After Record Rosewood Default, HUD Tightens the Screws on Skilled Nursing Financing

Nursing home operators that have relied on government-backed financing for acquisitions and renovations can begin measuring time in two distinct eras: pre-Rosewood and post-Rosewood. The record-setting default on the Rosewood Care Centers portfolio, publicized in the New York Times, has prompted the Department of Housing and Urban Development (HUD) to take a harder line on […]

Diversicare Formally Ends Eight-Year DOJ Investigation with $9.5 Million Settlement Deal

Diversicare Healthcare Services (OTC: DVCR) on Wednesday announced that it has formally closed the book on a Department of Justice investigation that has stretched for nearly eight years. The Brentwood, Tenn.-based skilled nursing provider will pay out the $9.5 million throughout the next five years to resolve a False Claims Act case regarding its therapy […]

Monticello’s $117M Skilled Nursing Portfolio Deal; CIT Backs $93.7M Genesis Transaction

MONTICELLOAM, LLC on Tuesday announced that it had provided $117 million in first-lien debt financing for the acquisition of a 12-building skilled nursing portfolio in North Carolina and Kentucky — along with the refinance of a thirteenth SNF. The entire portfolio totaled 1,357 skilled nursing beds. The New York City-based financial company and its affiliates […]

‘CMS Loves That’: Moderate Therapy Shifts, Bureaucratic Reality Could Slow PDPM Changes

Despite steady reports of increasing reimbursements under the new Medicare payment model for nursing homes, at least one industry leader believes that the federal government will be happy with the early returns — and that any changes are fairly far down the road. Skilled nursing operators have not gone overboard with the strategy changes that […]

Lawmakers: Medicaid Supplement Crackdown Would Constrict Nursing Home Supply

A group of 27 U.S. representatives asked the Centers for Medicare & Medicaid Services (CMS) to rethink a proposal restricting Medicaid supplemental payments — claiming enforcement will lead to decreased services and fewer available nursing home beds. The controversial proposed rule, the Medicaid Fiscal Accountability Regulation (MFAR), would bring tighter regulations to state-based Medicaid supplemental […]

Buoyed by Series A Funding, Skilled Nursing Telehealth Firm Tapestry Targets Managed Care, Home Health

Fresh off a successful Series A funding round, a telehealth company that built its platform around serving rural skilled nursing facilities sees growth ahead in urban markets — as well in serving other post-acute providers along the continuum. TapestryCare last week announced the completion of a funding round led by the New York City-based Sopris […]

$76.6M Portfolio Sale in Florida; Genesis Partners with Sava

Cushman & Wakefield facilitated the sale of a 10-property senior housing portfolio, consisting of assisted living and skilled nursing properties, for $76.6 million, REBusinessOnline reported. The portfolio includes 1,289 beds and was sold by ADME Investment Partners; Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented ADME. The buyers were not disclosed. The skilled […]

ManorCare Exceeds Expectations, in Talks to Strike Post-Acute Partnerships with Health Systems

Skilled nursing giant HCR ManorCare outperformed projections in its first full year as a tenant of Welltower Inc. (NYSE: WELL), the real estate investment trust (REIT) announced Thursday, and could soon expand its footprint to include partnerships with health systems outside of its current orbit. “[The] ManorCare portfolio did not hit our expectation; it exceeded […]

Welltower to Sell Three ManorCare Skilled Nursing Facilities for $67 Million

Welltower Inc. (NYSE: WELL) on Wednesday announced the pending sale of three skilled nursing facilities operated by HCR ManorCare and ProMedica for $67 million. “The sale of these HCR ManorCare-operated facilities was initiated following an unsolicited offer and is anticipated to close in the first half of 2020,” the Toledo, Ohio-based real estate investment trust […]

400 Nursing Homes Have Closed Since Landmark 1987 Oversight Law — While Care Generally Improved

Since the landmark passage of a sweeping oversight bill in the late 1980s, hundreds of nursing homes have closed — while those that remained have increasingly taken on more difficult medical cases, according to new research from Brown University. The analysis, which focused on the effects of the Omnibus Budget Reconciliation Act of 1987 (OBRA […]

With $5M Infusion, Home Health Staffing Startup Sees Skilled Nursing Opportunity Amid PDPM Upheaval

A health care staffing startup that had initially focused on the home setting sees significant opportunity to expand into a skilled nursing space still grappling with the implications of a new Medicare payment model — and it recently pulled down a $5 million funding round to help fuel that growth. The Los Angeles-based Gento, formerly […]

Monticello Lands $32M Refinance on Single SNF; Greystone’s $62M Skilled Nursing Portfolio Deal

MONTICELLOAM, LLC and its affiliates this week announced the completion of a $32 million refinance for a 177-bed skilled nursing facility in Maryland. The New York City-based private real estate lender and asset manager, collectively known as Monticello, also provided a $2 million working capital loan through its asset-based lending arm, Monticello Commercial Capital, LLC. […]

Portopiccolo’s $64.6M, Three-SNF Pickup; Cascadia Expands in Idaho

Oxford Finance LLC closed a term loan and revolving line of credit totaling $64.6M to fund the Portopiccolo Group’s purchase of three nursing homes. The N.J.-based Portopiccolo, a family-owned private equity firm focused on skilled nursing assets, acquired one facility in Maryland and two in North Carolina, totaling 450 skilled beds and 50 assisted living […]

Omega to Divest Struggling Daybreak Skilled Nursing Portfolio, Cautiously Upbeat on Medicaid Crackdown

After multiple quarters of struggles with operator Daybreak Venture, Omega Healthcare Investors (NYSE: OHI) on Thursday announced a plan to largely purge the provider’s buildings from its portfolio. “During the course of the next several quarters, Omega anticipates transitioning, either through re-leases or sales, the vast majority of Daybreak’s existing Omega facilities,” chief operating officer […]

Ensign Rides High-Acuity Skilled Nursing Model to 6% Rate Gains Under PDPM

The Ensign Group (Nasdaq: ENSG) on Thursday announced that its skilled nursing facilities have seen rate increases of up to 6% under the new Medicare payment model, in part helping to drive the post-acute leader to another set of record earnings. The company’s established same-store facilities achieved those 6% gains, while Ensign’s transitioning facilities — […]

New Eventus CEO: Though ‘Neglected’ in Alternate Payment Models, Nursing Homes Can Outperform Hospitals

Once wary of accountable care organizations (ACOs) and other new payment models, nursing home owners and operators are beginning to turn in favor of these value-based care structures — in the hopes of gaining leverage in a complex skilled nursing market burdened by high costs of care and staffing pressures. And although the push to […]