Officials in Massachusetts successfully petitioned to have five skilled nursing facilities operated by the troubled Skyline Healthcare placed in temporary receivership. The receivership petition and order appointing the receiver, which the Massachusetts Office of Attorney General provided to Skilled Nursing News, was approved Monday by a Suffolk County Superior Court judge. KCP Advisory Group LLC […]
Executives from Welltower Inc. (NYSE: WELL) have been largely mum about the company’s ongoing integration of HCR ManorCare’s skilled nursing facilities into its overall portfolio, but when pressed Tuesday, leaders hinted that the metrics are moving in the right direction. Occupancy at ManorCare SNFs has increased by more than 100 basis points, Welltower chief investment […]
A pair of private equity firms on Monday announced a new partnership aimed at developing and buying inpatient rehabilitation facilities, with an eye toward underserved communities — and eventually filling gaps in the care continuum beyond the IRF. Blue Wolf Capital Partners and Peloton Equity, LLC have teamed up to form ClearSky Health, with veteran […]
Lancaster Pollard provided a $17.3 million loan insured by the Department of Housing and Urban Development to refinance Willow Springs, a skilled nursing facility in Brick, N.J. Tryko Partners was the borrower, having purchased the community from NuVision Management in 2013, REBusinessOnline reported. The facility had 148 skilled nursing beds and an assisted living (AL) […]
Patients referred to skilled nursing facilities only become residents about 37% of the time, a new set of survey results reveals — with nearly a quarter of those lost referrals going to a direct competitor. Of the potential residents referred to any given SNF, 44% are lost, according to data released last week by Enquire, […]
Ventas Inc. (NYSE: VTR) on Friday announced an extension of its lease arrangement with Genesis HealthCare (NYSE: GEN) — a move that intrigued analysts given other landlords’ moves away from the operator. The real estate investment trust (REIT) granted Genesis five more years under its existing rent and escalator terms, with a few landlord-friendly twists: […]
Industry leaders had reason to cheer the federal government’s decision to boost Medicare rates for skilled nursing facilities, but the gain could end up only papering over the persistent reimbursement problems in the space. The Centers for Medicare & Medicaid Services (CMS) last week proposed a 2.5% increase to the Medicare market basket rate, a […]
The slow-motion collapse of the Skyline Healthcare chain of nursing homes continued this week as the troubled operator surrendered its licenses for five buildings in Massachusetts — while another building that had been placed in receivership in Nebraska is set to shut its doors in May. After local news agencies reported that the provider had […]
Regional Health Properties, Inc. (NYSE American: RHE) this week announced an agreement to sell four skilled nursing properties to MED Healthcare Partners, LLC, for a total of $28.5 million. The 500-bed portfolio consists of Attalla Health & Rehab in Attalla, Ala.; Healthcare at College Park in College Park, Ga.; Northwest Nursing Center in Oklahoma City; […]
A handful of nursing homes in Massachusetts held by the owner of the troubled Skyline chain have seen bounced paychecks in recent weeks — and at least one has had so many nurses’ aides leave that an entire floor had to close, The Standard-Times reported. The Bedford Gardens & Rehabilitation Center in New Bedford, Mass., […]
Non-profit hospital system ProMedica last week announced the layoffs of 100 more administrative and corporate employees, marking the second round of staffing reductions since it took over the operations of nursing home chain HCR ManorCare. The Daily Reporter of Coldwater, Mich. — where ProMedica operates the Coldwater Regional Hospital — initially reported the news, citing […]
Three more skilled nursing facilities operated by Dycora Transitional Health & Living were placed into receivership on Thursday, bringing the total under third-party supervision to 11. The Thomas Seaman Company was appointed receiver for the three latest properties — located in Fresno, Shafter, and Stockton, Calif. — by the San Joaquin County Court. Affiliates of […]
Long Term Care Investments VI is pitching a $7 million skilled nursing facility in Merrillville, Indiana, the Times of Northwest Indiana reported. The development would include five residential buildings, each with 12 beds, a dining area, a spa and a beauty salon; 12 of the units in the development would be designated for dementia patients. […]
Ask any skilled nursing investor about the metrics that get them excited about a potential deal, and you’ll probably hear about the strength of a given operator in a market — along with other common factors such as proximity to a hospital, involvement in local care networks, and relatively young age of plant. In addition, […]
The recent bullish performance of publicly traded real estate investment trusts (REITs) could have a virtuous cycle effect in the space, potentially boosting mergers-and-acquisitions activity in the skilled nursing and broader health care industries. That’s the thesis of Alex Pettee and Hoya Capital Real Estate, a Connecticut-based investment advisory firm that on Monday published a […]
AllyAlign Health on Tuesday announced the closure of a $10 million strategic funding round led by McKesson Ventures as the developer and administrator of Medicare Advantage eyes growth. The Richmond, Va.-based firm partners with long-term care providers to launch and maintain Medicare Advantage special needs plans, helping them future provider-sponsored managed care plans. SNFs have […]
Dwight Capital, a commercial real estate finance firm based in New York, closed several transactions for skilled nursing facilities in the month of March. These included a $3.3 million bridge loan for the 82-bed Victory Health and Rehabilitation Center in Minneapolis, which was bought from a health care real estate investment trust (REIT), and a […]
Summit Healthcare REIT, Inc. has a bullish outlook on skilled nursing properties over the coming years, but that doesn’t mean every property is a winner. As of the end of 2018, the Lake Forest, Calif.-based real estate investment trust (REIT) owned four skilled nursing properties outright and 27 through various joint ventures — and that […]
The Tax Cuts and Jobs Act adds to the financial headwinds already rattling skilled nursing facilities by removing a key deduction without any kind of offsetting mechanism, American Health Care Association (AHCA) president and CEO Mark Parkinson argued in an op-ed published in Bloomberg Tax. Specifically, the tax law limits deductions on loan interest payments […]
A pharmacy company that helped lead the charge to automate medicine dispensing collapsed at the end of last month, leaving some nursing homes with less than a month to find a replacement, the Indianapolis Business Journal reported on Friday. Wellfount Corp., based in Indianapolis, put “Redbox-style vending machines” in SNFs that dispensed medicines, with an […]
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