One of Petersen Health Care’s nursing homes on Monday was placed in receivership, following the Illinois operator’s bankruptcy filing in March. The Courtyard Estates of Farmington nursing home will now be overseen by a court-appointed receiver, thanks to a deal brokered by the Bank of Farmington, according to a report from Peoria Public Radio. Attorney […]
Category: Finance
The Ensign Group (Nasdaq: ENSG) announced Friday that it has acquired several skilled nursing facilities in Iowa and Colorado. Ensign acquired the real estate and operations of Greater Southside Health and Rehabilitation, an 76-bed skilled nursing facility located in Des Moines, Iowa. The real estate was acquired by a subsidiary of Standard Bearer Healthcare, Ensign’s […]
Omega Healthcare Investors (NYSE: OHI) posted a solid second quarter, reflecting continued stability and aggressive expansion in its investments. “The fundamentals of the business continue to improve,” Megan Krull, Senior Vice President of Operations, said during the company’s quarterly conference call. “While not at pre-pandemic levels, occupancy has stabilized, and the recovery, from a coverage […]
CareTrust REIT (NYSE: CTRE) has been busy with its investment pipeline this week, announcing $378 million in new investments after June 30, and on top of $268 million in investments during the second quarter. Chief Investment Officer James Callister said competition for skilled nursing acquisitions is high as oncoming improvement and post-COVID performance has resulted […]
Leaders with LTC Properties (NYSE: LTC) said Medicaid rate increases were one positive aspect from the second financial quarter, even as some of its assets were seeing occupancy issues and ongoing deferrals in rent. Occupancy “disappointingly deteriorated” among certain assets, including LTC’s skilled nursing facilities, analysts with BMO Capital Markets reported. While overall SNF occupancy […]
Evans Senior Investments (ESI) brokered the sale of a three-property portfolio in Ohio. The transaction was executed on behalf of the Mariner Management Group, Inc., an independent owner and operator seeking to exit the industry. The portfolio, which was built in stages between 1990 and 2013, consists of three communities with a total of 317 […]
Since last October’s Minimum Data Set (MDS) changes – considered the most significant since 2011 – nursing homes have faced more rigorous regulatory requirements and administrative burdens to implement them. However, these changes can serve as renewed opportunities to improve resident care through an interdisciplinary team approach, which can result in savings. To draw success, […]
Evans Senior Investments (ESI) brokered the sale of two family-owned and operated skilled nursing communities, located in Northern Indiana. Pilgrim Manor, located in Plymouth, has been a cornerstone of the community since its establishment in 1969, and underwent a significant renovation in 2012. The facility offers 78 skilled nursing beds, including 40 private rooms. Despite […]
Financial and operational challenges in a climate of ever-tightening regulation have intensified to the point where industry leaders have been continuously adapting, yet bleeding profits. In a panel discussion led by Skilled Nursing News titled, “Mandate and Margin: Skilled Nursing CEOs on Rethinking Staffing, Payments, & Strategic Business Imperatives,” executives discussed how SNF operators are […]
Challenging times facing nursing homes in Kansas are emblematic of the national trend caused by staffing shortages. About one-fourth of nursing homes in Kansas have been labeled ‘problem’ facilities – that’s about 77 of the state’s 306 buildings. About six in 10 of Kansas nursing homes are owned by for-profit companies; three-fourths of the troubled […]
Petersen Health Care’s sale of the majority of its properties to Cascade Capital Partners, a Skokie, Ill.-based real estate investment firm, was approved by a federal bankruptcy court on Wednesday. The sale allows Petersen Health Care to move forward with a significant reorganization following its bankruptcy filing in March, enabling it to stabilize its financial […]
Specialized clinical programs at nursing homes, tailored to specific patient populations, are gaining popularity. Their success and longevity depend on forging close partnerships with local hospitals to address gaps in care – a feature that is also expected to alleviate backlogs at hospitals. In creating strong clinical programs at SNFs, hospitals – can and do […]
Troubled nursing home chain Petersen Health Care is close to completing the sale of a substantial portion of its facilities, pending court approval. All but five facilities of the Illinois-based nursing home chain, which filed for bankruptcy in late March, may be sold through Petersen Acquisitions LLC, a Delaware-based limited liability company, and were put […]
‘The Safe Discharge’: Challenges Behind Balancing Care and Cost in Value-Based Care at Nursing Homes
Reimbursement issues at nursing homes are pushing operators to adapt their payment models to increase reliance on Institutional Special Needs Plans (I-SNPs) and Accountable Care Organizations (ACOs). But while these models aim to enhance care quality even as they control costs, they also bring on unique challenges, including requiring extra oversight with discharges and related […]
A skilled nursing facility located in Longview, Texas, was sold to an owner-operator of several skilled nursing facilities in Texas. Offering 108 beds, the community is approximately 24,653 square feet and sits on 3 acres of land. The community is enrolled in QIPP. The seller is a Texas-based partnership, which was selling its only skilled […]
Four nursing homes in Pittsburgh barely avoided closure after an agreement was reached on Monday to sell the properties to New York-based WeCare Center, which operates 10 facilities between the two states. The sale was approved by a bankruptcy court judge after an agreement was reached between creditors and the federal government, according to a […]
CIBC Bank provided an $85 million acquisition financing term loan and a $2 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Wisconsin. Historical performance trended positively over the last year as the facilities improved census and operating leverage, CIBC said in a press release. Going forward, occupancy and […]
Skilled nursing assets at continuing care retirement communities (CCRCs) have long been subject to downsizing for a variety of reasons, including operational challenges, the cost to care for skilled patients and regulatory hurdles. Add to this list: the severity of the nursing home survey process. Stu Almer, CEO of Gurwin Healthcare System in New York, […]
Nursing home expenditures increased by 8.3% between March and April, second only to home health. Spending grew by 7.1% across the health care continuum year over year in April, as nursing care facilities saw a 1.8% decrease in employment compared to pre-pandemic numbers, according to a report by Stephens Inc. Meanwhile, nursing care facilities saw […]
Athena Health Care Systems, once the largest owner of nursing homes in Connecticut, sold five nursing homes for an undisclosed sum to a New-York based provider. The buyer agreed to pay back taxes and debts owed to vendors and contribute $2.6 million to its employees’ health care insurance fund to cover all medical bills, according […]
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