Diversicare Sees $1M Boost from Reliant Therapy Shift, Reports $25.9M in Unspent Stimulus

Diversicare Healthcare Services (OTC: DVCR) this week reported a financial boost from its decision to outsource therapy services, along with a significant cache of stimulus funds waiting for deployment. The Brentwood, Tenn.-based nursing home operator in November announced a shift from its wholly-owned Diversicare Therapy Services to Reliant Rehabilitation, a move that Jay McKnight predicted […]

LTC Properties to Transition 11 Abri/Senior Care Centers SNFs to HMG Healthcare After Default

LTC Properties (NYSE: LTC) late Thursday announced that it will transition 11 skilled nursing facilities currently controlled by Abri Health Services/Senior Care Centers to a new operator after sending a notice of default over non-payment of March rent. The Texas-based HMG Healthcare will assume operation of the 1,400-bed portfolio sometime in the second quarter of […]

Invesque: Symphony Reduction Talks Continue, No Revenue from Bridgemoor in Q4

Invesque Inc. (TSE: IVQ.U) on Thursday indicated that talks to finalize the details of a transaction to cut its exposure to Symphony Care Network, its largest skilled nursing operator tenant, continue — while recognizing no revenue from Bridgemoor Transitional Care. In the third quarter of 2020, Invesque reported that it was taking steps to reduce […]

Congress OKs Stimulus with $250M for Nursing Home Strike Teams, $200M for Infection Control, Vaccine Support

The U.S. House of Representatives on Wednesday passed a sweeping $1.9 trillion stimulus bill that contains some additional support for the nation’s beleaguered nursing homes, with President Biden expected to sign the package into law Friday. The American Rescue Plan specifically includes $200 million to support COVID-19 vaccination efforts and infection control improvements in nursing […]

Abri Health Care, Formerly Senior Care Centers, Announces Ownership Change

Senior Care Centers, which went through Chapter 11 bankruptcy proceedings over the course of 2018 and 2019, has re-emerged as Abri Health Care under the control of a new ownership group, the company announced late Tuesday. An investment group led by current management has acquired the equity in the Dallas-based Abri, according to a statement. […]

ProMedica’s Senior Care Division Sees $385M Patient Revenue Drop in ’20 Amid COVID Occupancy Declines

The post-acute and long-term care landscape has seen admissions dry up during the COVID-19 pandemic, and ProMedica was no exception. The Toledo, Ohio-based health system, which operates skilled nursing facilities and senior living properties under the ProMedica Senior Care brand, saw patient service revenue across its senior portfolio decline by $385.4 million in 2020 from […]

Welltower’s Mitra: ‘Controversial’ Genesis Investment Paid Off for REIT with Portfolio Sale, Equity Stake

Welltower Inc. (NYSE: WELL) CEO Shankh Mitra this week touted his company’s decision to largely break up with top nursing home tenant Genesis HealthCare (NYSE: GEN) — while also expressing confidence that the turnaround group brought in to stabilize the troubled operator will bring more value to the real estate investment trust (REIT). Mitra in […]

Home Health Giants Find Partners in Speeding Skilled Nursing Diversions Amid COVID ‘Fear Factor’

Home health operators aren’t the only players in post-acute and long-term care looking to capitalize on a weakened skilled nursing sector: As health systems and managed care insurers look to adapt their offerings to the post-COVID tastes of their patients, home health providers may find themselves with significant regulatory and payment tailwinds as they work […]

Walker & Dunlop’s $172M Skilled Nursing Financing; Aspen Skilled Healthcare Picks Up CCRCs

Walker & Dunlop this week announced the completion of $172 million in financing for a seven-building skilled nursing portfolio across the Northeast and the Midwest. Four of the properties were refinanced through the Department of Housing and Urban Development’s (HUD) 232/233 program, with the remaining three undergoing HUD 232 loan modification. The portfolio consisted of: […]

$257M False Claims Act Judgment Leads to Six-Entity Nursing Home Bankruptcy

Six skilled nursing entities — spanning operations, management, and rehabilitation — this week filed for Chapter 11 bankruptcy after the reinstatement of a multimillion False Claims Act (FCA) judgement against them last year. The entities themselves are part of a group of corporate affiliates of major nursing home operator Consulate Health Care, but the bankruptcy […]

Nursing Home Giant Genesis to Restructure, Voluntarily Delist from NYSE as ReGen Steps in with $50M Stake

Genesis HealthCare (NYSE: GEN) on Wednesday announced that it will voluntarily remove itself from the New York Stock Exchange — while also landing a $50 million capital infusion from ReGen Healthcare as part of an ongoing restructuring effort. ReGen’s $50 million debt investment gives the company — a health care turnaround firm — a 25% […]

Welltower to Largely End Relationship with Genesis, Bolster ProMedica Joint Venture in $880M Deal

Welltower Inc. (NYSE: WELL) late Tuesday announced that it will largely end its relationship with troubled nursing home giant Genesis HealthCare (NYSE: GEN), with its joint venture health system partner ProMedica picking up some of the buildings — while also divesting 25 properties acquired through its 2018 ProMedica JV. The Genesis exodus spans 51 assets, […]

COVID Hasn’t Caused Flood of Distressed Nursing Home Transactions, But Deals Reflect Lower Bed Counts

With federal relief propping up nursing home operations during the ongoing COVID-19 crisis, the mergers-and-acquisitions market has remained relatively stable over the past year — but buyers and sellers are already starting to adjust to a world where the full licensed bed capacity is more of a pipe dream than a realistic benchmark. Amy Sitzman, […]

Matros: Home Health Shifts ‘A Good Thing’ Ahead of Looming Capacity Crunch, But Nursing Homes Still Vital

Whether or not home health providers can maintain the volume they siphoned away from skilled nursing facilities during the pandemic has emerged as a top question for policymakers and financial analysts alike. A permanent shift from SNF to home could portend financial and operational chaos for a sector already battered by COVID-19, the thinking goes, […]

NHI: Nosediving COVID Case Counts in Nursing Homes Heartening, But Not Yet Leading to Stronger Census

The vaccine rollout at nursing homes and other congregational care settings has brought rapid and substantial declines in COVID-19 case numbers, but leaders at a top landlord in the sector say the desperately welcome trend has yet to have an impact on persistently low occupancy. “Fortunately, the rollout of the vaccine to over 94% of […]

Private Equity Ownership of Nursing Homes Leads to 10% Higher Risk of Death, 11% Increase in Spending: Study

Private equity ownership of nursing homes has resulted in a variety of negative outcomes, including an elevated risk of death for short-term Medicare patients, higher rates of antipsychotic drug use, and increased taxpayer spending on episodes of care, a new study concluded. Published as a National Bureau of Economic Research working paper, the February 2021 […]