How ProMedica Senior Care, Genesis, Principle LTC Envision the Future SNF Business Model

Building partnerships with leaders of different parts of the health care continuum will continue to be a big part of strengthening the industry’s business model, as getting recognition from other sectors builds credibility, along with referrals and business opportunities. That’s according to executives from Genesis HealthCare, ProMedica Senior Care and Principle LTC. Larger corporate organizations […]

ProMedica Promotes COO, Reportedly Ousts CFO in Leadership Reshuffle

Just a few weeks after announcing $126 million in financial losses for the first financial quarter of 2022, ProMedica has made major changes to its leadership lineup. Arturo Polizzi, for one, has been promoted to serve as president for the company, a title previously held by CEO Randy Oostra. Polizzi will take on the new […]

ProMedica Senior Care Reports $124M Loss, Slowed Occupancy Recovery Makes ‘Big Difference’

ProMedica Senior Care, which houses the nonprofit health system’s skilled nursing operations, has lost $124.3 million during the first quarter of 2022 as both the operator and the industry continue to face lagging occupancy recovery coupled with high labor costs. The financial figure compares to $72.5 million in operating losses for Q1 of 2021. On […]

REITs Owned 12% of US Skilled Nursing Assets in 2021, Ownership Trends Changing

Real estate investment trusts (REITs) owned about 12% of all skilled nursing assets as of 2021, equating to about 1,870 facilities. That’s according to a research letter published in JAMA Health. Researchers also examined REIT ownership trends of hospitals and other health care properties. The data comes at a time when the Biden administration and […]

What Optum’s $5.4B LHC Group Acquisition Says About the Future of Skilled Nursing Care

Optum, the health services arm of UnitedHealth Group (NYSE: UNH), has agreed to buy home health giant LHC Group (Nasdaq: LHCG) for a reported $5.4 billion.  The blockbuster deal is the latest indication that the nation’s largest health care payers are driving a shift toward value-based care models that prioritize more services delivered in people’s […]

ProMedica Posts $275.3M Senior Care Division Loss in 2021, Expects Slowed Occupancy Recovery

While other ProMedica divisions have seen near pre-pandemic recovery, its senior care division patient volumes – which includes skilled nursing assets – are needing more time to recover. A combination of Covid-related admission volume declines, elevated expense levels and reduced government stimulus funds all played a role in stymied recovery last year, the Toledo, Ohio-based […]

Welltower Continues to Shrink Post-Acute Portfolio, ‘Subpar Bottom Line’ Linked to Staffing Costs

Despite some encouraging top-line trends, expenses increased 8.8% year-over-year for Welltower (NYSE: WELL) leading to “subpar bottom line” results to end 2021. Still, the real estate investment trust is hopeful that once the omicron variant fades, spending will normalize. Staffing costs, in particular, hit Welltower hard in Q4 2021. “I am pretty disappointed about the […]

Most Read Skilled Nursing Stories for 2021

Several recurring topics crept up while chronicling Skilled Nursing News’ most-read stories of the year – occupancy, staffing, acquisitions and the industry’s place in value-based care – among others. Of course, the COVID-19 vaccine rollout and subsequent mandate were top-of-mind the entire year as well. The Biden administration sought to boost lagging staff vaccine rates […]

Skilled Nursing Facilities Straddle Court Rulings, CMS Mandate in Vaccination Plans

Operators are walking a tightrope following a series of injunctions issued against the federal vaccine mandate, developing plans to have staff fully vaccinated by early next year while balancing compliance between the courts and federal agencies. Two preliminary injunctions were issued this week, most recently by Judge Terry Doughty of the U.S. District Court for […]

Optum Enlists Former ProMedica Leader to Build Out its Provider-Led I-SNP Services

Former ProMedica Senior Care President David Parker took on a new role at Optum this summer, putting his 30-plus years in skilled nursing executive leadership to good use as vice president of strategy for its complex care management division. Optum is the care delivery arm of UnitedHealth Group, and has offered value-based care plans for […]

ProMedica Reports $101M Loss, Staffing ‘Dramatically Increasing’ Costs

As federal stimulus payments slow at this point in the pandemic, ProMedica reported a $101.4 million operating loss for the first nine months of the year — with a $23.5 million loss for the third financial quarter alone. During the first nine months of 2020, the Toledo, Ohio-based operator said it had $168 million in […]

Welltower CEO: Use of Agency Staff ‘To Dissipate’ Moving Forward as Staffing Beginning to ‘Normalize’

Despite “mediocre” bottom line results, Welltower (NYSE: WELL) CEO Shankh Mitra said he “could not be happier” with the real estate investment trust’s (REIT) third quarter overall. Mitra was also thankful the impact of the COVID-19 delta variant had a minimal impact on the REIT’s operators. “In our experience, COVID surges drive revenue down and […]

ProMedica Names Angela Brandt Senior Care Division President

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 […]

Bedrock Purchases Six Former ManorCare Facilities in Pennsylvania

Bedrock Care Group is in full growth mode, with its recent acquisition of six ManorCare skilled nursing and rehabilitation centers in Pennsylvania; the operator plans to buy more centers within the state too. The eight-facility Royersford, Pa.-based management company announced the transaction on Tuesday, approximately doubling its employee count. With its acquisition, Bedrock now has […]

ProMedica’s Senior Care Division Sees $385M Patient Revenue Drop in ’20 Amid COVID Occupancy Declines

The post-acute and long-term care landscape has seen admissions dry up during the COVID-19 pandemic, and ProMedica was no exception. The Toledo, Ohio-based health system, which operates skilled nursing facilities and senior living properties under the ProMedica Senior Care brand, saw patient service revenue across its senior portfolio decline by $385.4 million in 2020 from […]

Welltower’s Mitra: ‘Controversial’ Genesis Investment Paid Off for REIT with Portfolio Sale, Equity Stake

Welltower Inc. (NYSE: WELL) CEO Shankh Mitra this week touted his company’s decision to largely break up with top nursing home tenant Genesis HealthCare (NYSE: GEN) — while also expressing confidence that the turnaround group brought in to stabilize the troubled operator will bring more value to the real estate investment trust (REIT). Mitra in […]