ProMedica Loses $70M in 2018 After ManorCare Skilled Nursing Acquisition

Non-profit hospital operator ProMedica announced its first set of annual financial data after acquiring skilled nursing giant HCR ManorCare last year, and the early results weren’t positive. The Toledo, Ohio-based firm reported $70 million in losses for fiscal 2018, according to an unaudited financial report for bondholders, despite a major revenue gain from absorbing approximately […]

Greystone Taps Senior Living Vet Handelson to Run Chain of 28 SNFs

Skilled nursing operator Greystone Healthcare Management announced the appointment of Stephanie Handelson, a longtime leader in the senior living industry, as CEO. Handelson formally assumed the top spot at the chain of 28 skilled nursing facilities on Monday, succeeding interim CEO Gerry Jenich. The Tampa, Fla.-based firm operates as the Greystone Health Network, with home […]

NYT: Nursing Home Closures Hit Rural America Amid Financial Hardship

The New York Times covered the wave of rural nursing home closures, which come amid financial problems and aging Americans’ changing preferences, in a deep dive published Monday. The article zeroed in on the closure of a nursing home in Mobridge, S.D., which was taken over by Black Hills Receiver after former operator Skyline Healthcare […]

Lamb: CareTrust ‘Can’t Get Enough’ Skilled Nursing Assets

Survey after survey finds that investors remain skittish about skilled nursing, but a top executive at CareTrust REIT (Nasdaq: CTRE) says his firm has the opposite problem: There just aren’t enough solid properties available to satiate its appetite. Skilled Nursing News caught up with Mark Lamb, the real estate investment trust’s (REIT) chief investment officer, […]

Colony Capital’s Barrack: Payment Variations Make Skilled Nursing a ‘Rubik’s Cube’

Colony Capital, Inc.’s (NYSE: CLNY) skilled nursing holdings don’t frequently factor into the real estate investment trust’s (REIT) quarterly conference calls, but CEO Thomas Barrack on Friday likened the industry to a specific children’s puzzle. “Skilled nursing is a Rubik’s cube. Why? Because we’re so far removed from being able to fix anything,” Barrack said […]

LTC Properties: Senior Care Centers Won’t Survive Bankruptcy, Transfer Ongoing

Executives at LTC Properties, Inc. (NYSE: LTC) don’t have high hopes that troubled tenant Senior Care Centers will survive its current bankruptcy proceedings, and the real estate investment trust (REIT) is actively negotiating its exit from the facilities. “As you know, Senior Care declared bankruptcy in December, and we don’t believe they have the ability […]

Diversicare Reports 17-Day Length of Stay Drop from 2017 to 2018

Skilled nursing operator Diversicare Healthcare Services (Nasdaq: DVCR) on Thursday reported net income of $400,000 in the fourth quarter of 2018 — and a major decline in average length of stay from 2017 to last year. “Year over year, our admissions remained relatively flat, but average length of stay decreased by 17.9 days, resulting in a […]

Investing in Staffing Doesn’t Necessarily Lead to Skilled Nursing Profits

When it comes to staffing, skilled nursing providers may be caught between a rock and a hard place. Regulators have cracked down on the industry over staffing levels, hitting several facilities with one-star staffing ratings in 2018 after payroll-based journal data showed fluctuating workforce numbers. But a data dive by accounting firm CliftonLarsonAllen (CLA) found […]

Facilities Thriving Under Current Model Poised to Take Biggest Hits Under PDPM

As skilled nursing providers prepare for a new Medicare reimbursement system, those with solid revenues under the current model may be in for the most severe declines going forward. Operators that have mastered the current Resource Utilization Group (RUG) system tend to be those projected to see reimbursement declines under the new Patient-Driven Payment Model, […]

Average Skilled Nursing Facility Loses Money on Each Resident, Every Day

The average nursing home in the United States lost four cents per patient day in the year 2017, according to a new analysis from a national accounting firm — down sharply from making $3.80 per resident every day just four years before. While the exact figure varied by region, with some areas seeing per-day net […]

What Hospitals Want: How SNFs Can Break into New Payment Partnerships

Skilled nursing facility operators frequently hear about how forging hospital partnerships is essential to their success under new payment models, but the intricacies of those interactions can often be difficult to navigate. Speaking at the National Investment Center for Seniors Housing & Care (NIC) spring conference in San Diego last week, the leader of one […]

Sabra, Senior Care Centers Reach Settlement Deal Amid Provider’s Bankruptcy

Sabra Health Care REIT (Nasdaq: SBRA) agreed to drop its claims against skilled nursing tenant Senior Care Centers amid the provider’s ongoing bankruptcy process, the REIT announced Sunday. Under the terms of the deal, Sabra will cease its actions against the Dallas-based Senior Care Centers in exchange for “certain settlement payments,” a portion of which […]

Pennsylvania SNF Sells for $20.9M; Strawberry Fields’ $21M Kentucky Play

The property associated with the Sanatoga Center skilled nursing and rehabilitation facility in Sanatoga, Penn., sold for more than $20.9 million, The Santoga Post reported Wednesday. The deal closed on Jan. 28. The property was previously owned by DELM Nursing Inc. of Kennett Square, Pa.; it was sold to a company called Santoga RE, according […]

Ensign Group Leadership Shuffle to Bring New CEO

Skilled nursing provider The Ensign Group (Nasdaq: ENSG) on Thursday announced a series of leadership changes that will bring a new CEO to the company by spring. Barry Port, currently chief operating officer of the company’s Ensign Services arm, will take the reins from Christopher Christensen effective May 30, while Christensen transitions to executive chairman […]

NIC Chief: Skilled Nursing Opportunity Lies in Senior Housing Partnerships

As value-based care models place greater emphasis on individual resident outcomes — and less importance on the particular care setting — partnerships with senior housing providers could represent a major opportunity for the beleaguered skilled nursing industry. That was the main message from National Investment Center for Seniors Housing & Care (NIC) president and CEO […]

Skilled Nursing Pressures Force CVS to Take $2.2B Hit in Fourth Quarter

Shares of pharmacy and insurance giant CVS Health (NYSE: CVS) slid on Wednesday after executives reported a $2.2 billion impairment charge related to its long-term health care business. The Woonsocket, R.I.-based CVS took the hit in the fourth quarter of 2018 due to troubles at its Omnicare arm, which provides pharmacy services to long-term health […]

NHI ‘Excited’ for Skilled Nursing Amid Senior Housing Hiccups

In an interesting role reversal, executives at National Health Investors (NYSE: NHI) expressed optimism about skilled nursing investments while handling pointed questions about some distress on the senior housing side of its business. CEO Eric Mendelsohn trumpeted his real estate investment trust’s (REIT) new partnerships with skilled nursing operators Ignite Medical Resorts and Wingate on […]