The federal government has opened its coffers of COVID-19 relief funds to the operators of facilities that changed hands in the months leading up to the coronavirus pandemic, but the window to strike is small. In the name of expediency, the Department of Health and Human Services (HHS) rushed out relief dollars to health care […]
An executive associated with a portfolio of nursing facilities that saw a record-setting federal loan default has been indicted on a single count of equity skimming, the Department of Justice announced late last week. Mark Yampol of St. Louis faces up to five years in prison if convicted, according to the DOJ. A federal grand […]
The federal government on Friday finalized a previously proposed rule that will bring a 2.2% Medicare payment bump to the nation’s skilled nursing facilities. Under the Centers for Medicare & Medicaid Services’ (CMS) 2021 payment rule, facilities will see a total increase of $750 million in Medicare reimbursements over the next fiscal year, which begins […]
Occupancy at LTC Properties’ (NYSE: LTC) skilled nursing facilities slid from 80% at the end of March to 71% by mid-July, but the impact on operators’ ability to pay rent without deferrals has so far been minimal, leaders at the real estate investment trust (REIT) disclosed Friday. Those occupancy figures represent voluntarily submitted data covering […]
Amedisys Inc. (Nasdaq: AMED) has already logged an uptick in diversions from skilled nursing facilities as the COVID-19 pandemic rages on, and leaders at the home health giant see even more opportunity ahead with a more expansive SNF-at-home model. “We have not seen a material recovery in elective procedures, yet we have seen a significant […]
Widespread outbreaks of COVID-19 at skilled nursing facilities have increased calls to accelerate the shift to in-home care whenever possible, but one major home health provider took things a step further by floating the potential for replacing SNF care with stays at inpatient rehabilitation facilities (IRFs). Speaking on the company’s second-quarter earnings call this week, […]
As the major publicly traded players in post-acute and long-term care prepare to reveal another set of post-COVID results over the coming weeks, Sabra Health Care REIT (Nasdaq: SBRA) CEO Rick Matros remains confident that the government’s response to COVID-19 has averted severe financial strains for its tenants — at least for now. The Irvine, […]
Berkadia this week announced the completion of about $50 million in financing for skilled nursing facilities in four separate deals across the country. First up, the real estate investment firm’s Seniors Housing & Healthcare Group provided a $22.2 million loan — backed by the Department of Housing and Urban Development (HUD) — for a 157-bed […]
Developing new post-acute and long-term care infrastructure during normal times isn’t always easy — in fact, for one Illinois company, the phased opening of three new skilled nursing facilities this year represented the culmination of more than five years of work. But as COVID-19 continues to reveal the fatal shortcomings of outdated nursing home design, […]
In terms of total deals completed, long-term care operators led a health care mergers-and-acquisitions market devastated by COVID-19 — but that volume came with a significant drop in value. The long-term care space saw 158 completed transactions in the first half of 2020, according to a new report from accounting and consulting firm PwC, the […]
COVID-19 has prompted the media and general public to consider the state of the standard nursing home more closely than ever, and many national outlets have turned to the Green House model as the prime example of the way forward. These “small-house” style developments eschew the traditional institutional nursing home structure for multiple cottages with […]
Skilled nursing operators and associated providers received about $165 million in small loans under a federal program designed to keep businesses afloat during the pandemic, an analysis of public data by Skilled Nursing News has found. In turn, those 3,300 loans — all under $150,000 apiece — helped operators in the space preserve a total […]
The Department of Health & Human Services (HHS) on Tuesday released details on the reporting requirements for companies that received federal money designated for health care providers grappling with the COVID-19 pandemic. The notice of reporting requirements details the timing of future reporting for recipients of distributions from the Provider Relief Fund (PRF), created by […]
Meridian Capital Group last week announced the closure of $471 million in skilled nursing deals covering 36 buildings over the span of six weeks, according to the New York City-based finance and investment firm. The set of transactions brings the total 2020 financing haul for Meridian’s senior living housing and health care team to $1.5 […]
The average total margin for freestanding nursing homes dropped to -0.3% in 2018, according to a new report from the Medicare Payment Advisory Commission (MedPAC) — the first time that group found a negative overall margin since 1999. That said, Medicare revenue remained relatively strong in 2018, the most recent year for which data was […]
Major hospital system ProMedica received another downgrade to its credit rating, but its HCR ManorCare nursing home arm remains a bright spot amid stresses elsewhere, according to Fitch Ratings. The ratings agency late Thursday announced a downgrade of the non-profit’s issuer default rating from BBB to BBB-, while also raising its outlook from negative to […]
One day after the federal government announced an ambitious plan to send point-of-care testing units for COVID-19 to all of the nation’s more than 15,000 nursing homes, leaders in the space expressed cautious optimism — while often emphasizing that they have more questions than firm answers. Starting next week, the Department of Health and Human […]
Longwood Management Corporation, along with 27 individual affiliated skilled nursing facilities, will pay $16.7 million to settle federal allegations of rehabilitation billing fraud, the Department of Justice announced Monday. The government accused the Los Angeles-based firm of pressuring therapists to hit predetermined targets for rehab minutes under the Ultra High category, which provided the greatest […]
Walker & Dunlop last week announced the closure of $25 million in Department of Housing & Urban Development-backed financing for a skilled nursing and supportive living facility. The Bethesda, Md.-based real estate finance firm provided $10.7 million in financing for the 106-bed Landmark of Laurel Creek, a skilled nursing facility in Manchester, Ky. The property, […]
The federal government has released billions of dollars in aid to health care providers, including nursing home operators, as they try to weather the clinical and financial strains of a pandemic that shows no signs of easing in the United States. But for providers that took over facilities in the months leading up to the […]