The Evangelical Lutheran Good Samaritan Society, one of the largest skilled nursing providers in the United States, plans to consolidate its operations from 22 states to seven. Once the process is complete, the Sioux Falls, South Dakota-based Good Samaritan Society will have operations in South Dakota, North Dakota, Iowa, Minnesota, Nebraska, Kansas and Colorado. About […]
ProMedica Senior Care
ProMedica’s senior care division announced an $87.3 million loss for the third financial quarter, a deeper cut compared to a $53.4 million operational loss in the same quarter last year. The financial report comes on the heels of Welltower’s (NYSE: Well) plans to sell and transition 147 skilled nursing facilities from ProMedica to Integra Health, […]
ProMedica Senior Care’s ongoing efforts to rebound its portfolio — most recently through occupancy gains and lower contract labor costs — proved not to be enough to sway Welltower’s (NYSE: WELL) decision to transition and sell 147 of its skilled nursing assets, according to CEO and Chief Investment Officer Shankh Mitra. Mitra sees the deal […]
ProMedica has tapped Arturo Polizzi to serve as its next chief executive. The company’s board of directors unanimously confirmed that Polizzi will lead the not-for-profit health care organization in an announcement released Friday. Current CEO Randy Oostra is officially retiring after 25 years with the organization on Monday, the company said. Polizzi was promoted to […]
The Ensign Group (Nasdaq: ENSG) is poised to overtake Genesis HealthCare as the largest nursing home operator in the country as it continues to build upon its rapidly growing portfolio, according to ownership data released last week by the Centers for Medicare & Medicaid Services (CMS). Ensign could be the largest skilled nursing provider in […]
ProMedica reported a $105 million operating loss in its senior care division for the second financial quarter of 2022, a deep cut compared to a $56.3 million operating loss during the same quarter last year. That’s coupled with the Toledo, Ohio company’s major leadership changes and 150 nonclinical employee layoffs within the last couple of […]
ProMedica’s Angela Brandt is fairly upbeat about the year ahead, despite the fact that the not-for-profit health system’s senior care division is facing rough waters and headwinds continue to pound the industry as a whole. ProMedica Senior Care reported a $124.3 million loss during the first quarter of 2022, pointing to lagging occupancy recovery and […]
For-profit nursing home owners such as private equity firms and real estate investment trusts are under fire from the federal government — but current trends suggest that not-for-profit ownership alone is not a viable alternative to meet the needs of the United States’ aging population. Freestanding senior housing and care not-for-profits (NFPs) are closing altogether, […]
Price gouging typically refers to retailers taking advantage of spikes in demand by charging exorbitant prices, often after a state of emergency. Over the course of the pandemic, however, health care officials have found it’s not just retailers that are guilty of the practice. Accused of jacking up wages and providing poor quality care with […]
As Medicare Advantage enrollment continues to climb and operators look for a seat at the table, ProMedica Senior Care President Angela Brandt believes now is the time to recognize the role long-term care facilities can play in value-based payment. “We all have to get comfortable with where we add value for the health care continuum […]
ProMedica and Emory Healthcare are teaming up to design and build two skilled nursing and rehabilitation centers in the metro Atlanta area. As part of the agreement, ProMedica will manage the day-to-day operations of Emory’s skilled nursing facility, Budd Terrace at Wesley Woods, beginning on Sept. 1. Emory will remain involved with quality performance and […]
Angela Brandt is taking the helm as president of ProMedica Senior Care, the Toledo, Ohio-based not-for-profit organization announced Monday. She is tasked as president with making strategic senior care investments, working with other ProMedica divisions, seeking out new partnerships and ventures, “driving senior care excellence,” and advancing the organization’s holistic care model. Brandt, who has […]
Fitch Ratings affirmed its “BBB-” rating for ProMedica Health System with a stable outlook, citing the health system’s “diversified business model with exposure to three distinct and historically successful divisions” – namely, acute care, senior care and insurance, in a ratings commentary published June 3. “The Stable Outlooks reflects ProMedica’s successful navigation of the coronavirus […]
Welltower Inc. (NYSE: WELL) on Thursday again touted the benefits of a blockbuster move to largely end its relationship with troubled nursing home giant Genesis HealthCare, hinting at an even greater return for the real estate investment trust (REIT) than previously disclosed. Welltower CEO Shankh Mitra pointed to the $144,000-per-bed price tag on the transaction, […]
With skilled nursing facilities facing significant staffing shortages amid the ongoing fallout of the COVID-19 pandemic, a group of lawmakers and operators called for making it easier to retain temporary nurse aides hired during the public health emergency — with one major operator reporting 1,500 unfilled jobs in the state of Pennsylvania. Luke Pile, vice […]
Welltower Inc. (NYSE: WELL) late Tuesday announced that it will largely end its relationship with troubled nursing home giant Genesis HealthCare (NYSE: GEN), with its joint venture health system partner ProMedica picking up some of the buildings — while also divesting 25 properties acquired through its 2018 ProMedica JV. The Genesis exodus spans 51 assets, […]
The emergency use authorization (EUA) granted to Pfizer’s (NYSE: PFE) COVID-19 vaccine late on Friday launched a flurry of promises and commitments to get the vaccine out to vulnerable long-term care residents as quickly as possible. Alex Azar, the secretary of the Department of Health and Human Services (HHS) suggested on Sunday in an interview […]
Family members of nursing home residents can certainly be forgiven for imagining an instant return to normal after Pfizer’s COVID-19 vaccine received emergency approval from the federal government late Friday. The Centers for Disease Control and Prevention (CDC) has placed this population at the front of the line for the shots, and families have been […]
When Welltower Inc. (NYSE: WELL) and health system ProMedica teamed up to take over nursing home giant HCR ManorCare in 2018, the players positioned the move as a way to vertically integrate a continuum that could follow a patient from the hospital, to a skilled nursing facility, to home health. The real estate investment trust […]
Welltower Inc. (NYSE: WELL) took a $97 million write-down associated with properties operated by Genesis HealthCare (NYSE: GEN) amid concerns about the nursing home giant’s future, the real estate investment trust (REIT) announced Thursday. The move came as Welltower switched Genesis to cash-based reporting for its lease income, retroactive to July 1, though chief financial […]
Subscribe
Receive industry updates and breaking news from SNN.