With opioid abuse disorders on the rise and impacting millions of Americans, nursing homes have been important partners in drug treatment. And yet, denial of admission to residents with this condition has been an issue in the sector, given that the care of such residents is complex. Pennsylvania is one state that has decided to […]
ProMedica
ProMedica is selling its Heartland hospice and home care business to Gentiva. The deal, announced Monday, comes on the heels of nonprofit health system ProMedica divesting of nearly 150 skilled nursing facilities in a deal involving Welltower (NYSE: WELL) and Integra Health. Gentiva is the largest hospice company in the U.S. based on revenue and […]
The changing nature of the skilled nursing business has enabled Optalis Healthcare to gain scale, adding 21 facilities through three deals executed in the last year. “The business has changed a lot; it takes a lot more in terms of resource deployment,” Optalis CEO Raj Patel told Skilled Nursing News during an interview at the […]
Genesis Healthcare Inc. will add 34 nursing homes in Pennsylvania to the 15 the company currently operates in the state, in addition to taking over management of four in Colorado. “This transition marks the largest expansion of services provided by Genesis and its affiliates since the organization underwent a transformation into a market model approach […]
Exiting 15 states will enable the Evangelical Lutheran Good Samaritan Society to invest more resources into creating an integrated model with parent company Sanford Health, with a goal to deliver “cutting-edge care” to older adults regardless of where they reside. That’s according to Good Samaritan CEO Nate Schema, who believes that for Good Sam and […]
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 recently notified over 260 employees that they will be laid off in the coming months, as the company transitions 147 nursing homes to new operators. The layoffs include 255 remote workers in regional and corporate support staff roles for the senior care facilities, and seven of the employees work in ProMedica’s senior care offices […]
Economic uncertainty, staffing shortages, looming federal regulations, a new COVID variant and major changes to the Minimum Data Set (MDS) are just a few of the challenges facing the skilled nursing sector at the dawn of 2023. But a new year is also a time for optimism. Favorable Medicaid policies, the growth of strong regional […]
Welltower (NYSE: WELL) and Integra Health have completed an “initial” closing of their previously announced joint venture, which will involve the transition of 147 skilled nursing facilities previously operated by ProMedica to 15 regional operators. ProMedica surrendered to Welltower its 15% interest in the 147-property portfolio, Welltower announced Friday. ProMedica will be absolved from its […]
After divesting of its sizable portfolio over the course of several years, SavaSeniorCare will cease to exist as a company once its last five nursing homes transition to other operators, which the company expects to occur by the end of January 2023. The end of Atlanta-based Sava marks another sea change in the skilled nursing […]
The top quotes of 2022 memorably captured some of the biggest skilled nursing issues of the year, from “shocking” payment policies to “colossal” regulatory issues to “transformative” changes. The quotes below not only serve as reminders about what transpired over the last 12 months, but touch on many issues that are still pressing as 2023 […]
Skilled nursing operators should anticipate further distress in the coming months and into 2023, which will likely result in even greater divides among providers. The winners and losers already are being sorted, as the latest round of real estate investment trust (REIT) earnings made clear. And unsurprisingly, strong regional operators are leading the pack. Welltower […]
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 […]
Welltower (NYSE: Well) is selling and transitioning 147 skilled nursing facilities currently operated by ProMedica to a newly formed joint venture with Integra Health, the company announced Monday. ProMedica has agreed to surrender its 15% interest in the SNF assets involved in their existing 85/15 joint venture with the real estate investment trust (REIT) and […]
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 […]
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 Senior Care is on a better path more than a year after Welltower (NYSE: WELL) bolstered its joint venture with the senior housing and care operator — but agency labor remains a challenge. The Toledo, Ohio-based health system this year has reported significant losses in its senior care division — which includes skilled nursing […]
With interest rates and inflation rising and prices up 8.6% from a year ago — the fastest increase since 1981 — there seems to be a growing fear that a recession may be on its way. In fact, inflationary concerns continue to erode consumer sentiment, according to the University of Michigan Surveys of Consumers, as […]
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 […]
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