Company news

BusinessBriefs for August 2014

» Center Management Group of Flushing, NY, will pay $145 million to purchase five nursing facilities and two senior living communities from the Archdiocese of Philadelphia. The company currently operates 15 nursing facilities across New York and New Jersey. As part of the deal, the buyer has pledged to maintain the Catholic character of the nursing homes.

Hospitalist firm charged

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A hospitalist company that works with thousands of facilities is facing federal charges that its clinicians routinely overbilled Medicare and Medicaid, authorities recently announced.

Skilled care companies seek site-neutral Medicare rates

Skilled care companies seek site-neutral Medicare rates

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Proposed Medicare payment changes have put the nation's skilled care companies at odds with inpatient rehabilitation providers, and the two sides were making strident arguments in front of lawmakers at press time.

Kindred bid more hostile?

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Kindred Healthcare increased its bid for Gentiva Health Services to about $534 million, and plans to take the offer directly to shareholders.

BusinessBriefs for July 2014

» Berkadia Commercial Mortgage LLC acquired Keystone Commercial Capital, a commercial mortgage banking company based in Scottsdale, AZ. Keystone services more than $2 billion in commercial real estate loans. Berkadia plans to add 16 employees to its offices.

Ventas' $2.6 billion bid will create healthcare REIT titan

Ventas' $2.6 billion bid will create healthcare REIT titan

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Real estate investment trust giant Ventas took a huge step in bolstering its private-pay assets when it announced it would acquire American Realty Capital Healthcare Trust for $2.6 billion in cash and stock. The transaction is expected to close later this year.

BusinessBriefs June 2014

» Four bidders have emerged as finalists to buy Griffin-American Healthcare REIT II Inc., in a transaction that could value the company at more than $3.6 billion.

A new day for Sunrise

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Sunrise Senior Living has promoted Chris Winkle to its top executive post. The firm's former COO replaces Penny McIntyre, who had been on the job for less than six months.

Occupancy, absorption both climb in first quarter: NIC

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Skilled nursing facilities' average occupancy rate continued to rise in the first three months of 2014, while absorption flipped into positive territory for the first time in almost a decade, according to the latest quarterly figures from the National Investment Center for the Seniors Housing & Care Industry.

BusinessBriefs May 2014

» Compass Health has agreed to a $1.1 million settlement in a class action lawsuit alleging that the skilled nursing provider did not pay overtime or allow workers to take needed breaks. The firm operates seven skilled nursing facilities and two assisted living communities in the coastal area between Los Angeles and San Francisco.

Value is new SNF mandate

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Long-term care operators will face additional pressure to improve, said William Shrank, Ph.D., chief scientific officer for CVS/Caremark.

Nursing rates and prices hit historic highs, reports show

Nursing rates and prices hit historic highs, reports show

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The rates nursing home charge and the prices they fetch on the market have hit new highs, reports reveal.

BusinessBriefs

» Country Villa Health Services, which operates 19 skilled nursing and assisted living facilities in California, has filed for Chapter 11 bankruptcy. Pending class-action lawsuits and cash flow problems led to the filing, chief executive Stephen Reissman told The Wall Street Journal. The company faces seven class action suits, some labor related and some alleging improper care. The company intends to keep its facilities open while it reorganizes.

Ensign split hurts earnings

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The Ensign Group's annual results for 2013 came in just under management's guidance for the first time in the company's history, the provider announced.

Brookdale, Emeritus merger upends status quo, CEO says

Brookdale, Emeritus merger upends status quo, CEO says

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Brookdale Senior Living is poised to become the largest senior living provider in the country, through a $2.8 billion acquisition of Seattle-based Emeritus Corp.

BusinessBriefs

» Catholic Health will sell three of its seven long-term care facilities to Comprehensive Healthcare Management, according to local reports. A price has not been finalized for the three facilities in the area around Buffalo, NY. Catholic Health's remaining LTC facilities will be aligned more closely with the company's hospitals, reports stated. CHM is based on Long Island, NY.

