Skilled nursing provider Absolut Care — and some of its subsidiaries — filed for Chapter 11 bankruptcy on September 10 in the U.S. Bankruptcy Court for the Eastern District of New York. The East Aurora, N.Y.-based company operates six SNFs and one assisted living facility in the Empire State, with approximately 975 employees, according to […]
Category: Finance
As the post-acute and long-term health care industry struggles through shortened lengths of stay and compressed reimbursements, an oasis has lingered just beyond the horizon: the so-called silver tsunami. If operators can wait out the current downturn, the thinking goes, the glut of baby boomers turning 80 and older over the coming years will be […]
Symphony Post Acute Network expanded its footprint into the Michigan market this week with the acquisition of Caretel Inns of Brighton and Caretel Inns of Lakeland, a pair of skilled nursing and assisted living facilities. Located in Brighton and St. Joseph, Mich., respectively, the facilities blend high-end post-acute care with assisted living units, according to […]
Officials at the University of Kansas Health System recently found themselves facing a familiar issue for hospital groups: To bolster their post-acute presence, and reduce costly readmissions, should they partner with an external operator or do it themselves? Each option comes with its own pros and cons. Some major health systems have gone all in […]
Peace Capital and its affiliated operator Complete Care Management acquired a 930-bed senior living and skilled nursing portfolio in the Ocean County, N.J. area in a $169 million deal. The transaction was financed by a $26 million mezzanine loan from the New York City-based private equity firm Northwind Group, and a $131 million senior financing […]
Diversicare Healthcare Services (OTCQX: DVCR) this week announced the successful completion of a 10-building transfer that saw the skilled nursing operator exit the Kentucky market entirely. The handoff was completed on August 30, according to a release from the Brentwood, Tenn.-based provider. Diversicare had previously announced its intention to leave the Bluegrass State back in […]
Two skilled nursing facilities in Texas formerly operated by Senior Care Centers, which declared bankruptcy last year, were purchased by a New York-based owner-operator group for $20.5 million. The facilities, located in New Braunfels and in Round Rock, Texas, were each built in 2008 and have 128 licensed beds. The SNF in New Braunfels was […]
A judge this week held the management company for the troubled Blue Ridge Rehab Center skilled nursing facility and Blue Ridge Manor assisted living facility in contempt of court, and ordered leaders to turn over records required by the third-party receiver operating the properties. If they fail, the company and its leaders could face fines […]
Welltower Inc. (NYSE: WELL) on Wednesday announced the promotion of Tim McHugh to the position of chief financial officer — as well as the departure of former CFO John Goodey. McHugh had previously held the title of senior vice president, corporate finance at the Toledo, Ohio-based real estate investment trust (REIT), and will continue to […]
With less than a month to go before the implementation of the new Medicare payment system for nursing homes, most providers should have a firm plan in place to effectively capture reimbursements on October 1. But as the Patient-Driven Payment Model (PDPM) transitions from a proposal to a reality, operators need to prepare for the […]
Capital Funding, LLC last week announced its involvement in a $36.9 million deal that saw The Portopiccolo Group pick up a pair of skilled nursing facilities in Virginia and Maryland. The transaction covered the Iliff Nursing and Rehabilitation Center, a 130-bed facility serving both pediatric and geriatric residents in Dunn Loring, Va., and the Fox […]
Ignite Medical Resorts continued its expansion this week with the acquisition of a 96-bed skilled nursing facility in partnership with the University of Kansas Health System. Formerly known as the Kansas City Transitional Care Center, the facility will be renamed Ignite Medical Resort, in Partnership with the University of Kansas Health System when the transfer […]
Diversicare Healthcare Services this week announced that its common stock has been removed from the Nasdaq exchange after officials denied an appeal of its delisting notice. The Brentwood, Tenn.-based skilled nursing operator had received an initial warning from the exchange in late December, after its market value of listed securities (MVLS) dropped below the mandatory […]
The board of directors for The Ensign Group (Nasdaq: ENSG) this week approved a plan to separate its skilled nursing operations from the remainder of its senior housing and care business lines. The San Juan Capistrano, Calif.-based nursing home giant will see its home health, hospice, and senior living business lines move into a new […]
Eric Mendel took a gradual road into the skilled nursing space, but the Avenir Healthcare CEO believes that his experience in other parts of the continuum could help create new and better pathways for residents to receive care in the right setting. Mendel has served as the CEO of the Queens, N.Y.-based Central Assisted Living […]
Officials in Tennessee broke ground on a $47 million state veterans nursing home in a ceremony in Cleveland, Tenn., the Associated Press reported Aug. 22. The 108-bed skilled nursing facility will include six 18-bedroom residential houses linked by interior shared support spaces. The U.S. Department of Veterans Affairs is contributing a $30.5 million grant, while […]
As the population of the United States ages, it’s becoming imperative for long-term care operators to come up with solutions to deal with the coming demographic wave — across a variety of settings. For Lorien Health Services — which offers a range of services from skilled nursing to assisted living to dialysis across nine facilities […]
Data continues to be the watchword in a skilled nursing marketplace where hospitals and other referral partners demand increasingly concrete information about post-acute outcomes. In response, numerous tech companies have stepped into the fray to provide potential solutions — from data analytics tools that can identify serious health issues before they escalate to a hospitalization, […]
Walker & Dunlop (NYSE: WD) on Friday announced that it had provided a $12.8 million bridge loan for the acquisition of The Grove Fox Valley, a 156-bed skilled nursing facility in the Chicago suburb of Aurora, Ill. The Bethesda, Md.-based real estate finance company originated the loan for Cascade Capital Group of Skokie, Ill., which […]
The inpatient rehabilitation facility (IRF) represents the fastest-growing asset class within the post-acute care spectrum, according to a new report from real estate services firm Colliers International — thus making it a prime target for investors in the overall real estate space. “Freestanding IRFs tend to have a healthy operating margin, and help expedite the […]