Manor Care reports sharp increase in first-quarter profits
Manor Care recorded a sharp rise in first-quarter profits of $41.1 million, up 32% from $31.1 million a year ago, mostly attributed to higher Medicare reimbursements. During the first quarter, the Toledo, OH-based nursing home giant sold four skilled nursing centers and bought four nursing homes in Ohio for $36 million.
Manor Care notched first-quarter revenues of $797 million, up 9% from the same quarter a year ago.
"Our quality mix of Medicare, private pay and managed care/insurance revenues rose to a new high of 69 percent," said Paul A. Ormond, Manor Care's chief executive. "The hospice and home healthcare business had another strong quarter, with hospice census exceeding 4,500 for the first time during the quarter and pushing hospice and home healthcare revenues to $92 million, up 26 percent from the prior year."
Manor Care runs more than 500 skilled nursing centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home healthcare offices.