Formed only last year, a small skilled nursing operator with a presence in the South recently made a significant push into Wisconsin, taking over seven properties out of receivership. When Bedrock Healthcare LLC, founded in part by former nursing home administrator Kenny Nichols, assumed operations of the facilities early last month, the move substantially expanded […]
LTC Properties, Inc. (NYSE: LTC) is still navigating the aftermath of bankruptcies with two of its skilled nursing operators — with plans to offload the assets operated by Preferred Care, and a potential end to the protracted Senior Care Centers fight on the horizon. The latter company, which declared bankruptcy in December of last year, […]
Walker & Dunlop provided a $28.3 million bridge loan for a buyer to purchase Pleasant Bay Campus, a 194-bed facility in Brewster, Mass., which offers both skilled nursing and assisted living services from operator Pointe Group Care. With plans to renovate the property during the 24-month bridge loan term and later move to permanent Housing […]
More than a year after falling into a court-mandated receivership, 22 senior housing and care facilities previously run by Atrium Health & Senior Living are tentatively set to change hands in a few weeks. North Shore Healthcare on Friday announced that it had reached an agreement to buy the portfolio, which consists of 16 post-acute […]
The move to the Patient-Driven Payment Model (PDPM) at the beginning of October was marked by reports of provider mandates to increase the proportion of group and concurrent therapy services as a cost-saving measure. But if SNFs that never used the models under the old Resource Utilization Group (RUG) system suddenly go right up to […]
Despite spinning off a significant chunk of its business lines into a separate company this year, executives at The Ensign Group (Nasdaq: ENSG) are confident that they can continue growing at the same rate as in the past. The San Juan Capistrano, Calif.-based skilled nursing operator again turned in strong quarterly earnings stats, with increased […]
Among properties in the senior housing and care space, skilled nursing facilities tend to be the oldest, with new construction largely constrained to higher-end rehab facilities — sometimes called “medical resorts.” While rehab continues to drive new development in the nursing home space, Skilled Nursing News found a variety of unique projects across the country, […]
Walker & Dunlop provided $28.3 million in bridge financing for the acquisition of the 194-bed Pleasant Bay Campus in Brewster, Mass., which features skilled nursing and assisted living services The campus, operated by Point Group Care, includes the 59-bed assisted living facility The Woodlands at Pleasant Bay and the 135-bed Pleasant Bay Nursing and Rehabilitation […]
Multiple suitors have come knocking at Welltower Inc.’s (NYSE: WELL) door to ask about its recently acquired skilled nursing assets, a top executive said Tuesday, with potential offers that could significantly exceed their most recent sale price. The real estate investment trust (REIT) has no interest in selling off a large chunk of its HCR […]
The court-appointed receiver in the bankruptcy of Edina, Minn.-based Welcov Healthcare has sued two executives from the now-defunct skilled nursing operator, seeking at least $18 million. The Minneapolis Star Tribune first reported the news. Lighthouse Management Group filed suit against former Welcov CEO Paul Contris and company president Thomas Boerboom in Hennepin County, Minn., alleging […]
Despite the challenges, skilled nursing facilities have succeeded at setting up their own specialty Medicare Advantage plans — and the strategy represents a key potential weapon amid the rise of alternative payment models. Institutional Special Needs Plans (I-SNPs) remain a small part of the overall Medicare Advantage landscape, according to a panel discussion at the […]
As the federal government predicted, just under 5% of the nation’s nursing facilities received a new abuse warning icon on the consumer-facing Nursing Home Compare website — but the early data also reveals significant regional variations that could have an impact on valuations and bottom lines moving forward. Out of 15,262 total facilities, just 760 […]
Moody’s this week downgraded its rating for non-profit health system ProMedica, citing concerns over the ongoing integration of the HCR ManorCare assets into its umbrella and weakening Medicare census at its nursing facilities. The New York City-based rating agency dropped ProMedica from Baa1 to Baa3, with a negative outlook, the second such slip since the […]
Using outcomes as a basis for health care payment, rather than the quantity of services rendered, has long been a goal of policymakers from the federal to the state level. But incorporating skilled nursing facilities into those discussions has been fraught, and many providers feel left out of the initiatives launched the various payers — […]
On paper, a skilled nursing facility starting its own specialty Medicare Advantage plan sounds like an easy decision: In an era of tight reimbursements, staffing pressures, and length-of-stay declines, why not control the payment source that so frequently vexes them? But according to René Lerer, the calculus for Institutional Special Needs Plans (I-SNPs) just isn’t […]
Despite an extended government shutdown and some negative press, the federal lending program for nursing facilities and other health care properties saw a slight boost in overall dollar volume for the year — even as the absolute number of deals experienced a dip. The Department of Housing and Urban Development’s Section 232 program for skilled […]
The swift expansion and equally rapid flameout of one skilled nursing provider left its mark on several states in the form of sudden state takeovers, drawn-out receiverships, and several closures. That company — Skyline Healthcare — may also leave a more lasting legacy in the form of stricter vetting of new operators in multiple states. […]
Though it’s too soon to tell what effect the new Medicare payment model for nursing homes will have on resident outcomes, the head of a leading industry trade group says operators will deserve everything regulators can dream up if changing treatment patterns lead to worse care. “If we don’t do better, we should be crushed […]
Capital Funding Group last week announced the $13.8 million closing of a bridge loan backing Preferred Care’s acquisition of a 126-bed skilled nursing facility in New Jersey. The Baltimore-based Capital Funding and Preferred Care plan to refinance the debt through the Department of Housing and Urban Development’s 223(f) refinance program, which offers financing with longer […]
Genesis HealthCare (NYSE: GEN) on Wednesday announced the acquisition of an ownership stake in 18 skilled nursing facilities in conjunction with a private investment firm, while also shedding eight more properties in a separate deal worth a total of $89 million. The Kennett Square, Pa.-based post-acute giant has a 30% share of the new entity […]
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