Gay couple turns to EEOC

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Brookdale Senior Living is revisiting its benefits policies for same-sex couples after an employee filed a complaint with the Equal Employment Opportunity Commission in January. The worker alleged that Brookdale denied health benefits to her wife after the couple got married in Connecticut.

Providers strive to diversify services, payment streams

Providers strive to diversify services, payment streams

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Companies in the post-acute sector have been seeking deals to diversify their services and limit their reliance on Medicare, according to a recent analysis from investment banking firm TripleTree.

BusinessBriefs

» The Cahill Group, based in Chicago, has acquired a portfolio of Rosewood Care Centers skilled nursing facilities for $250 million. The SNFs are in Illinois and Missouri. The new company overseeing operations will be called Cahill Rosewood.

Freddie Mac option debuts

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A California long-term care provider has become the first to obtain financing through a new revolving credit facility offered by Freddie Mac.

Local 'religiosity' often tied  to fairer business practices

Local 'religiosity' often tied to fairer business practices

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A number of the nation's largest nursing facility corporations might have better business practices because their headquarters are in communities where religion is important to many people, new study results suggest.

CompanyBriefs

» IPC The Hospitalist Company has acquired four affiliated post-acute practices in White Plains, NY. Known collectively as Park Avenue, the affiliated practices serve more than 120 skilled nursing and other post-acute facilities, according to co-owner Brad Markowitz. IPC is a physician group offering services in more than 800 post-acute facilities.

Omega closes $525M deal

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Omega Healthcare Investors closed a $525 million deal to acquire 55 skilled nursing facilities.

Brookdale targets new goal: national brand recognition

Brookdale targets new goal: national brand recognition

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Brookdale Senior Living is known as one of the largest U.S. assisted living operators, but the Tennessee-based company has ambitious plans to establish itself as the national leader across the whole continuum of care.

BusinessBriefs

» Brookdale Senior Living workers in the Senior Care division will not receive merit increases due to Medicare reimbursement cuts and therapy caps, the Nashville-based company stated in an email to local reporters.

HUD tries to ease backlog

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Senior living companies pursuing Department of Housing and Urban Development financing should expect delays, one expert said.

Kindred repositions services to guarantee future growth

Kindred repositions services to guarantee future growth

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Kindred Healthcare, one of the nation's largest long-term care operators, has completed the first phase of a repositioning plan and is entering a period of growth, company leaders recently announced.

CompanyBriefs

» The Evangelical Lutheran Good Samaritan Society partnered with AARP to pilot the "Connecting to Community" program to reduce social isolation. Residents at four Good Samaritan locations received iPads and six months of training.

Advisors draft new Blueprint

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High-profile long-term care veterans have teamed up to create a new senior housing investment advisory group based in Chicago.

Five Star makes changes to rely less on public funding

Five Star makes changes to rely less on public funding

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Five Star Quality Care recently transferred operations of two rehabilitation hospitals in Massachusetts to Reliant Hospital Partners, marking the latest move in the company's dramatic shift toward private pay operations.

CompanyBriefs

» Alana Healthcare has continued to partner with skilled nursing facilities in the Southeast as it transitions from a durable medical equipment supplier to a healthcare management company. Its chronic obstructive pulmonary disease program has helped SNFs reduce hospital readmissions 73%, according to the company.

KY helping Trilogy grow

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Trilogy Health Services, which operates 76 senior living communities in the Midwest, is looking to expand its headquarters to support significant growth.

Faith-based provider forced to sell off 6 nursing homes

Faith-based provider forced to sell off 6 nursing homes

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Catholic Health Care Services of the Archdiocese of Philadelphia, one of the nation's largest faith-based long-term care providers, has announced it will sell its six nursing homes and one assisted living facility to help close a huge budget deficit.

Diversicare exits Arkansas

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Diversicare is terminating its lease on 11 Arkansas nursing facilities, exiting that market after more than 20 years.

