Credit, Lease Defaults Send 14-SNF Cornerstone Healthcare into Bankruptcy

An operator with several skilled nursing facilities in the states of Washington, Oregon, and Idaho has filed for Chapter 11 bankruptcy protection, citing issues with its secured debt and — in chorus with other bankrupt operators across the country — problems with its leases. Cornerstone Healthcare Services operates 14 SNFs in the states of Washington, […]

Genesis Reiterates PDPM Optimism, Cautious Hope for National Medicaid Upswing

Executives at the largest skilled nursing operator in the U.S. on Wednesday reiterated their optimism about the impact of the new Medicare reimbursement system on their businesses — and expressed some hope that Medicaid payments nationally might start to improve. “I think we’ve got terrific visibility now on PDPM, and so on the Medicare side […]

Nursing Home Receivership Raises Concerns Over Shortage of Respiratory Beds

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 […]

Genesis CEO Hager Predicts Rehab-Heavy SNFs Will Fare Worst Under PDPM, Defends 10% Therapy Cost Cuts

Operators that have historically thrown all of their eggs into the therapy basket will fare worse than others under the new Medicare payment model for nursing homes, Genesis HealthCare (NYSE: GEN) CEO George Hager said Wednesday — and that includes a subset of his own facilities. “Those providers that maybe pushed therapy, really high-end therapy […]

PDPM Therapy Changes, Staff Reductions to Bring Genesis $30M in Annual Savings

Prior to the advent of the new Medicare payment model for skilled nursing facilities, Genesis HealthCare (NYSE: GEN) CEO George Hager predicted that his company would see expense reductions of 12% — primarily through an increased emphasis on group and concurrent services. So far, at least according to Hager, the company has come through on […]

$28.3M Financing for Skilled Nursing Campus; Shuttered Former Genesis SNF to Reopen Under New Owners

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 […]

Genesis Continues Real Estate Acquisition Push with 18-Building Joint Venture, Sells 8 More for $89M

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 […]

Why Genesis Sees Opportunity in China’s Post-Acute Care Vacuum

The massive purchasing power of China’s population draws businesses from across the world, and one major post-acute player sees opportunity to thrive by introducing rehabilitation services to the country’s health care system. But to do that, Genesis HealthCare (NYSE: GEN) had to overcome the challenges of breaking into the notoriously challenging market, and learned some […]

State Targets Low-Occupancy Nursing Homes for Steep Medicaid Cuts

Lawmakers in the state of Connecticut have targeted nine facilities for major Medicaid cuts due to low occupancy, raising concerns about access issues from operators and employees alike — and highlighting the occasionally paradoxical relationship between skilled nursing usage and funding. The nine properties face a total of $6 million in lost Medicaid reimbursements, the […]

Genesis Targets Increased Real Estate Ownership as CEO Touts Strength of its ACO

Genesis HealthCare (NYSE: GEN) reported improvement in its 2019 second-quarter financial results, and CEO George Hager is optimistic about the second half of the year — in part because of the skilled nursing operator’s participation in the Medicare Shared Savings Program (MSSP) as an accountable care organization (ACO). The skilled nursing giant, which operates about […]

Genesis Exec: ACOs May Work Better Than I-SNPs for Skilled Nursing Facilities

Skilled nursing providers, seeking more control over their own destiny and the premium dollar, have been driving the growth of a specific subtype of Medicare Advantage plan designed for the care of patients in the institutional setting. But Jason Feuerman, senior vice president for strategic development and managed care at nationwide operator Genesis HealthCare (NYSE: […]

Union Joins Forces with Genesis to Stave off Medicaid Cuts, Nursing Home Closures

In an unusual alliance, the Service Employees International Union (SEIU) District 1199 joined with Genesis HealthCare (NYSE: GEN) administrators in Connecticut on Thursday to stave off the closure of several skilled nursing facilities in the state due to low occupancy. Under a provision in Connecticut’s biennial budget, nursing homes that have an occupancy rate below […]

Hospital Exec: ‘Almost Nothing’ Won’t Move to the Home Amid Shift to Lower-Cost Care Settings

The siphoning of residents from skilled nursing facilities into the home health space remains a troubling trend for institutional operators, and an executive at one of the nation’s largest health systems sees nothing but acceleration ahead. “There’s almost nothing that won’t eventually move to the home,” Scott Powder, chief strategy officer of Advocate Aurora Health, […]

Genesis’s PDPM Math: 12% Expense Savings, Shift to Fixed-Cost Therapy Contracts

Once the new Medicare payment model for nursing homes takes effect this fall, skilled nursing giant Genesis HealthCare (NYSE: GEN) expects to see significant expense savings — while also changing the way it negotiates therapy contracts with its third-party clients. The Kennett Square, Pa.-based operator projects that the expanded opportunity for group and concurrent therapy, […]

Amid Medicaid Shortfalls, Nursing Home Demand Could Soon Exceed Supply

Skilled nursing utilization and occupancy have been on the decline in recent years, as both payers and consumers migrate to home health and other community care options for cost and preference reasons. But as low Medicaid reimbursements force operators to scale back their long-term services or shut their doors entirely, available beds for residents who […]

Bucking Industry Trends, Genesis Sees $25 Million Opportunity in Long-Term Residents

Genesis HealthCare (NYSE: GEN) has seen stabilizing occupancy and length of stay in recent quarters, positive trends that its leaders on Wednesday attributed to an unlikely source: long-term care residents covered under Medicaid. “We’re very happy to bring on patients that need our services that have long-term care needs, and we think that that’s the […]

Genesis Plots More Real Estate Buys in Wake of 15-SNF Welltower Deal

Major landlords have taken steps in recent years to reduce their exposure to Genesis HealthCare (NYSE: GEN) and skilled nursing properties more broadly — and now a leading national provider is looking to return the favor. The Kennett Square, Pa.-based Genesis is actively searching out more real estate acquisition opportunities after pulling off a 15-building, […]

Ventas Inks Five-Year Extension on Genesis Lease

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: […]