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
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, 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 […]
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 […]
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 […]
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 […]
As the nursing home industry tried to digest a sweeping set of industry reforms proposed by the Biden administration on Monday, a Capitol Hill lawmaker got in on the action by proposing a bill to force private equity firms to disclose their ownership in facilities. Amid all these developments, one thing has become evident: the […]
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 […]
This year was another rollercoaster for the skilled nursing industry as operators – and truthfully the nation alike – went from the tail end of another covid surge, to the widespread availability of vaccines, then considerable optimism and a possible light at the end of the tunnel, back to another COVID-19 surge and as I’m […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
The ink on ProMedica’s deal to acquire the operations of nursing home giant HCR ManorCare was barely dry, but the health system’s David Parker already had his eyes on further expansion. The Toledo, Ohio-based ProMedica made a huge splash in the post-acute and long-term care world in 2018 when it teamed with real estate investment […]
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 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 […]