Amid rising cybersecurity risks at nursing homes, a data breach at Carespring Health Care Management led to the theft of private health information belonging to up to 67,000 individuals. Carespring suffered a cyberattack from the ransomware group NoEscape last October, resulting in the theft of 364 gigabytes of data, according to a complaint filed last […]
Category: Finance
More state grant funds are being distributed to nursing homes in Minnesota, as part of a $173.5 million initiative. In 2023, Minnesota Governor Tim Walz, who is also the Democratic vice presidential nominee, and the state legislature, signed off on a $300 million bipartisan package to address the crisis facing nursing homes across the state. […]
Evans Senior Investments (ESI) has arranged the sale of Holmes Lake Rehabilitation and Care Center, a nursing home in Lincoln, Nebraska for an undisclosed amount. The transaction was executed on behalf of an independent owner-operator who was ready to transition out of the industry after years of service in the community, ESI said in a […]
Growth of managed care has deepened reimbursement challenges for Covenant Living Communities and Services, much like for many providers in the nursing home sector. However, a centralized intake model launched three years ago and certain contract negotiation strategies have enabled efficient revenue cycle management. With an extensive network of communities spread across many states, the […]
Evans Senior Investments (ESI) arranged the sale of a five-property portfolio in the Southwest, comprising skilled nursing beds and senior housing units. The transaction was carried out on behalf of an unnamed regional owner-operator for an undisclosed amount. Real estate brokerage firm ESI ran a confidential marketing process, engaging with a select group of buyers, […]
In the first half of the year, long-term care construction volume in the public sector outpaced the private sector, with labor shortages and material costs still keeping prices up. According to the Senior Living Construction Costs Brief for Summer 2024 released on Tuesday, public sector construction volume grew 11% compared to the same period last […]
When looking at the 4.2% Medicare increase in the Skilled Nursing Facility Prospective Payment System (SNF PPS) for 2025, some leaders in the space wonder if the rate calculated has been inadequate considering inflation, labor woes, and funds needed to meet the federal staffing mandate. Some even argue that rate increases are so far behind […]
Capital Funding Group (CFG) financed more than $440 million in the first half of this year, including 18 health care bridge loans, five multifamily bridge loans and eight HUD loans. Notable transactions included a $42 million HUD financing package for three skilled nursing facilities in Washington and Idaho, along with a $36.2 million bridge-to-HUD loan […]
Right-sizing is crucial and tricky for nursing home operators, as demographics are driving demand but also contributing to labor shortages. Ultimately, providers must weigh several factors in order to create businesses that are successful today and sustainable for the future. “It’s about the right service offerings, which sometimes means shrinking your physical footprint and asking, […]
Quantity, by virtue of an aggressive growth strategy at PACS Group (NYSE: PACS), has not impacted quality at its facilities, executives said. In fact the opposite has been true, and the resulting quality gains are also one of the reasons for the company’s strong second quarter. The company’s model is based on successfully turning around […]
Creative Solutions in Healthcare received $47 million to finance the acquisition of two skilled nursing facilities in Texas, totaling 228 beds, bringing the count of newly acquired facilities by the company since the beginning of this year to 15. The two facilities in the latest acquisition are located in Kirbyville and El Paso, and were […]
CIBC Bank USA and a Greystone Monticello affiliate, along with other co-lenders, provided 980Investments with $137 million to refinance a nursing home portfolio. 980Investments is owned by Simcha Hyman and Naftali Zanziper, and the 1,135-bed portfolio is located in North Carolina. CIBC additionally provided a $6.5 million revolving line of credit to support the ongoing […]
Reimbursement trends among nursing homes remain positive while investment opportunities are rising, said leaders at Sabra Health Care REIT Inc. (Nasdaq: SBRA), who also noted that the company’s occupancy recovery looks promising. During the second quarter, Sabra reported net income of 10 cents per diluted common share, a slight decrease compared to 9 cents in […]
Looking ahead, leaders at National Health Investors Inc. (NYSE: NHI) are excited about recent investment activity and a growing pipeline of $270 million. The real estate investment trust (REIT) is pursuing several large portfolio deals, along with fee-simple real estate, loans with purchase options and seniors housing opportunities. The Murfreesboro, Tenn.-based company has spent multiple […]
American Healthcare REIT’s (NYSE: AHR) skilled nursing occupancy levels were down due to seasonality although executives remained optimistic and revised guidance for fiscal 2024 upwards, saying that demand across all its four segments was expected to remain strong. “As we enter the latter half of 2024 demand and growth for health care real estate remains […]
One of Petersen Health Care’s nursing homes on Monday was placed in receivership, following the Illinois operator’s bankruptcy filing in March. The Courtyard Estates of Farmington nursing home will now be overseen by a court-appointed receiver, thanks to a deal brokered by the Bank of Farmington, according to a report from Peoria Public Radio. Attorney […]
The Ensign Group (Nasdaq: ENSG) announced Friday that it has acquired several skilled nursing facilities in Iowa and Colorado. Ensign acquired the real estate and operations of Greater Southside Health and Rehabilitation, an 76-bed skilled nursing facility located in Des Moines, Iowa. The real estate was acquired by a subsidiary of Standard Bearer Healthcare, Ensign’s […]
Omega Healthcare Investors (NYSE: OHI) posted a solid second quarter, reflecting continued stability and aggressive expansion in its investments. “The fundamentals of the business continue to improve,” Megan Krull, Senior Vice President of Operations, said during the company’s quarterly conference call. “While not at pre-pandemic levels, occupancy has stabilized, and the recovery, from a coverage […]
CareTrust REIT (NYSE: CTRE) has been busy with its investment pipeline this week, announcing $378 million in new investments after June 30, and on top of $268 million in investments during the second quarter. Chief Investment Officer James Callister said competition for skilled nursing acquisitions is high as oncoming improvement and post-COVID performance has resulted […]
Leaders with LTC Properties (NYSE: LTC) said Medicaid rate increases were one positive aspect from the second financial quarter, even as some of its assets were seeing occupancy issues and ongoing deferrals in rent. Occupancy “disappointingly deteriorated” among certain assets, including LTC’s skilled nursing facilities, analysts with BMO Capital Markets reported. While overall SNF occupancy […]
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