Dwight Capital closed a $25.68 million Department of Housing and Urban Development (HUD) 232/223(f) loan for Graceland Rehabilitation and Nursing Center, a 221-bed skilled nursing facility located in Memphis, Tenn., and a $23.83 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed SNF located in the Bronx, N.Y. The closings were […]
Category: Finance
In the months leading up to the implementation of a new Medicare payment model for skilled nursing facilities, various voices predicted an exodus of smaller, mom-and-pop operators who’d rather call it a career than adapt to a completely new reimbursement system. But only a few months after the Patient-Driven Payment Model (PDPM) took effect last […]
The federal authorities that regulate skilled nursing facilities issued a slew of changes to the rules governing nursing home care in the early months of spring as part of efforts to curb the spread of COVID-19 in the facilities. Some of those changes, such as the loosening of restrictions around the use of telemedicine, are […]
While the skilled nursing landscape continues to struggle both operationally and financially during the COVID-19 pandemic, those same negative forces have only served to strengthen private health plans — putting Medicare Advantage in an even better position to continue its growth. Cratering census and sharp declines in elective surgeries, while fiscally devastating for nursing homes, […]
While emphasizing that the industry is much better prepared to weather a potential revival of large COVID-19 outbreaks in the fall and winter, a top nursing home leader on Tuesday called on operators to use the hard lessons learned during 2020 to improve from within. “You cannot ignore the fact that probably close to 100,000 […]
Welltower Inc. (NYSE: WELL) on Monday announced that CEO Tom DeRosa will be stepping down, with top executive Shankh Mitra promoted as his replacement. “After careful thought and consideration of the Company’s current position and opportunities ahead, the Board and I have decided that now is the right time for me to hand the reins […]
Kindred Healthcare on Monday announced the pending sale of its RehabCare business line to Select Rehabilitation, further putting distance between former skilled nursing heavyweight Kindred and the sector. The terms of the deal were not disclosed, but the Glenview, Ill.-based Select will emerge as an even larger player in the contract rehabilitation space, expanding its […]
A bill to fund the federal government and avert another shutdown also gave nursing home operators and other health care providers a significant extension on repaying advance Medicare payments offered through a COVID-19 stimulus program. The Senate passed and President Trump last week signed a continuing resolution that included a provision to delay recoupments from […]
COVID-19 is upending operations in the skilled nursing world, but when it comes to the business side of running a SNF, upheaval was taking place well before the pandemic. This was particularly true when it came to ownership of the real estate and operations. Well before the new coronavirus reality, real estate investment trusts (REITs) […]
Non-profit health system ProMedica on Friday announced that it will rebrand its HCR ManorCare chain of nursing homes and other senior living facilities under the “ProMedica Senior Care” banner. The change applies to facilities that currently operate under the Heartland, ManorCare, and Arden Courts brands, according to the Toledo, Ohio-based company. “ProMedica’s rebrand supports the […]
Major skilled nursing landlords are likely to institute rent reductions over the course of 2021 in order to help keep them afloat, according to Fitch Ratings — but the effect won’t be equally felt across all operators. In affirming twin BBB- ratings for Omega Healthcare Investors (NYSE: OHI) and National Health Investors (NYSE: NHI), Fitch […]
The federal government on Thursday announced an additional tranche of $20 billion in coronavirus relief funding for a wide swath of health care providers, with the caveat that interested parties should apply as soon as possible. Starting October 5, the Department of Health and Human Services will begin accepting applications for the Phase 3 General […]
The federal government has launched several programs intended to speed up COVID-19 testing in nursing homes, but as the sector stares down a flu season with no signs of coronavirus slowdowns, a pair of top leaders on Wednesday emphasized that the testing burden is far from solved. “We really need to understand and have a […]
On the surface, Lori Porter earned a seat on a federal commission to improve nursing home care to serve as a voice for certified nursing assistants (CNAs). As the CEO and co-founder of the National Association of Health Care Assistants (NAHCA), Porter — a former CNA herself — advocates for those vital frontline employees who […]
The COVID-19 pandemic pummeled patient volumes across the health care continuum, but for skilled nursing facilities, the sharp decline in patients has not rebounded, according to a new analysis — even as hospitals and home health see their admissions recover. Discharges to SNFs and to the home health setting fell in tandem with the decline […]
Concerns about the future of skilled nursing operators Genesis HealthCare (NYSE: GEN) and Signature HealthCARE have spread to a second public landlord, though in this case, Sabra Health Care REIT (Nasdaq: SBRA) stopped short of taking definitive action just yet. Sabra late last week disclosed that the real estate investment trust (REIT) and its auditors […]
After scoring significant successes in reducing hospital readmissions among its own nursing homes with telehealth, a major hospital network is looking to market its virtual interventions to a wider swath of post-acute and long-term care facilities. Northwell Health, the largest health care provider in New York State, saw rehospitalizations decline by up to half at […]
Omega Healthcare Investors (NYSE: OHI) on Thursday announced that it will begin recording revenues associated with tenants Genesis HealthCare (NYSE: GEN) and Agemo Holdings LLC — the legal name for its portfolio of buildings operated by Signature HealthCARE — on a cash basis, citing concerns about the nursing home operators’ future. As a result, the […]
The hopes of pretty much everyone in the country now rest on the distribution of a safe and effective COVID-19 vaccine, and for nursing home residents and their families, the stakes are even higher: With significantly elevated risk of fatalities from the novel coronavirus among the frail and elderly, the race for a vaccine is […]
The Centers for Medicare & Medicaid Services (CMS) on Wednesday announced $165 million in supplemental funding to states currently operating Money Follows the Person (MFP) demonstration programs, specifically citing COVID-19 as a key reason to encourage the movement of individuals from the nursing home setting into community resources. “The tragic devastation wrought by the coronavirus […]