‘Still Losing Money:’ Care Initiatives CEO Warns of SNFs Forced to Sell or Close, Keeps Focus on Ancillary Growth

While many states have enacted long-anticipated Medicaid rebasing, some nursing home leaders say it’s too little too late. States like Iowa, with smaller facilities largely run by independent owners, are seeing closures despite receiving $15 million to increase Medicaid reimbursement rates beginning July 1. Reality has hit many such independent owners, according to Michael Beal, […]

Nursing Home Diversions Not Limited to Home Health as LTACs Emerge as Surprise COVID-19 Winners

Long-term acute care (LTAC) hospitals proved themselves a critical part of the public health response to the COVID-19 pandemic while also gaining a share of the patients discharged to facility-based care by short-term acute hospitals — even as the share of those patients going to the skilled nursing setting declined. A new report, published February […]

Select Rehab Closes on RehabCare Acquisition from Kindred, Projects $1B in Revenue

Select Rehabilitation closed on its acquisition of Kindred Healthcare’s RehabCare business line, the Glenview, Ill.-based therapy company announced on Tuesday. Terms of the deal were not disclosed; the acquisition was originally announced on October 5. Select’s pro-forma revenues exceed $1 billion, according to the therapy provider, which employs 17,000 therapists in 43 states. Kindred used […]

Select Rehab to Acquire Kindred’s RehabCare, Expand Post-Acute Footprint

Kindred Healthcare on Monday announced the pending sale of its RehabCare business line to Select Rehabilitation, further putting distance between former skilled nursing heavyweight Kindred and the sector. The terms of the deal were not disclosed, but the Glenview, Ill.-based Select will emerge as an even larger player in the contract rehabilitation space, expanding its […]

Blueprint Pulls Off Seven-SNF Sale in Alabama; Tryko Grows Portfolio in Philadelphia

Blueprint Healthcare Real Estate Advisors late last week announced the successful sale of a seven-building skilled nursing portfolio across Alabama. The Chicago-based brokerage didn’t name the buyer or seller, though Blueprint did indicate that the portfolio went to a long-term care provider with an existing footprint in the state. The new operators plan to capitalize […]

Ciena Opens $16.5M Facility in Michigan; Former Kindred SNF to Become Substance-Use Facility

Ciena Healthcare’s newest skilled nursing facility in Westland, Mich., is ready to take patients after several years of construction. Hometown Life first reported on the facility’s opening. The new SNF, the Regency of Westland, will replace Ciena’s Camelot Hall Convalescent Center in Livonia, Mich., with patients at the latter expected to move into the Regency […]

Final Standalone Kindred Skilled Nursing Facility Changes Hands

More than two years after announcing a plan to exit the skilled nursing space, former industry giant Kindred Healthcare has sold off the final remaining standalone SNF in its portfolio. The Louisville, Ky.-based operator sold Kindred Transitional Care and Rehabilitation — Spring Valley, a 160-bed property in Las Vegas, to Capital Senior Ventures on October […]

$41.4M Skilled Nursing Development Grows in Florida; $6M Sale in Maryland

Propero Seniors Housing Equity Fund III, LLC partnered with Tender Loving Care (TLC) Management for a $41.4 million development in Florida. The 170-unit Cortez Oaks Health and Rehabilitation in Brooksville, Fla. will feature 109 skilled nursing beds, along with 41 assisted living units and 20 memory care, according to a release from lender Lancaster Pollard. […]

Capital Funding Backs Portopiccolo’s $36.9M Pickup; $2.5M Nursing Home Property Sells for $250K

Capital Funding, LLC last week announced its involvement in a $36.9 million deal that saw The Portopiccolo Group pick up a pair of skilled nursing facilities in Virginia and Maryland. The transaction covered the Iliff Nursing and Rehabilitation Center, a 130-bed facility serving both pediatric and geriatric residents in Dunn Loring, Va., and the Fox […]

Ensign Group Takes Victory Lap After Record Quarter for Earnings

Executives at skilled nursing operator The Ensign Group (Nasdaq: ENSG) on Thursday touted record earnings numbers and continued to insist that the post-acute and long-term care space isn’t as difficult as the headlines and headwinds may make it seem. The Mission Viejo, Calif.-based firm set company records for adjusted earnings per share and diluted earnings […]

White Oak Lands $190M Financing for 17 Former Kindred SNFs

White Oak Healthcare Finance helped arrange a $190 million senior credit facility for 17 skilled nursing facilities owned by the joint venture BM Eagle Holdings, led by affiliates of BlueMountain Capital Management. White Oak acted as administrative agent and lead lender on the funding of the credit facility, which will be used for facilities in […]

Maryland Nursing Home Sells for $15M, Developer Eyes Office Conversion in NJ

Pennsylvania ManorCare Facility Purchased by Tryko Partners Brick, N.J.-based private equity group Tryko Partners purchased ManorCare Health Services at Mercy Fitzgerald Hospital in Yeadon, Penn., The Philadelphia Inquirer reported. The 129-bed nursing home was renamed Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. The price was not disclosed, but Tryko said it is planning a $2.5 million renovation […]

Former Kindred Executive Named COO of Wingate Healthcare

Wingate | CC BY-SA 2.0 Jill Bosa has been named chief operating officer (COO) at Wingate Healthcare, a senior living and health care services provider in Massachusetts, Rhode Island, and New York. Bosa previously served as COO of the Nursing Center Division at Kindred Healthcare (NYSE: KND), where she oversaw more than 100 skilled nursing facilities, assisted living […]

Massachusetts Lawmakers Want Investigation of Kindred SNF Closures

Eight Massachusetts state legislators have asked state Attorney General Maura Healey to investigate Kindred Healthcare (NYSE: KND) as it plans to close four nursing homes and an assisted living facility in the greater Boston area, the Boston Globe reported. The lawmakers accused Kindred of misusing state funds at the facilities it plans to close, including […]

Skilled Nursing Transactions: Kindred Continues SNF Sell-Off

Kindred Provides Update on Closings for Its Skilled Nursing Facility  Louisville, Kentucky-based Kindred Healthcare said it completed additional closings connected with its agreement to sell off its skilled nursing assets to BM Eagle Holdings, LLC. The most recent closings include 12 skilled nursing facilities and one assisted living facility sold since Oct. 1, with proceeds […]

Kindred Offering $10K Signing Bonus to Attract Registered Nurses

Louisville, Kentucky-based Kindred Healthcare is offering a $10,000 signing bonus for each of five registered nurse (RN) positions in the Louisville area listed on its job website. The high signing bonus, first reported by Louisville Business First on Friday, is also available to RNs in California, New Mexico, Missouri, Colorado and Georgia, Kindred’s job site indicates. […]

Kindred Posts Solid Revenues Amid Ongoing SNF Sell-Off

Kindred Healthcare, Inc. (NYSE: KND) turned in a better-than-expected third quarter, beating analysts’ estimates for revenue and announcing ongoing partnerships with its soon-to-be-sold portfolio of skilled nursing assets. The Louisville, Ky.-based operator has sold 68 of the 89 SNFs involved in its exit from the space, in a deal initially announced back in June, with […]