ProMedica-ManorCare Executive Promotions to Bring New President, CFO

ProMedica on Thursday announced a pair of promotions that will bring a new leadership team at the health system and its skilled nursing subsidiary, HCR ManorCare. The Toledo, Ohio-based health system promoted Steve Cavanaugh, president of the ManorCare division, to chief financial officer of the entire ProMedica network. Replacing Cavanaugh at the helm of ManorCare […]

ProMedica CEO, ManorCare President Reveal Details of $70M Capital Plan

Less than a year has passed since the ink dried on health system ProMedica’s acquisition of skilled nursing operator HCR ManorCare, but the deal has already brought $70 million into its capital-starved post-acute operations this year — with more cash influxes where that came from. That level of reinvestment, which ManorCare plans to repeat each […]

ManorCare Sees Occupancy Boost as Welltower Plots 45-Building Capital Improvement Plan

Executives from Welltower Inc. (NYSE: WELL) have been largely mum about the company’s ongoing integration of HCR ManorCare’s skilled nursing facilities into its overall portfolio, but when pressed Tuesday, leaders hinted that the metrics are moving in the right direction. Occupancy at ManorCare SNFs has increased by more than 100 basis points, Welltower chief investment […]

ManorCare Parent ProMedica Lays Off 100 More Employees

Non-profit hospital system ProMedica last week announced the layoffs of 100 more administrative and corporate employees, marking the second round of staffing reductions since it took over the operations of nursing home chain HCR ManorCare. The Daily Reporter of Coldwater, Mich. — where ProMedica operates the Coldwater Regional Hospital — initially reported the news, citing […]

ProMedica Loses $70M in 2018 After ManorCare Skilled Nursing Acquisition

Non-profit hospital operator ProMedica announced its first set of annual financial data after acquiring skilled nursing giant HCR ManorCare last year, and the early results weren’t positive. The Toledo, Ohio-based firm reported $70 million in losses for fiscal 2018, according to an unaudited financial report for bondholders, despite a major revenue gain from absorbing approximately […]

Welltower Gains Confidence in Post-Acute as Industry Fundamentals Improve

Executives at Welltower Inc. (NYSE: WELL) are becoming more confident in the post-acute business, noting that skilled nursing acquisition prices have increased. In fact, in the past 12 months, the company has gone from being “an opportunistic buyer to opportunistic seller,” at least when it comes to skilled nursing, Welltower chief investment officer Shankh Mitra […]

PwC: Welltower-ManorCare Deal Drives Record Year for Health Care M&A

The blockbuster deal by Welltower Inc. (NYSE: WELL) to acquire skilled nursing provider HCR ManorCare with hospital non-profit ProMedica helped drive a record year for health care mergers and acquisitions, according to a new report from auditing and accounting firm PwC. The Toledo, Ohio-based real estate investment trust (REIT) closed on the acquisition in July […]

PwC: Private Equity Will Pick Up Non-Core Assets, Drive Innovation in 2019

National health care operators would be wise to consider selling non-core assets to expansion-minded private equity firms in 2019, according to a recent report from Big Four audit and accounting company PwC — while also looking to the investors as partners for growth and innovation. “For years, private equity firms have invested in health care, […]

Welltower’s DeRosa: Health Care Real Estate is the New Retail

While remaining relatively mum on the status of his company’s major skilled nursing play, Welltower Inc. (NYSE: WELL) CEO Tom DeRosa this week presented a vision of the future in which health care assets replace retail as the cornerstone of real estate development. “For generations, we thought of anchors as retail — it’s retail that […]

Skilled Nursing Rents 10% Too High, Analysts Say

Skilled nursing rents must decline by about 10% across the board in order to ensure the facilities’ long-term stability, a Wednesday report from Green Street Advisors has concluded. Real estate investment trusts (REITs) must achieve rent coverage of around 1.9 times to achieve stability for their tenants, the real estate research firm’s analysts Lukas Hartwich […]

Sabra’s Matros: Vertical Integration Tough to Pull Off in Skilled Nursing

Few voices in the skilled nursing world have been as outspoken as Rick Matros, CEO of Sabra Health Care REIT (Nasdaq: SBRA). That’s why we thought he’d make the perfect subject for our inaugural episode of “Rethink: The Future of Skilled Nursing,” a new podcast from Skilled Nursing News. During our 30-minute conversation, Matros offered […]

ManorCare, ProMedica Leaders Offer First Look Inside New Skilled Nursing Giant

The leaders of the newly merged ProMedica and HCR ManorCare on Tuesday peeled back the curtain on their plans for the future, with a specific focus on using an in-house insurance plan to test ideas for expanded partnerships. Speaking in friendly territory — the stage at new landlord Welltower Inc.’s (NYSE: WELL) investor presentation in […]

Formation Chairman: New Models for Skilled Nursing are Emerging

Formation Capital has a long history in skilled nursing and based on our conversation with Arnold Whitman — its founder and chairman — the company continues to see a big opportunity for the industry to take advantage of the shift to value-based care. During the National Investment Centers for Seniors Housing & Care (NIC) conference in […]

Welltower, ProMedica to Slash Rent on Former ManorCare Skilled Nursing Facilities

The former HCR ManorCare skilled nursing facilities received a major rent break under their new ownership structure. HCP Properties, the 80-20 joint venture between Welltower Inc. (NYSE: WELL) and non-profit hospital provider ProMedica, will charge $179 million for the first year of its 15-year lease with the 168 skilled nursing facilities and 58 senior living […]

Has the Skilled Nursing Industry Finally Hit Bottom?

As summer ends, it’s tempting to start looking ahead to what 2019 will hold for the skilled nursing industry. While the widely praised new payment model will likely grab the most attention, next year could also signal an upward climb out of an industry valley, or more troubled times ahead — depending on who you […]

Sanford, Fresh Off Good Samaritan Merger, Eyes $1B Chicago Health System

Non-profit hospital system Sanford Health is on track to complete a merger with a skilled nursing provider by fall, and a recent report hints that the operator isn’t done expanding. The Sioux Falls, S.D.-based Sanford could soon announce a merger with a $1 billion health system based in Chicago, CEO Kelby Krabbenhoft teased to SiouxFalls.Business. […]

ProMedica Lays Off 100, Cuts 60 More Jobs One Month After ManorCare Acquisition

Less than a month after completing its acquisition of skilled nursing giant HCR ManorCare, ProMedica Health System this week laid off 100 employees and cut 60 unfilled positions. The Toledo Blade first reported the news. The majority of the layoffs consisted of employees “in leadership roles and corporate functions,” according to a statement provided to […]