CareTrust REIT (Nasdaq: CTRE) on Tuesday announced plans to terminate its existing master lease with skilled nursing operator Trillium Healthcare Group in a move that will see the real estate investment trust (REIT) reduce its exposure to the provider from 18 to 11 properties. The Bradenton, Fla.-based Trillium currently operates 10 CareTrust-owned buildings in Iowa, […]
Category: Finance
Omega Healthcare Investors (NYSE: OHI) on Tuesday announced plans to pick up 58 skilled nursing facilities in a 60-building deal valued at $735 million. The Hunt Valley, Md.-based real estate investment trust (REIT) agreed to the deal on July 26, Omega reported this week, though it remains subject to approval by the Department of Housing […]
As more hospitals discharge patients directly to home and lengths of stay decline, some skilled nursing facilities are looking at home health and home care as a way to take more control of the patient experience. Starting a home health agency has some attractive perks for SNFs: The move allows them to get more insight […]
Diversicare Healthcare Services (Nasdaq: DVCR) on Monday announced that it has reached a tentative agreement to settle an investigation into its therapy practices and other issues that had long served as a drag on its operations. “For six years, we’ve had this open investigation, but we’re now closer to having certainty on the matter,” CEO […]
Regional Health Properties, Inc. (NYSE American: RHE) completed the sale of three SNFs in Oklahoma, Alabama, and Georgia to affiliates of MED Healthcare Partners LLC for $26.1 million in cash. The closing date on a fourth property involved in the deal, located in Oklahoma, was extended to August 28. Regional Health used the proceeds from […]
Commercial real estate finance firm Walker & Dunlop (NYSE: WD) has added five broker leaders from Marcus & Millichap in a move to bolster its senior housing and care presence in the Chicago area. Managing directors Mark Myers and Josh Jandris, along with senior vice president Jordyn Berger and VPs Alex Vice and Mike Surak, […]
The Ensign Group (Nasdaq: ENSG) announced the acquisition of the 200th skilled nursing facility in its rapidly expanding portfolio, while also reporting yet another round of sunny quarterly earnings results — which saw the operator boost overall skilled nursing income by 31.1% from this time last year. The San Juan Capistrano, Calif.-based operator picked up […]
Hackensack Meridian Health, a New Jersey-based hospital system, acquired a trio of nursing homes in a $60 million deal designed to bolster its post-acute footprint. The Bergen Record first reported the news Tuesday. The 17-hospital network will operate the properties — Prospect Heights Care Center and Regent Care Center in Hackensack, N.J., and the West […]
KeyBank Real Estate Capital secured $45 million in Federal Housing Authority (FHA) loans for the refinancing of three skilled nursing facilities in the state of Texas. The loans were $16 million for the 120-bed Regency-Windsor Calallen in Corpus Christi, $14.5 million for the 120-bed Regency-Bastrop Nursing & Rehabilitation Center in Bastrop and $14 million for […]
As skilled nursing facilities navigate thin margins, payer pressure on patient length of stay and reimbursement shortfalls, the resulting financial headaches can have ripple effects for their partners. Vendors such as food service or pharmacy companies can be particularly vulnerable to a SNF’s financial struggles. But for third-party rehab companies, a tumultuous SNF world – […]
Within each skilled nursing facility, leaders must balance the goal of providing excellent care with the financial constraints of the business, from low Medicaid rates to shifting discharge patterns. By hiring Mark Weiss as its new chief financial officer this month, The New Jewish Home in New York got an executive who can do both. […]
Two groups of buyers are involved in the transition of a skilled nursing facility located in Warsaw, N.Y., Buffalo Business First reported. Bartholomew Health Care Group of Rochester’s decision to sell the 80-bed East Side Nursing Home came after financial problems primarily stemming from Medicaid funding, owner A. John Bartholomew told the publication. The initial […]
With the Medicare Part A reimbursement overhaul taking effect in just a few months, skilled nursing providers across the country are in countdown mode. But the clock is moving at different paces for different providers, several experts said. Some SNFs began their analysis and preparations months ago; others are barely getting started. That’s led to […]
A new investigation has put Skyline Healthcare back in the national spotlight. An investigative report by NBC News published Friday examined the rise and fall of Skyline Healthcare, the skilled nursing company that collapsed in dramatic fashion over several months. The Wood Ridge, N.J.-based Skyline at its height owned or operated more than 100 skilled […]
As Medicare Advantage continues to gobble up an increasing share of skilled nursing reimbursements, more providers are exploring the idea of launching their own plans — and while the numbers are small, the opportunity can be great. Specifically, SNF providers can launch Institutional Special Needs Plans, or I-SNPs, a specific type of Medicare Advantage plan […]
Developer Michael Catanzarite received rezoning approval from city officials on July 1 to build a $20 million skilled nursing and rehab center in Strongsville, Ohio, Cleveland.com reported. Catanzarite had initially told Cleveland.com that the development would include independent living, assisted living, and long-term care, but he later said that the project will only be a […]
A skilled nursing facility that had been in receivership for most of the year recently found a buyer for nearly $8 million. Eden Springs Healthcare Center in Green Springs, Ohio, will soon be sold to a subsidiary of the New Jersey-based Cedarcare Holdings, LLC, according to a report this week in the local Fremont News-Messenger. […]
The release of a so-called “secret” list of nursing homes considered for inclusion in a program for the nation’s worst properties sent shockwaves through the industry early last month — but the man in charge of the for-profit space’s primary trade group says the sunshine is ultimately a good thing for operators. As the skilled […]
Strawberry Fields REIT on Thursday announced the acquisition of the 231-bed Landmark of Des Plaines, a skilled nursing facility in the Chicago suburb of Des Plaines, Ill., for $15 million. The current team from operator Landmark, which took over the property in January 2018, will remain in place at the facility under the terms of […]
When a skilled nursing provider enters receivership or bankruptcy, the safety and wellbeing of the residents is the top priority for all parties involved. The financial struggles raise questions about the continued provision of necessary care, and the safe transfer of operations becomes paramount. But in many recent SNF bankruptcies, or cases where a SNF […]
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