Skilled Healthcare Group CEO to retire as company rebuilds

Skilled Healthcare Group CEO to retire as company rebuilds

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Boyd Hendrickson, a transformative figure in long-term care while at the helm of Skilled Healthcare Group, will be retiring as the company restructures its balance sheet and administrative services.

BusinessBriefs

» Cambridge Realty Capital Companies recently arranged $24 million in Housing and Urban Development loans to refinance skilled nursing facilities with a total of 549 beds in three states. The loans will go to Alden Northmoor Rehabilitation and Health Care Center in Illinois and four North American Health Care Inc. properties in California and Utah.

REIT in $173M Merrill buyout

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Health Care REIT is buying the remaining 20% equity interest in a Merrill Gardens 38-property portfolio, the two companies announced the final week of June. The additional $173 million investment will give full ownership to the REIT, which has agreed to a triple-net lease with Emeritus Senior Living to manage the properties. A third-quarter closing is anticipated.

Kindred shifts allegiance to Omnicare from PharMerica

Kindred shifts allegiance to Omnicare from PharMerica

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Kindred Healthcare will split with PharMerica and instead partner with Omnicare in 2014, marking a significant change in the landscape of long-term care pharmacy services providers.

BusinessBriefs

» Atria Senior Living announced tennis legend Billie Jean King will help develop and promote an active aging program for residents, to decrease the risk of falls and extend active lifestyles.

Saber expands its footprint

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Saber Healthcare Group has made its first appearance on the American Health Care Association's annual list of the 50 largest U.S. nursing facility companies.

Extendicare mulls sell-off of U.S. operations amid decline

Extendicare mulls sell-off of U.S. operations amid decline

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Extendicare, a major North American long-term care operator, may sell off its 158 U.S. facilities before the end of the year. The company's move to separate its Canadian and U.S. businesses could strike an ominous note to other providers as the Affordable Care Act speeds toward full implementation.

BusinessBriefs

Extendicare Health Services recently completed a $37.7 million portfolio refinancing of six SNFs in the Midwest. Ziegler Financing Corporation closed the transaction.

REITs to shed skilled sites

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Large real estate investment trusts are looking to get out of the skilled nursing sector, according to the Wall Street Journal.

AdCare hires new CFO, mulls moves after financial errors

AdCare hires new CFO, mulls moves after financial errors

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A turbulent spring at AdCare Health Systems Inc. included ongoing fallout from accounting errors that led to the appointment of a new chief financial officer, as well as a potential change in majority control of the company.

Aviv finally finds success with $279M initial public offering

Aviv finally finds success with $279M initial public offering

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Aviv REIT Inc. netted nearly $279 million in an initial public offering of common stock. The Chicago-based company first tried to go public in 2008 but was stopped by the economic crisis, and a 2009 attempt was met with investor resistance.

New name for Advocat Inc.

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Advocat Inc., which operates 48 skilled nursing centers, changed its name to Diversicare Healthcare Services as of March 15. Its facilities already operated under the Diversicare name, and President and CEO Kelly J. Gill said the name change is to unify branding.

BusinessBriefs

Benedictine Health System President and CEO Dale M. Thompson will retire in December. Thompson is a former president of the American Health Care Association.

Business briefs

» Emeritus Senior Living recently said it wants to hire 1,000 veterans by 2018. The assisted living and skilled nursing provider says this is the first such veteran recruiting program in senior care. Emeritus has identified a wide range of positions veterans may be qualified for, including resident care director and driver.

Brookdale has new CEO, look

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Brookdale Senior Living is launching a rebranding initiative under new CEO Andy Smith. The company serves about 66,700 residents in skilled nursing centers and senior living communities.

Kindred will trim more SNFs from its portfolio, Diaz says

Kindred will trim more SNFs from its portfolio, Diaz says

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Kindred Healthcare will continue to offload its nursing facility operations leased from Ventas, according to President and CEO Paul J. Diaz.

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