Extendicare Health Services recently completed a $37.7 million portfolio refinancing of six SNFs in the Midwest. Ziegler Financing Corporation closed the transaction.
A whistleblower lawsuit involving a nursing home chain and therapy providers in Missouri can move forward, a federal judge has ruled. The False Claims Act case originated with allegations that a therapy company received more than $10 million in kickbacks as part of a scheme to overbill Medicare and Medicaid.
The Department of Health and Human Services is trying to encourage Medicare fraud whistleblowers by substantially increasing their potential reward. The current maximum award of $1,000 would go up to $9.9 million per whistleblower if a recently proposed rule takes effect.
Biotechnology company Amgen will pay $24.9 million in a settlement over whistleblower allegations that the company paid kickbacks to long-term care pharmacies to increase the use of an anemia drug in nursing homes.
Kindred Healthcare will continue to offload its nursing facility operations leased from Ventas, according to President and CEO Paul J. Diaz.
Kindred Healthcare has announced plans to open new transitional care centers in Indianapolis and Las Vegas by 2014. The company will also open expanded transitional care hospitals in Dayton, OH, and Charleston, SC.
A top nursing home industry executive made a case against Medicare cuts and in favor of payment and delivery reforms in long-term and post-acute care in a Senate hearing Wednesday.
Two major long-term care hospital operators saw their stocks rise upon news that planned payment cuts will be phased in over time.
Kindred Healthcare Inc. has announced that Pat Henry is the newly appointed president of its RehabCare division. She replaces Chris Bird. A speech pathologist by training, Henry most recently was an executive vice president in Kindred's skilled rehab division. Prior to Kindred's acquisition of RehabCare on June 1, Henry was the latter company's executive vice president, operations. Bird is leaving to become the CEO of ReachOut Healthcare America, a national administrative services organization for mobile dentistry and healthcare, a Kindred announcement said on Monday
Kindred Healthcare is strengthening its quest to grow as a healthcare giant serving a wider range of clients by acquiring a home health company.
Ratings agency Standard & Poor's has put all six of its rated for-profit nursing home operators on Credit Watch with a negative outlook.
Following news of a planned slash in Medicare reimbursements, skilled nursing facility operators have spent the last few days reassessing their financial strategy.
Shares of major skilled nursing facility operator stocks took a nosedive Monday morning following Friday's announcement that the Centers for Medicare & Medicaid Services are cutting Medicare reimbursements to SNFs by 11.1%, starting Oct. 1. Operators Sun Healthcare, Skilled Healthcare and Kindred Healthcare lost more than a quarter of their market value on Monday, according to published reports.
The Federal Trade Commission has given antitrust clearance to Kindred Healthcare's plan to purchase RehabCare Group for $1.3 billion in stock, cash payments and debt assumption.
Kindred Healthcare announced Tuesday that it had reached an agreement to purchase competitor RehabCare in a deal valued at $1.3 billion, which includes the assumption of $400 million in debt.