Operators have begun to settle into the Patient-Driven Payment Model, the overhaul for Medicare reimbursement that took effect for skilled nursing facilities last year. But most nursing home residents will be covered by their state’s Medicaid program, and reimbursement shortfalls across the country have created a landscape where most nursing homes are barely breaking even […]
Nursing home providers have long suffered from a worse public image than their peers along the senior housing and care continuum, with just the phrase itself conjuring images of a place that few people would ever choose to call home. It’s a problem that leaders with decades of experience in the space acknowledge could become […]
MONTICELLOAM and its affiliates provided a $46.8 million first-lien debt financing to refinance a skilled nursing property and two adult day care facilities with a combined 407 beds in New York. The deal includes a $3 million working capital loan to the operating company of the properties, which was provided by Monticello Commercial Capital, LLC, […]
The U.S. Bankruptcy Court for the Eastern District of New York approved RCA Healthcare Management to take over six Absolut Care nursing home sites, starting with a consulting agreement beginning March 1 with the current owners of Absolut. Buffalo Business First reported the news last week. Absolut filed for Chapter 11 bankruptcy protection last fall, […]
Sabra Health Care REIT Inc. (Nasdaq: SBRA) is optimistic about how the new Medicare reimbursement for skilled nursing facilities will play out among its operators – even if the new Patient-Driven Payment Model (PDPM) doesn’t quite have the results the federal government expected. Specifically, the Irvine, Calif.-based real estate investment trust (REIT) is seeing PDPM […]
As the skilled nursing industry struggles to adapt to a new Medicare payment landscape, in-house Medicare Advantage plans have emerged as one of the hottest topics among leaders — while the space’s publicly traded behemoth has thrown its full support behind the separate accountable care organization (ACO) model. There may not be one set answer […]
The pace of skilled nursing transactions kicked up several notches as 2019 rolled to a close, and multiple deal announcements have crossed the wires to start 2020. Abbey Mansfield Ruby, who recently joined the law firm Waller Lansden Dortch & Davis, LLP as partner at its Nashville office, sees the transaction boom as a continuation […]
CareTrust REIT (Nasdaq: CTRE) on Friday announced the successful sale of six skilled nursing facilities operated by Metron Integrated Health for $36 million, observed a slight uptick in skilled nursing pipeline M&A after a slowdown in the wake of the Patient Driven Payment model (PDPM), and pointed to reducing worry about a controversial plan to […]
After dealing with the fallout of skilled nursing bankruptcies throughout 2019, LTC Properties, Inc. (NYSE: LTC) is looking ahead to a new year and new investments. But the Westlake Village, Calif.-based real estate investment trust (REIT) is keeping an eye out for any signs of trouble, especially in the case of Senior Care Centers, which […]
In a sector roiled by low Medicaid reimbursements and a new Medicare payment system, nursing facilities could change hands more frequently in the coming year — and one firm specifically sees opportunity in targeting distressed properties. With many industry-watchers predicting an uptick in M&A activity in the wake of the new Patient-Driven Payment Model, and […]
The federal government on Thursday issued a proposed rule that would extend the Comprehensive Care for Joint Replacement (CJR) bundled-payment model for an additional three years — while also expanding its reach to include outpatient procedures. Initially set to expire on December 31, CJR would remain active through the end of 2023 if the Centers […]
A software provider targeting the workforce shortage in the nursing field raised $45 million in a Series B funding round, building off earlier fundraising with the goal of continuing its expansion over the past 12 months. The Quincy, Mass.-based IntelyCare provides a platform via app for matching nurses and certified nursing assistants (CNAs) with shifts […]
National Health Investors (NYSE: NHI) touted the strong coverage of its skilled nursing portfolio and the potential positives of the new Medicare reimbursement system for SNFs in its most recent earnings call with investors — but the real estate investment trust (REIT) won’t be diving headlong into the space as a result. “I think we […]
Nursing home operators that have relied on government-backed financing for acquisitions and renovations can begin measuring time in two distinct eras: pre-Rosewood and post-Rosewood. The record-setting default on the Rosewood Care Centers portfolio, publicized in the New York Times, has prompted the Department of Housing and Urban Development (HUD) to take a harder line on […]
Diversicare Healthcare Services (OTC: DVCR) on Wednesday announced that it has formally closed the book on a Department of Justice investigation that has stretched for nearly eight years. The Brentwood, Tenn.-based skilled nursing provider will pay out the $9.5 million throughout the next five years to resolve a False Claims Act case regarding its therapy […]
Twenty-eight skilled nursing facilities in Texas and Oklahoma will be purchased by the non-profit Preservation Freehold Corp., with $689.7 million of unrated taxable and tax-exempt bonds coming to market this month to finance the purchase or refinance of the facilities. The Bond Buyer first reported the news on February 14. All but two of the […]
MONTICELLOAM, LLC on Tuesday announced that it had provided $117 million in first-lien debt financing for the acquisition of a 12-building skilled nursing portfolio in North Carolina and Kentucky — along with the refinance of a thirteenth SNF. The entire portfolio totaled 1,357 skilled nursing beds. The New York City-based financial company and its affiliates […]
With all the changes that have swept the skilled nursing industry over the last decade, one of the classic investment models in the space may need to evolve with the times. “I think that the REIT model is dead,” Robert Hartman, founder of Symphony Post Acute Network, said during a Monday panel discussion at the […]
Despite steady reports of increasing reimbursements under the new Medicare payment model for nursing homes, at least one industry leader believes that the federal government will be happy with the early returns — and that any changes are fairly far down the road. Skilled nursing operators have not gone overboard with the strategy changes that […]
A group of 27 U.S. representatives asked the Centers for Medicare & Medicaid Services (CMS) to rethink a proposal restricting Medicaid supplemental payments — claiming enforcement will lead to decreased services and fewer available nursing home beds. The controversial proposed rule, the Medicaid Fiscal Accountability Regulation (MFAR), would bring tighter regulations to state-based Medicaid supplemental […]
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