Greystone’s $71.3M Skilled Nursing Deal; Innovative Health’s $14.7M Construction Loan

Greystone on Tuesday announced its role in the $71.3 million refinance of Massapequa Center Rehabilitation and Nursing, a 320 bed skilled nursing facility in Massapequa, N.Y., on Long Island. The Department of Housing and Urban Development (HUD)-backed loan replaces bridge financing originated in the fall of 2017 for the acquisition of the facility, which offers […]

Proposed Medicaid Rule Would Mean Billions in Cuts, Waves of Nursing Home Closures

With skilled nursing facilities in multiple states facing significant shortfalls in their Medicaid reimbursement, supplemental payment programs used to bolster rates have become a lifeline. This is especially true for Texas and Indiana, both of which employ programs designed to get SNFs a higher rate for Medicaid services through varying mechanisms. Both states are motivated […]

Planned Strike Complicates Transfer of Bankrupt Nursing Home to New Owners

The transfer of a bankrupt nursing home in New York may soon hit another snag as a union representing the facility’s workers tentatively approved a strike in response to the potential new owner’s request to reject its labor contracts. Employees of the Bethlehem Commons Care Center in Delmar, N.Y., represented by 1199SEIU United Healthcare Workers […]

Welltower Continues Health System Push with Jefferson Health Joint Venture

Welltower Inc. (NYSE: WELL) on Monday continued its recent push to partner with major health systems, announcing a joint venture with the non-profit Jefferson Health. A hospital heavyweight in the Philadelphia metro area, Jefferson — affiliated with Thomas Jefferson University — will begin providing clinical care at Welltower’s senior housing, assisted living, and memory care […]

Verma: Overhaul Led to Significant Growth in ACOs Taking on Risk, But Verdict Out on Spending

A federal overhaul to the Medicare Shared Savings Program (MSSP), implemented late in 2018, has led to an increase in the number of accountable care organizations (ACOs) taking on downside risk. The redesign of the program, dubbed “Pathways to Success,” generally required new ACOs to take accountability for spending increases after two years; previously ACOs […]

Confessions of a Therapist Post-PDPM: ‘You’re Not Valuable to Them Because You’re Not Making Money’

Among the many early takeaways from the new Patient-Driven Payment Model (PDPM), perhaps the most immediate was its effect on rank-and-file therapists who work at skilled nursing facilities. Almost instantly after the PDPM shift on October 1, Skilled Nursing News received a flurry of e-mails from therapists who were laid off or saw their hours […]

Helios’s $16M Nursing Home Deal in MA; Trilogy Health Plotting $11.7M Care Center

Helios Healthcare Advisors negotiated the $16 million sale of a 169-bed nursing home in Middlesex County, Mass. The Chicago-based Helios facilitated the transaction for an owner/operator based in New Jersey. The deal represented the buyer’s first purchase in the Massachusetts market, and proved to be a competitive sale — with more than 10 offers from […]

Avalon’s Five-SNF Pickup for $33M; Dwight’s $116M Fourth Quarter

MidCap Financial provided a $33 million mortgage for a lease-purchase option on five skilled nursing facilities in Oregon for Avalon Healthcare Group. The Salt Lake City-based Avalon operates post-acute facilities in Hawaii, Oregon, Washington, and Utah. MidCap’s Department of Housing and Urban Development (HUD) lending team will work with Avalon to begin the bridge-to-HUD refinance […]

Sabra Installs Ignite as Operator of Three Oklahoma Skilled Nursing Facilities

Ignite Medical Resorts, an Illinois-based operator of post-acute care facilities, continued its expansion push this week in a new partnership with Sabra Health Care REIT (Nasdaq: SBRA). Ignite formally took over management of three Sabra-owned properties in Oklahoma City, Bartlesville, and Norman, Okla. on New Year’s Day, the provider announced Thursday. The previous operator, Vision […]

Median Skilled Nursing Margin Breaks Even, But ‘Long-Term Financial Viability is Uncertain’

The margins for skilled nursing facilities finally broke out of the red and to break-even levels, according to the latest benchmarking report from consulting firm Plante Moran. But occupancy remained stagnant from 2017 to 2018, and staffing costs continue to increase. And Medicaid remains the elephant in the room when it comes to making the […]

Ensign Picks Up Texas Skilled Nursing Facility; Greystone’s $8M Financing

The Ensign Group (Nasdaq: ENSG) picked up where it left off in 2019 with a single skilled nursing and assisted living facility acquisition in San Antonio, Texas. The San Juan Capistrano, Calif.-based nursing facility giant on Tuesday announced the purchase of The Healthcare Center at Patriot Heights, a combined facility with 59 skilled nursing beds […]

New Group Aims to Help Skilled Nursing Facilities Avoid Expensive Purchasing Missteps

A new non-profit society aims to improve education for purchasing directors at post-acute facilities, so they can make better decisions for both the bottom line — and for their long-term future. The approach the organization — the Society for Healthcare Organization Procurement Professionals (SHOPP) — is taking is two-pronged, according to Ari Stawis, director of […]

ProMedica Cuts Managed Medicaid Coverage By 31K Enrollees Amid Losses

Paramount Health Care, the managed Medicaid arm of major health system and skilled nursing operator ProMedica, this week announced a move to substantially scale back its footprint in the wake of serious financial losses for the plan. The Toledo, Ohio-based Paramount will exit the central and southeast regions of Ohio, cutting its overall enrollment by […]

Bundled Payments for Joint Replacements Saved Medicare Money — with No Quality Declines

A major bundled payment program for hip and knee replacement episodes has produced savings for the government without corresponding declines in quality, according to a new study — confirming the central motive behind a program that has drawn the ire of post-acute operators. The Bundled Payments for Care Improvement model (BPCI) seeks to both decrease […]

Greystone Emerges as Incoming Owner of Troubled Skilled Nursing Facilities at Center of Record Default

The Department of Housing and Urban Development (HUD) has reached a deal that will see the New York City-based lending and advisory firm Greystone take over a troubled group of nursing homes and one assisted living facility (ALF) associated with the largest default in the department’s history. The New York Times first reported the news […]

Cambridge’s $24M HUD Refinance; Senwell Arranges Ohio Bed License Swap

Cambridge Realty Capital Companies provided a pair of $24 million Department of Housing and Urban Development (HUD) loans to refinance two Ohio combination skilled nursing and senior living properties. The loan covers the the Vista Care Center of Lisbon — a 76-bed, mixed-use skilled care and assisted living facility — and Vista Center at The […]

‘All the Stars Aligned’: Operators Boast 30% Readmission Reductions, Market Gains with I-SNPs

As skilled nursing facilities work to establish their position in an increasingly value-based health landscape, many are looking at the world of Medicare Advantage as more than a pressure point for billing. They see it as an opportunity to take control of the premium dollar, moving into the business of providing insurance for their patients. […]