SLIB Closes $12M, Two-SNF Deal; Elderwood Acquires Vermont Nursing Home

Senior Living Investment Brokerage facilitated the $12.1 million sale of two SNFs, one in Tennessee and one in Kentucky. The buyer was a real estate investment firm in the Northeast making its first long-term care facility acquisition; the seller was an independent owner-operator looking to exit the long-term care industry. The buyer also partnered with […]

One ACO’s ‘Preferred’ Skilled Nursing Providers Actually Performed Worse Than Average

Accountable care organizations (ACOs) have reaped savings by heavily managing post-acute care length of stays and being selective about the skilled nursing facilities they work with. But one Pennsylvania ACO dug into its own data and found that its preferred network of SNFs actually performed worse than other facilities on a series of key metrics, […]

As Medicaid Rates Lag Behind Costs, Unpaid Nursing Home Bills Pile Up

Across the U.S., Medicaid rates tend to fall short of the cost of nursing home care for beneficiaries. In the state of Massachusetts, the financial pressures have rendered many skilled nursing facilities unstable — and forced many of them to close. The trend has also forced many of them to leave bills unpaid, which spreads […]

Ensign Adds SNF in California; Monarch Acquires Former Welcov Facilities

The Ensign Group (Nasdaq: ENSG) acquired the operations of the 99-bed Downey Care Center, a skilled nursing facility in Downey, Calif. The acquisition was effective March 1. “It’s been many years since we have found the right opportunity to grow in Southern California,” Ensign President and CEO Christopher Christensen said in a statement announcing the […]

Five Star Books $74.1M Loss in 2018 as Viability Concerns Remain

Five Star Senior Living (Nasdaq: FVE) reported net losses for both the fourth quarter and fiscal 2018 amid uncertainty about its ability to continue as a going concern. The losses came even as Five Star reported a slight uptick in occupancy in its service lines. The Newton, Mass.-based company operated 284 senior living communities in […]

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 […]