HCR ManorCare could be extending its reach to new health systems, Welltower executives revealed Thursday during a fourth-quarter earnings call.
The post-acute care provider is currently in “active negotiations” with several health systems regarding their post-acute needs, according to Shankh Mitra, Welltower’s executive vice president and chief investment officer.
Mitra added that the Toledo, OH-based real estate investment trust believes ProMedica will drive “significant value from the HCR platform for years to come.”
“I’m optimistic I’ll be able to share with you some of the success stories in 2020,” Mitra said. He added that the skilled nursing side has seen improvements in length of stay, occupancy and costs.
The company also announced the sale of three HCR ManorCare skilled nursing facilities for $67 million, or about $156,000 per bed.
The facilities have an average age of 49 years. The sale was initiated after an unsolicited offer and is expected to close during the first half of 2020, according to the company.