Business

Business manager pleads guilty to embezzling $460,000 in resident trust fund scheme

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A former nursing home business office manager in Michigan has pleaded guilty to embezzling more than $460,000 from residents.

In defense of the Chaos Muppet

In defense of the Chaos Muppet

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Muppet theory can change the way we view business, and today is brought to you by the letters L, T and C.

Number of nursing home beds, residents decreasing, report finds

Number of nursing home beds, residents decreasing, report finds

The number of both nursing home beds and nursing home residents in the United States declined between 1999 and 2004, according to the recently released results of the National Nursing Home Survey: 2004 Overview.

ALFA members see bright light at end of dark economic tunnel

Senior living executives at a recent gathering of the Assisted Living Federation of America expressed their confidence in the strength of the industry, despite the current economic hardships facing other business sectors.

Nursing home stocks rally in wake of Medicare reduction proposal

Nursing home stocks rally in wake of Medicare reduction proposal

Nursing home operators may be lamenting the government's proposed Medicare payment cuts, but the stock market has reacted differently. Shares of several publicly traded long-term care chains spiked Monday, according to a recent market analysis.

Weak economy forces nursing homes to freeze jobs, delay infrastructure projects, study finds

Weak economy forces nursing homes to freeze jobs, delay infrastructure projects, study finds

A new study finds that difficult economic conditions are restricting nursing homes' access to capital. As a result, facilities are renegotiating supplier contracts, freezing jobs and holding off on wage increases, and delaying infrastructure projects.

Average per-bed prices for skilled nursing, assisted living facilities sink in 2008

Average per-bed prices for skilled nursing, assisted living facilities sink in 2008

After hitting record prices in 2007, the average price paid per bed for skilled nursing facilities fell by 18% to $45,500 in 2008, a new report by Irving Levin Associates Inc. found.

Kindred earnings rise 30% in fourth quarter

Despite the general economic gloom at the end of 2008, Kindred Healthcare Inc. ended the year strong. Net income rose by 30% in the fourth quarter compared with the same quarter a year earlier.

Senate expected to vote on economic stimulus package today

Senate expected to vote on economic stimulus package today

Senate leaders have scheduled a vote on the economic stimulus package today. It follows weeks of hard-fought negotiations and compromises between the parties.

Financial crisis hurting seniors housing market, NIC reports

Financial crisis hurting seniors housing market, NIC reports

Loan performance and capitalization rates in the senior housing sector are beginning to feel the pinch of the nation's credit crunch, according to a new market analysis released Tuesday by the National Investment Center for the Seniors Housing & Care Industry (NIC).

Nursing home groups offer solutions for U.S. economic recovery

Nursing home groups offer solutions for U.S. economic recovery

Expanding its labor pool and accessing capital to fund construction projects are two ways the long-term care field can stimulate U.S. economic recovery, the American Health Care Association and the Alliance for Quality Nursing Home Care said Thursday.

'Card-check' legislation pits unions against business leaders

Business leaders around the country are engaged in silent combat against a bill that would make it easier for workers to organize.

Erickson to cut more than 250 jobs as a result of market upheaval

Erickson to cut more than 250 jobs as a result of market upheaval

Erickson Retirement Communities, a major developer of continuing care retirement communities, will eliminate more than 250 full- and part-time positions in reaction to turmoil in the financial markets, the company said Thursday.

Top execs named at Erickson Retirement Communities, Golden Living

John Erickson, founder of Erickson Retirement Communities, a major senior living company, has stepped down from his post as the company's CEO, effective immediately.

Sunrise plays defense as share price hits new low

Sunrise Senior Living Inc. took some defensive action to avert a potential takeover after its stock hit a new low this week, plummeting to $0.38 per share, a news report said.

Sunrise loses nearly $69 million in third quarter

Sunrise Senior Living Inc., the largest assisted living chain in the United States, lost nearly $69 million in the third quarter of 2008. That reportedly is the company's worst loss in eight years.

