ProMedica and Emory Healthcare are teaming up to design and build two skilled nursing and rehabilitation centers in the metro Atlanta area. As part of the agreement, ProMedica will manage the day-to-day operations of Emory’s skilled nursing facility, Budd Terrace at Wesley Woods, beginning on Sept. 1. Emory will remain involved with quality performance and […]
Category: Finance
Chicago-based specialty investment bank Ziegler announced in July it closed on $56,850,000 Series 2021 Bonds for a continuing care retirement community for not-for-profit corporation, Westminster. Located in Austin, Texas, the CCRC is comprised of 324 independent living units, 22 assisted living units and 85 skilled nursing beds, 30 of which are used for memory care. […]
Invesque Inc. (TSE: IVQ.U) admitted that current skilled nursing prices have made it think strategically about how to expand or divest in the space moving forward during its second quarter earnings call last week. It also updated its shareholders on its final series of deals with Symphony Care Network (SymCare). “Transactions have been closed at […]
Staffing demands from COVID-19 spurred a national 7.13% increase in hourly wages for certified nursing aides (CNAs) this year according to a report published by the Hospital & Healthcare Compensation Service (HCS). The spike outpaced a 2020 increase of 4.76%. Non-certified nurse aides saw the highest raise at 7.98%, up from 4.24% in 2020. Despite […]
Diversified health care company Assisted 4 Living (OTC: ASSF) on Tuesday announced it acquired Trillium Healthcare Group assets for an undisclosed sum. Trillium, a post-acute health care company with operational insight into the skilled nursing industry for more than 10 years, is a wholly-owned subsidiary of Assisted 4 Living. This isn’t the first time Braedenton, […]
More than half of Diversicare Healthcare Services (OTC: DVCR) facilities are seeing spikes in COVID-19 cases, which CEO Jay McKnight attributed to the delta variant during the company’s second quarter earnings call. The Brentwood, Tenn.-based nursing home operator had “virtually no” cases as of its first financial quarter earnings call in May, McKnight said. “We […]
Six U.S. senators have introduced the Nursing Home Improvement and Accountability Act of 2021, which would require federal health agencies to closely examine the skilled nursing industry’s staffing requirements, along with bolstered funding to Medicaid. Sens. Ron Wyden (D-Ore.), Bob Casey (D-Penn.), Richard Blumenthal (D-Conn.), Michael Bennet (D-Colo.), Sheldon Whitehouse (D-R.I.), and Sherrod Brown (D-Ohio) […]
National Health Investors’ (NYSE: NHI) skilled nursing assets are outperforming assisted and independent living properties at this stage of the pandemic. Memory care is also on the company’s list of underperforming assets. These three types of properties experienced more significant occupancy and margin pressure, driven by staffing shortages and in turn increased hourly rates and […]
Over the past month, bankers have secured multimillion dollar loans insured by the Department of Housing and Urban Development (HUD) for SNF properties in North Carolina, D.C., California and Kentucky, as the government agency continues to be one of the most reliable backers for nursing homes through the pandemic. “Over the course of COVID we […]
Although accountable care organizations (ACOs) have never been particularly popular among skilled nursing facilities, timing may be ripe to take on more risk to stay competitive in the market. ACO participation may help operators maintain referrals when so many potential residents are being diverted to home health care, hospice and other tracks along the continuum […]
CareTrust REIT (Nasdaq: CTRE), which has 158 skilled nursing facilities in its 223-asset portfolio, collected 100% of rent from its tenants in the second quarter. With an active deals pipeline that tilts heavily toward skilled nursing, the real estate investment trust (REIT) continued to be aggressive on the acquisition front in the second quarter, Chief […]
Sabra Health Care REIT (Nasdaq: SBRA) during its second quarter earnings call reported a steady increase in occupancy since December of its top eight skilled nursing operators, which make up 71% of the company’s SNF rent. The Irvine, Calif.-based real estate investment trust (REIT) noted an average occupancy gain of 601 basis points from the […]
Omega Healthcare Investors (NYSE: OHI) operators face uncertain timing of their occupancy recovery as labor shortages and delays in federal funding continue across the industry, CEO Taylor Pickett said on the real estate investment trust’s (REIT) second-quarter earnings call. In June Omega announced that a Florida operator, representing $30 million or 3% of Omega’s annual […]
Reimbursement for Medicare Part B therapy services continues to dry up despite government cash infusions, a concerning trend for rehabilitation providers, operators and the associations that represent them. The Centers for Medicare & Medicaid Services (CMS) has suggested about 2% in cuts to Part B physical and occupational therapy rates as part of its 2022 […]
California’s skilled nursing facilities will face surging fines if they don’t comply with transfer discharge hearing decisions, thanks to a bill passed last week by Gov. Gavin Newsom (D). Assembly Bill 133 increases fines from $50 to $750 per day if facilities “improperly transferred, discharged or refused to readmit a resident.” That’s a 1400% increase. […]
Diversified Healthcare Trust entered into a new management agreement with Utah-based Stellar Senior Living for nine skilled nursing communities, the REIT announced Monday. It also includes one continuing care retirement community which totals 1,152 units in Colorado, Texas and Wyoming within its Senior Housing Operating Portfolio. The deal is part of DHC’s plan to close […]
Leaders with LTC Properties (NYSE: LTC) are encouraged by skilled nursing occupancy trends, but the real estate investment trust (REIT) is still awaiting resolution on the bankruptcy of SNF operator Abri Health Care, formerly Senior Care Centers, and its Q2 2021 earnings took a hit from rent deferrals and abatements. Portfolio properties are no longer […]
The Centers for Medicare & Medicaid Services (CMS) late Thursday issued a final rule updating Medicare payment policies — namely a delay to Patient-Driven Payment Model (PDPM) pay rate changes until next year and adjustment of provider pay by 1.2%. This was a decrease for fiscal 2022 compared to the agency’s proposed 1.3% boost in […]
Skilled nursing giant The Ensign Group (Nasdaq: ENSG) continues to see patient flows revert back to normal trends, as momentum from its bolstered first quarter occupancies continues into the second quarter. The San Juan Capistrano, Calif.-based provider on Wednesday reported ‘record’ operating results for the second financial quarter ending June 30 — with adjusted earnings […]
Chicago-based specialty investment bank Ziegler announced this month it closed on $85,535,000 Series 2021 Bonds for a not-for-profit corporation with over 30 faith-based human service programs throughout New England. Part of the deal included Fair Havens, which owns and operates Quaboag Rehabilitation and Skilled Care Center, which has a total of 147 skilled nursing beds; […]
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