Orianna Close to Wrapping Bankruptcy as Former Owner Returns to Fold

Orianna Health Systems, a skilled nursing operator that entered a protracted and litigious bankruptcy last year, will effectively cease to exist after its plan of liquidation was confirmed last week. In a separate process, the company also transferred the ownership and the operations of 15 remaining facilities owned by the bankrupt operator, legally known as […]

Looking Ahead to the Top Skilled Nursing Trends of 2019

We’ve made it to the end of 2018, which will likely go down as one of the most eventful years in the history of the long-term and post-acute care industry. Between the first round of Value-Based Purchasing penalties taking effect and the rapid rollout of the Patient-Driven Payment Model (PDPM), it’s probably a safe bet […]

Omega CEO: Skilled Nursing Headwinds Will Die Down in Three Years

Fresh off a major restructuring effort with key tenant Signature HealthCARE, the CEO of Omega Healthcare Investors (NYSE: OHI) had a decidedly sunny outlook for the skilled nursing industry’s short-term future — as well as Signature’s. “We’ll look three years out,” Taylor Pickett said of his company’s restructuring strategy during a panel discussion at the […]

Omega Joins CareTrust in Predicting Post-PDPM Wave of Skilled Nursing Sales

Leaders at two major real estate investment trusts (REITs) focused on health care assets have predicted a coming wave of mergers-and-acquisitions volume as smaller providers refuse to adapt to new skilled nursing payment rules. As mom-and-pop operators begin to unpack the changes associated with the Patient-Driven Payment Model (PDPM) — the new set of therapy […]

Orianna Strikes Back at Omega Over Terminated Restructuring Deal

Orianna Health Systems fired back at landlord Omega Healthcare Investors (NYSE: OHI), claiming that the real estate investment trust’s (REIT) decision to terminate a restructuring deal will prove detrimental to both parties. “Orianna is disappointed by Omega’s actions, which we believe will only cause delay in finalizing Orianna’s reorganization and impair the recovery ultimately realized […]

Omega Pulls Plug on Restructuring Agreement with Struggling Orianna Skilled Nursing Chain

Omega Healthcare Investors, Inc. (NYSE: OHI) has pulled out of a proposed restructuring agreement with troubled tenant Orianna Health Systems, citing frustration with the process and a desire to protect its shareholders. The Hunt Valley, Md.-based real estate investment trust (REIT) said Monday that Omega will terminate its participation in the deal effective July 25. […]

Distressed SNF Takeovers Can Pay Off, But Risks Abound

Struggling skilled nursing facilities present a minefield of potential risks for new owners and operators, but there are ways to mitigate them, even when the current operator is facing serious financial distress. That’s according to Louis Robichaux, senior managing director at the consulting firm Ankura who focuses on health care restructuring, and George Mesires, leader of the senior […]

Orianna Asks for Hold on Lawsuits Against Omega, Others Amid Bankruptcy

Lawyers for Orianna Health Systems last week asked a federal court to include landlord Omega Healthcare Investors (NYSE: OHI) and various other parties in a blanket protection against lawsuits during its bankruptcy proceedings. When the 43-facility skilled nursing chain filed for Chapter 11 bankruptcy protection last month, Orianna by default received a stay against all […]

HHS, CMS Object to Ownership Transfers in Orianna Bankruptcy

The Department of Health and Human Services (HHS) filed an objection to Orianna Health Systems’ bankruptcy plan, bringing the case into unsettled legal terrain. U.S. Attorney Erin Nealy Cox this week argued that HHS and the Centers for Medicare & Medicaid Services (CMS) have the ultimate control over the legal issues surrounding the transfer of […]

Signature Explores Home Health Expansion Amid Skilled Nursing Troubles

After a pointed entrance into the home health care market in 2014, Signature HealthCARE has largely shied away from expansion in favor of focusing on its core skilled nursing business. But while its home health footprint has not yet grown, the Louisville, Ky.-based company still has an eye toward expansion in the space — once it works […]

Finding Hidden Benefits of Scale in the Skilled Nursing Industry

The recent bankruptcies of the HCR ManorCare and Orianna skilled nursing chains seemed to validate an industry-wide opinion that the future belongs to the smaller, regional operator. But there are still advantages to scale in the skilled nursing industry — even if they remain under the radar. The Ensign Group (NASDAQ: ENSG) has a nationwide […]

Amid Orianna, Signature Troubles, Omega Plans Focus on Regional SNF Operators

Omega Healthcare Investors, Inc. (NYSE: OHI) faced serious stress from multiple operators in the third quarter, leading executives to consider a more regional strategy going forward. The Hunt Valley, Md.-based real estate investment trust (REIT) on Monday reported a net loss of $137.5 million in the third quarter, posting revenue of $194.06 million—missing analysts’ expectations by […]