HCR ManorCare Helps Alleviate $102.8M Loss at ProMedica’s Insurance Arm

After the non-profit ProMedica Health System took over the operations of HCR ManorCare in a blockbuster deal last year, the skilled nursing entity continues to help improve the system’s shaky financial results. The Toledo, Ohio-based ProMedica reported an operating loss of $102.8 million for its ProMedica Insurance Corporation arm for the nine-month period ending September […]

Citing Quality Concerns, Senators Demand Answers from Major Private Equity Owners of Nursing Homes

The structure and finances of private equity investors in the skilled nursing space have come under the federal microscope, with two U.S. senators and a U.S. representative demanding answers from four major firms about their investment in nursing homes. Presidential hopeful Sen. Elizabeth Warren, along with Sen. Sherrod Brown and Rep. Mark Pocan, sent strongly-worded […]

Moody’s Again Downgrades ProMedica, Citing Dropping Medicare Census and Slower ManorCare Upside

Moody’s this week downgraded its rating for non-profit health system ProMedica, citing concerns over the ongoing integration of the HCR ManorCare assets into its umbrella and weakening Medicare census at its nursing facilities. The New York City-based rating agency dropped ProMedica from Baa1 to Baa3, with a negative outlook, the second such slip since the […]

Genesis Continues Real Estate Acquisition Push with 18-Building Joint Venture, Sells 8 More for $89M

Genesis HealthCare (NYSE: GEN) on Wednesday announced the acquisition of an ownership stake in 18 skilled nursing facilities in conjunction with a private investment firm, while also shedding eight more properties in a separate deal worth a total of $89 million. The Kennett Square, Pa.-based post-acute giant has a 30% share of the new entity […]

Welltower’s DeRosa: ProMedica, ManorCare Deal Financially ‘On Track’

More than a year after Welltower’s (NYSE: WELL) mega-deal to snap up skilled nursing giant HCR ManorCare, the real estate investment trust’s CEO says the partnership is on the right financial footing. “They’re on track,” Tom DeRosa said of the early financial results in a recent interview with the National Investment Center for Seniors Housing […]

Regional Health Properties Completes 4-SNF Sale for $28.5M; $60M Project Wraps in N.Y.

Regional Health Properties (NYSE: RHE) successfully completed the sale of four skilled nursing facilities in Alabama, Georgia, and Oklahoma for $28.5 million, Blueprint Health Care Real Estate Advisors announced last week. The deal, originally announced last month, initially consisted of three properties for $26.1 million; closing on the fourth property had been extended to late […]

Welltower CEO: Calling ProMedica Joint Venture a SNF Deal is ‘Pedestrian View’

Welltower (NYSE: WELL) CEO Tom DeRosa touted a big-picture view of his company’s skilled nursing investments this week, describing post-acute services as part of a larger health care ecosystem — one that is vertically integrated and thinks holistically about care. And because of that, he’s adamant that there’s more to the real estate investment trust’s […]

ManorCare Revenues Help ProMedica Offset Insurance Losses in First Quarter

After blaming its acquisition of HCR ManorCare for a significant annual loss in 2018, non-profit health system ProMedica credited its new skilled nursing assets for helping to offset a rough first quarter for its insurance business. The Toledo, Ohio-based acute- and post-acute giant logged a net loss of $9.8 million in the first quarter of […]

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 […]

Genesis Plots More Real Estate Buys in Wake of 15-SNF Welltower Deal

Major landlords have taken steps in recent years to reduce their exposure to Genesis HealthCare (NYSE: GEN) and skilled nursing properties more broadly — and now a leading national provider is looking to return the favor. The Kennett Square, Pa.-based Genesis is actively searching out more real estate acquisition opportunities after pulling off a 15-building, […]

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 […]