Almost immediately after the 2006 schism that threatened to fully tear them fully apart, some stakeholders wanted to see the Alliance for Quality Nursing Home Care remain united with the American Health Care Association. Gradual Alliance attrition, combined with the effects of hard knocks from regulators and lawmakers, helped make it a reality this week.
Under terms of the agreement, Genesis will acquire Sun for $8.50 per share of common stock in cash. Following the announcement, Sun shares leaped Thursday.
Six nursing home companies have been removed from Standard & Poor's Rating Service downgrade watch.
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.
Sun Healthcare on Wednesday reported "respectable" earnings growth of 7.7% for the fourth quarter of last year and 18.3% for 2009 overall. The nation's sixth-largest skilled nursing provider said Medicare payments for higher acuity residents, as well as upticks in its affiliated hospice and therapy businesses, drove results.
Harborside Healthcare has agreed to pay $1.375 million to the United States to settle a lawsuit alleging that the company received kickbacks through a durable medical equipment scam, the Department of Justice announced Thursday.