The margins for skilled nursing facilities finally broke out of the red and to break-even levels, according to the latest benchmarking report from consulting firm Plante Moran. But occupancy remained stagnant from 2017 to 2018, and staffing costs continue to increase. And Medicaid remains the elephant in the room when it comes to making the […]
Category: Medicaid
Paramount Health Care, the managed Medicaid arm of major health system and skilled nursing operator ProMedica, this week announced a move to substantially scale back its footprint in the wake of serious financial losses for the plan. The Toledo, Ohio-based Paramount will exit the central and southeast regions of Ohio, cutting its overall enrollment by […]
The federal government on Monday announced the appointment of Brad Smith, a health care and insurance industry veteran, as the next head of the Center for Medicare & Medicaid Innovation (CMMI). Smith, previously the chief operating officer at insurance giant Anthem’s diversified business group, will additionally serve as senior advisor for value-based transformation to Department […]
The federal government extended the deadline for providers — both acute and post-acute — to comment on a proposed rule that would crack down on supplemental payment programs under Medicaid. The new deadline is February 1, pushed back about two weeks from the original end date of January 17. The Centers for Medicare & Medicaid […]
New York made a 1% cut to Medicaid payments starting on January 1, with reimbursements to nursing homes included in the cost-cutting moves — which could soon translate to nearly $500 million in annual spending reductions. The New York Daily News first reported the cuts, which were published in a notice in the New York […]
Standard and Poor’s lowered its outlook for non-profit health system ProMedica, but analysts see sunnier days ahead for its HCR ManorCare skilled nursing assets. S&P Global Ratings on Christmas Eve affirmed its BBB long-term rating for ProMedica’s debt obligations, while also lowering its outlook on the Toledo, Ohio-based health giant from “stable” to “negative.” Following […]
In the lead-up to the new year, Skilled Nursing News took a look back at the top stories of 2019, and made our best predictions about the trends that will shape — and potentially rock — the post-acute and long-term care space in 2020. For these first business days of 2020, we decided to let […]
For the skilled nursing profession, 2019 will be synonymous with the Patient-Driven Payment Model (PDPM), and the top stories of the year reflect the importance of this shift. But PDPM is one of many moving parts in the skilled nursing world, and operators, landlords, and regulators alike made splashes in ways that had nothing to […]
Increasing demand for skilled nursing services is a good sign for the industry, according to several experts who spoke on SNN’s annual outlook webinar, but a continued squeeze on margins may affect some facilities’ ability to keep their doors open in 2020. Although the Patient-Driven Payment Model (PDPM) looks like good news, with increased reimbursements […]
As we prepare to close the door on the 2010s, we’re also about to say goodbye to a year that probably felt like a full decade for operators and investors in the post-acute and long-term care space. With a new Medicare payment model, continued Medicaid pressures, and a raft of regulatory attention from Washington, D.C., […]
Lenders who offer Department of Housing and Urban Development (HUD) loans consider skilled nursing financing to be a long-term relationship, so choosing clients carefully — and thinking about deals as partnerships for the long haul — is crucial for good-decision making. Because the federal government backs these products, which feature low interest rates and a […]
Texas came in last place on a recent ranking of nursing home quality, an outcome that highlights the potential for overdevelopment in the Lone Star State. Based on the percentage of certified nursing home beds at four-and five-star facilities, Texas sat last at 51 on the consumer-finance website WalletHub’s list of states — and the […]
Occupancy at the nation’s nursing homes stayed flat between the most recent two quarters, but the proportion of residents covered under Medicaid hit a record high — while the share of bread-and-butter Medicare residents fell to a record low. Medicaid accounted for exactly two-thirds, or 67.6%, of resident days at nursing facilities in the third […]
PruittHealth spent 2019 celebrating its 50th anniversary in the post-acute and long-term care space, but second-generation CEO Neil Pruitt, Jr. says his company — along with the rest of the industry — must focus on novel and creative strategies for surviving into the future. Pruitt sees potential in a variety of forward-thinking initiatives, from the […]
Confusion continues to reign over the final set of new requirements for Medicare- and Medicaid-certified nursing homes, as the federal government disclosed that it will have very little ability to enforce the rules until the middle of next year. The third and last update to the Requirements of Participation (RoPs) is set to take effect […]
After the non-profit ProMedica Health System took over the operations of HCR ManorCare in a blockbuster deal last year, the skilled nursing entity continues to help improve the system’s shaky financial results. The Toledo, Ohio-based ProMedica reported an operating loss of $102.8 million for its ProMedica Insurance Corporation arm for the nine-month period ending September […]
The former nursing home owner behind the largest criminal health care fraud case in U.S. history had already received a 20-year prison sentence, but a federal judge on Thursday added a $44 million payment to the punishment. Philip Esformes, who once ran a skilled nursing facility and assisted living chain with locations from Miami to […]
After already losing 20 nursing homes over the course of the last year-plus, one in four facilities remain at risk of closure in Massachusetts, according to a long-term care trade group in the state. Citing a new report from advisory firm CLA, the Massachusetts Senior Care Association late last week warned that 95 of the […]
One of two skilled nursing facilities in Connecticut with a respiratory unit was placed into voluntary receivership on November 5, raising concerns about access to such care in the state. The Republican-American first reported the news over the weekend. The state Department of Social Services (DSS) placed Waterbury Gardens for Nursing and Rehabilitation under the […]
In a twist on typical allegations of Medicaid overpayments, the state of Louisiana will be paying back millions to the federal government. The Louisiana Department of Health (DOH) agreed to pay $13.42 million to settle allegations that it submitted inflated claims for long-term nursing home and hospice care, the federal Department of Justice (DOJ) announced […]
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