PACS Group announced Thursday that Derick Apt will serve as the company’s new chief financial officer. “[Apt] led the way in our growth and acquisition efforts for the last several years, ensured our investment strategies were forward-thinking, and helped pave the way for future growth,” Jason Murray, CEO and co-founder of PACS, said in a […]
Category: Finance
Following the abrupt closure in December of Northview Village, St. Louis’ largest skilled nursing facility, federal agencies issued a scathing 59-page report detailing the failures of leadership immediately before and after the facility shut its doors. The U.S. Department of Health & Human Services (HHS) found the facility failed to follow its emergency preparedness plan, […]
Recent nursing home restructurings have often involved additions of other segments of the care continuum. The example of Linn Health & Rehabilitation bears this out. The Rhode Island-based provider of skilled nursing, therapy services and long-term care has opted to shift its operating structure, adding assisted living and memory care, after suffering enormous financial losses […]
American Healthcare REIT is gearing up for a significant move in the financial landscape as it eyes a $700 million initial public offering (IPO), Bloomberg reported on Tuesday. The REIT’s primary operating partner is Louisville, Kentucky-based Trilogy Health Services, which is one of the nation’s largest skilled nursing and senior living providers. “Trilogy constitutes more […]
Capital Funding Group (CFG) successfully closed a significant $19.8 million bridge-to-HUD loan, marking a strategic move in the acquisition of a 120-bed skilled nursing facility in Virginia. “The successful closing of this financing underscores our leadership in the bridge-to-HUD lending industry,” said CFG Managing Director, Real Estate Finance, Tim Eberhardt, in a press release. “With […]
Rural states like South Dakota are requesting more funds to address challenges to nursing homes from staffing shortages, which have accelerated shutdowns and suppressed occupancy levels. South Dakota’s Department of Human Services (DHS) requested its Legislature this week for $715.8 million in funds for fiscal 2025 in order to support nursing homes and long-term care […]
Three facilities being placed under state control in two years in Minnesota reflects deep troubles for the sector, with many other facilities facing similar prospects and requiring immediate financial help. The latest to be pushed into state control is the Bay View Nursing and Rehabilitation Center in Red Wing, which serves higher acuity residents. The […]
Capital Funding Group (CFG) announced the closure of a $9.5 million loan from the Department of Housing and Urban Development (HUD), facilitating the refinancing of an existing bridge loan previously executed by CFG. The funds were allocated to support a 173-bed skilled nursing facility located in Pennsylvania. The financing deal, finalized on December 20, 2023, […]
The majority of MedPAC board members voted Thursday to recommend reducing Medicare-based payment rates for skilled nursing spending by 3% for 2025, despite voicing concerns about the federal minimum staffing proposed rule. MedPAC, which stands for the Medicare Payment Advisory Commission, is made up of health care professionals who make recommendations to Congress in terms […]
Nursing home leaders from across the nation, including the largest advocacy groups for the sector, plan to oversee efforts in 2024 to increase funding – both from the federal government and through improved revenue streams as operating pressures ease slightly. At the center of these efforts is an attempt at influencing the political will and […]
The Ensign Group Inc. (Nasdaq: ENSG) announced acquisitions of two skilled nursing facilities (SNFs) on Monday. TriState Health and Rehabilitation Center, a 116-bed skilled nursing facility, is located in Harrogate, Tennessee. In a parallel transaction on the same day, Ensign also bought Hearthstone Health and Rehabilitation, a 125-bed skilled nursing facility located in Sparks, Nevada, […]
The need for Medicaid as stopgap coverage for long-term care is more apparent when looking at differences in race, gender and ethnicity, and rural versus urban status of the residents. This is according to an analysis conducted by ATI Advisory, which identified the impact of disparities and differences in resources – finances, insurance and social […]
Dealmaking in 2024 comes with cautious optimism and some apprehension from industry leaders in health care, including those in the nursing home space, as deal volume continues to be buffeted by macroeconomic headwinds. In line with the skilled nursing space, overall health services deal volumes through Nov. 15 have declined 13% compared to 2022 levels, […]
Northview Village, the largest nursing home in St. Louis, closed abruptly on Friday displacing 170 residents, with loved ones not immediately able to find them. Ahead of the closure, there was no warning for employees or residents alike as workers learned they might not be paid at the end of last week, leading to staff […]
Evans Senior Investments (ESI) has arranged a lease transaction for a substantial skilled nursing and supportive living portfolio that spans across Illinois and Missouri. ESI successfully secured a tenant and finalized a ten-year lease agreement for this portfolio, which encompasses 13 communities and over 1,600 licensed beds in both states. The lease spans a decade […]
Nursing homes and the state associations that represent them continue to put pressure on legislators to match Medicaid rates with rising costs, and change how often rebasing occurs to give operators a more even playing field. In a lot of cases, Medicaid increases helped lessen the gap between costs and stagnant rates. But, legislators still […]
Operating a skilled nursing facility today is considered a difficult business with regulations and reimbursement woes making the space “tougher every day.” As a result, some operators say they regularly budget a loss for skilled nursing services, and if it weren’t for other lines of business, skilled nursing would be unsustainable. This dire view of […]
Nursing homes and continuing care retirement communities (CCRCs) made up $191.3 billion of national health expenditures in 2022, an increase from $181.1 billion in 2021, reaching levels close to the onset of the Covid-19 pandemic. Pre-pandemic, such expenditures sat between $162 billion and $174.1 billion between 2016 and 2019, according to a survey published by […]
As the skilled nursing industry heads toward a new year with continued labor shortages and reimbursement gaps, service repositioning and closures among operators are expected trends for the space. And although there are signs of positivity in the form of increased Medicaid reimbursement in some states, extensive rural closures are creating “nursing home deserts” and […]
Decades-long underfunding of nursing homes continues to create unnecessary hardships for aging Americans as access issues deepen. And yet, attempts to change the current financial system have fallen on deaf ears. In an effort to get the attention of lawmakers in Washington, LeadingAge President and CEO Katie Smith Sloan took aim with this view at […]
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