella partnership real estate investment trust (UPREIT), which involves forming a publicly traded parent company that will adopt the Welltower name. The existing REIT […]
Some skilled nursing providers have looked to improve transitions to the home as one way to build back hospital referrals, but without much direct financial incentive to do so, things like patient education and discharge planning may remain in the periphery for most operators. Value-based payment methodologies, especially for Medicare patients, provide some financial incentives […]
Norcross, Ga.-based nursing home operator PruittHealth has taken a $260 million revenue hit since the early days of the COVID-19 pandemic in March 2020 – but saw a 19% boom in demand for its home health services. That’s according to a new report released last week, which also highlighted an estimated $102.1 million in Medicaid […]
Facing skyrocketing agency rates, long-term care providers have taken it upon themselves to launch in-house agency services to meet an increasing demand for flexibility among a dwindling number of staff. Operators market the business line as the “best of both worlds,” Eileen Caffey told Skilled Nursing News – additional pay, experience in different care settings […]
While other ProMedica divisions have seen near pre-pandemic recovery, its senior care division patient volumes – which includes skilled nursing assets – are needing more time to recover. A combination of Covid-related admission volume declines, elevated expense levels and reduced government stimulus funds all played a role in stymied recovery last year, the Toledo, Ohio-based […]
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