ManorCare Exceeds Expectations, in Talks to Strike Post-Acute Partnerships with Health Systems

Skilled nursing giant HCR ManorCare outperformed projections in its first full year as a tenant of Welltower Inc. (NYSE: WELL), the real estate investment trust (REIT) announced Thursday, and could soon expand its footprint to include partnerships with health systems outside of its current orbit. “[The] ManorCare portfolio did not hit our expectation; it exceeded […]

Welltower to Sell Three ManorCare Skilled Nursing Facilities for $67 Million

Welltower Inc. (NYSE: WELL) on Wednesday announced the pending sale of three skilled nursing facilities operated by HCR ManorCare and ProMedica for $67 million. “The sale of these HCR ManorCare-operated facilities was initiated following an unsolicited offer and is anticipated to close in the first half of 2020,” the Toledo, Ohio-based real estate investment trust […]

ProMedica Cuts Managed Medicaid Coverage By 31K Enrollees Amid Losses

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 […]

S&P Lowers ProMedica Outlook, But Sees ManorCare Improvement Ahead

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 […]

HCR ManorCare Helps Alleviate $102.8M Loss at ProMedica’s Insurance Arm

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 […]

Citing Quality Concerns, Senators Demand Answers from Major Private Equity Owners of Nursing Homes

The structure and finances of private equity investors in the skilled nursing space have come under the federal microscope, with two U.S. senators and a U.S. representative demanding answers from four major firms about their investment in nursing homes. Presidential hopeful Sen. Elizabeth Warren, along with Sen. Sherrod Brown and Rep. Mark Pocan, sent strongly-worded […]

Moody’s Again Downgrades ProMedica, Citing Dropping Medicare Census and Slower ManorCare Upside

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 […]

Welltower’s DeRosa: ProMedica, ManorCare Deal Financially ‘On Track’

More than a year after Welltower’s (NYSE: WELL) mega-deal to snap up skilled nursing giant HCR ManorCare, the real estate investment trust’s CEO says the partnership is on the right financial footing. “They’re on track,” Tom DeRosa said of the early financial results in a recent interview with the National Investment Center for Seniors Housing […]

Proposed Mandatory Payment Model for Dialysis Could Have Skilled Nursing Promise

The federal government on Wednesday unveiled a new proposed payment model for certain kidney-related conditions, and several providers in the space say it could have serious potential for skilled nursing operators. Under the proposed End-Stage Renal Disease (ESRD) Treatment Choices (ETC) model, Medicare would expand coverage of care for kidney diseases and offer financial incentives […]

Judge Throws Out False Claims Act Case Against ManorCare Hospice Arm

A False Claims Act (FCA) case against HCR ManorCare’s Heartland hospice affiliates was dismissed with prejudice on Wednesday by Judge James Carr of the U.S. District Court for the Northern District of Ohio. The government had previously declined to intervene in the qui tam complaint made by Kathi Holloway, who worked as a regional hospice consultant […]

New Private Equity Firm Eyes ‘Good Buying Opportunity’ as Skilled Nursing Prices Cool

Private equity interest and investment in the skilled nursing space is growing as the sector goes through rounds of tumult and transformation. The trend was apparent in 2018, even though most of the private equity interest focused on senior housing. As real estate investment trusts (REITs) sold off their underperforming SNF assets, private equity buyers […]

Welltower CEO: Calling ProMedica Joint Venture a SNF Deal is ‘Pedestrian View’

Welltower (NYSE: WELL) CEO Tom DeRosa touted a big-picture view of his company’s skilled nursing investments this week, describing post-acute services as part of a larger health care ecosystem — one that is vertically integrated and thinks holistically about care. And because of that, he’s adamant that there’s more to the real estate investment trust’s […]

ManorCare Revenues Help ProMedica Offset Insurance Losses in First Quarter

After blaming its acquisition of HCR ManorCare for a significant annual loss in 2018, non-profit health system ProMedica credited its new skilled nursing assets for helping to offset a rough first quarter for its insurance business. The Toledo, Ohio-based acute- and post-acute giant logged a net loss of $9.8 million in the first quarter of […]

ManorCare Adds Dialysis Services in Handful of SNFs, With Eye on Expanding

HCR ManorCare and Dialyze Direct on Wednesday announced a cooperation agreement that will bring hemodialysis services to HCR ManorCare’s skilled nursing facilities. Dialyze Direct currently offers services in two of ManorCare’s Chicago-market SNFs, ManorCare assistant vice president Eric O’Neill told Skilled Nursing News. The skilled nursing giant is looking to expand the services to two additional […]