Experts favor new payment system rewarding higher quality and more efficient care

A new survey of healthcare leaders finds that almost all feel the current healthcare payment system is fundamentally flawed and must be reformed. An overwhelming majority favor bonuses for high-quality outcomes and more efficient care.

Kindred posts loss in third quarter on poor hospital results

Kindred Healthcare Inc. widened its loss in the third quarter to $21 million or $0.56 per share, while revenues grew by a slight 1%.

Study: Medicare pay-for-performance penalizes hospitals that treat more elderly patients

Study: Medicare pay-for-performance penalizes hospitals that treat more elderly patients

Hospitals that serve large groups of the elderly, poor, African-American or female patients tend to be ranked lower than hospitals with healthier, younger clientele under the Medicare pay-for-performance program, according to new research from the Duke Clinical Research Institute.

Minnix: Economic woes not insurmountable

Minnix: Economic woes not insurmountable

Times are tough economically, but they're not impossible, said Larry Minnix, president and CEO of the American Association of Homes and Services for the Aging, in an interview with McKnight's on Monday.

Offering quality care is goal of new Golden Living CEO

Offering quality care is goal of new Golden Living CEO

Golden Living should be synonymous with quality care, Dr. Neil Kurtz, the new CEO and president of Golden Living, told McKnight's this week.

AAHSA expert: Bailout package should provide stability for seniors housing market

AAHSA expert: Bailout package should provide stability for seniors housing market

The controversial $700 billion bailout plan signed by the president last week is likely to have a positive effect on long-term care housing, according to an expert from the American Association of Homes and Services for the Aging.

Nursing Home Transparency Act surfaces in House

U.S. Reps. Pete Stark (D-CA) and Jan Schakowsky (D-IL) recently introduced a new version of the Nursing Home Transparency and Quality of Care Act of 2008 to the House.

Tougher economy means greater likelihood of Medicaid cuts, Kaiser survey reveals

A new survey of state officials shows that increasing budget pressures could lead states to start clicking down their Medicaid programs. Most have resisted cuts thus far, but the odds of that continuing are becoming less and less likely, according to a report by the Kaiser Commission on Medicaid and the Uninsured.

Study: More affluent ZIP codes consistently see higher rates of surgery survival among the elderly

Seniors in more impoverished areas of the country are significantly more likely to die after surgery than their wealthier neighbors, according to recent research.

Yarwood: U.S. must stabilize economy to preserve long-term care, retirement accounts

Yarwood: U.S. must stabilize economy to preserve long-term care, retirement accounts

Congress was attempting to hammer out an agreement Wednesday on a $700 bailout package for the unstable financial sector. Such action is good news for long-term care and seniors' retirement accounts, according to Bruce Yarwood, president of the American Health Care Association.

Surveys: companies, workers coughing up more for healthcare

Both employers and employees are paying more for healthcare, according to several recent surveys chronicling the rise and fall of employer-sponsored healthcare rates and premiums over the last year.

More transparent market data needed for seniors housing, expert says

More transparent market data needed for seniors housing, expert says

The seniors housing and care sector has made noticeable progress towards developing transparent data, but it still lags behind other real estate classes, according to one of the nation's most renowned real estate experts.

Occupancy rate stays stable for skilled nursing, drops for assisted living

The average skilled nursing occupancy rate held steady, while rates for assisted living and independent living fell noticeably. That is according to the National Investment Center for the Seniors Housing and Care Industry's Market Area Profiles (NIC MAP) statistics released Thursday.

Private equity firms do not affect nursing home quality of care, Harvard study finds

Private equity firms do not affect nursing home quality of care, Harvard study finds

A year after a news report uncovered resident care and ownership problems at privately held nursing homes, a new report from Harvard Medical School finds the opposite: Quality at nursing homes does not suffer, and, in certain cases, may even improve under private-equity ownership.