Staffing is unequivocally, and unsurprisingly, the top challenge for the skilled nursing industry in 2022. That’s according to the Skilled Nursing News 2022 outlook survey, conducted online late last year as a way to identify the top sources of concern and opportunities leaders saw in the year ahead. Labor challenges are not only widespread, but […]
The Ensign Group (Nasdaq: ENSG) is adding five senior living communities to its portfolio. The skilled nursing heavyweight has entered into a definitive agreement with The Pennant Group (Nasdaq: PNTG) to transfer the operations of the five communities to Ensign affiliates. The communities, which are located in Washington, Arizona and California, are near skilled nursing […]
A federal court in Virginia ordered a Norfolk-based medical staffing agency, that worked with nursing homes and others across the healthcare continuum, to pay more than $7.2 million in back pay and liquidated damages after it was found to have intentionally violated federal laws by denying 1,105 health care workers overtime wages. The defendant, Medical […]
The Department of Health and Human Services (HHS) on Tuesday said it is making more than $2 billion in Provider Relief Fund (PRF) Phase 4 distribution payments to providers, including nursing homes. That brings the PRF Phase 4 total payments to $11 billion, on the heels of $9 billion released in December. This is in […]
National aging services organization LeadingAge penned a letter to President Joe Biden late last week, urging the administration to replenish $8 to $10 billion in Provider Relief Funds and establish an emergency financial program to address the staffing crisis. The proposed staffing support program would increase hourly compensation by $5 and provide one-time payments of […]
GAPS Health hopes to continue its explosive growth in the new year, by way of skilled nursing facility (SNF) partnerships and acquisitions of smaller physician practices. Dallas-based GAPS provides medical directorships to SNFs across the U.S. – the company has only been around since 2019 but is already in more than 350 facilities as of […]
Eduro Healthcare recently added two skilled nursing facilities to its Texas portfolio. The first facility, in Lockhart, Texas, closed for seven months due to damage from last year’s winter freeze. “We are excited to be the team to reopen Parkview Nursing and Rehab,” Eduro Healthcare Managing Partner Michael Bewsey said in a news release announcing […]
As the nursing home industry continues to be pressured by a broad push for home-based care, labor challenges and a continued decline in reimbursements, concern over the long-term impact of industry recovery has bled into financial opinions on non-clinical service providers. One such report issued by financial services company Jefferies Financial Group Inc. suggests these […]
Former Skyline Healthcare owner Joseph Schwartz now faces 22 felony charges in New Jersey for allegedly not paying $29.5 million in payroll and unemployment taxes, and benefit plan fraud, while he owned and operated 95 facilities in 11 states. Schwartz was reportedly arrested on Jan. 20 at his home in Rockland County, N.Y., NBC News […]
Forced to rely on short-term contracts with health care staffing agencies, a county in southern Wisconsin paid almost $850,000 to hire contracted staff to work at Bloomfield Healthcare and Rehabilitation Center in 2021 alone. In the end, however, this proved unsustainable as the cost to operate the facility had far exceeded the revenues generated in […]
Nursing home giant Consulate Health Care may be undergoing a rebranding and restructuring, according to a Tampa Bay Times report. Despite being the largest nursing home provider in Florida, and one of the largest in the country, Consulate no longer has any long-term care facilities listed in the state on the company’s website, as reported […]
The skilled nursing industry faces a challenging and uncertain road ahead now that federal funds have largely dried up, but at least for one operator this time may present new opportunities for further expansion. The Ensign Group, which a short time ago announced it would be launching an in-house real estate investment trust (REIT), continues […]
More than half of the senior care executives who partook in a recent National Investment Center for Seniors Housing & Care (NIC) survey said they anticipate operating margins to improve in the next six months, albeit diminished due to continued high labor costs. One-third of respondents expect a 1% to 5% improvement, while 16% are […]
The COVID-19 pandemic continued to put pressure on an already strained skilled nursing industry in 2021. The next 12 months will be yet another test of resilience. Looking ahead to 2022, SNFs must stay nimble and inventive to not only survive but thrive. Private equity will continue to lead the nursing home transaction market pack, […]
Some investors are most concerned about skilled nursing recovery, out of a wide range of industries, including those outside of the health care space. HilltopSecurities in a December survey found about 65% of its respondents named skilled nursing as a concerning sector for investments in 2022, with senior living just behind at 60%, followed by […]
New York City-based health care lender and asset manager MONTICELLOAM, LLC late last year announced it provided $89 million in debt financing for the refinancing of 10 skilled nursing facilities and one assisted living facility. The facilities consist of a total of 1,188 beds in California, Colorado and Iowa. SLIB Helps Sell Two Pennsylvania SNFs […]
Health system interest, along with the ongoing pandemic, has continued to drive referrals away from skilled nursing facilities and toward home health programs in 2021. WellSky, a data analytics company focused on providers across the care continuum, has seen a 15% increase in discharges to home health programs that would normally be reserved for a […]
Iowa nursing home chain QHC Facilities filed for Chapter 11 bankruptcy at the end of 2021 and is seeking a buyer for its facilities, following some of the largest federal fines assessed on any skilled nursing group in the state. Clive, Iowa-based QHC cited “crippling staffing and employee retention issues” since the onset of the […]
The skilled nursing market was anything but quiet in 2021 and some of the top lenders in the space expect that activity to continue despite persisting staffing challenges that operators now face. “We’re definitely seeing more bridge lending, especially if the owner-operator is proven. As far as new construction, we are seeing an uptick in […]
VIUM Capital closed multiple skilled nursing deals recently including a $21,250,000 acquisition loan for a Wisconsin-based continuing care retirement community and a $58 acquisition loan for a Michigan portfolio of five SNFs and one assisted living facility. The CRCC, Bria of Trinity, was purchased using bridge-to-HUD funding for a buyer looking to grow their presence […]
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