Concordia Lutheran Ministries Buys Ohio CCRC from Receiver for $23 Million

Tampa, Fla.-based CLW Senior Housing recently represented a court-appointed receiver in the $23 million sale of an Ohio continuing care retirement community. Concordia of Ohio, a subsidiary of Concordia Lutheran Ministries, acquired Sumner on Ridgewood, a ‘Type C’ CCRC built in 2003, from Jeffrey T. Heintz of Brouse McDowell. The 64-acre property’s overall occupancy was at […]

Nursing Homes Overbilled Medicare by $1.5 Billion, Half of Claims Misreported

About a quarter of reimbursement claims skilled nursing facilities billed to Medicare in 2009 were erroneous and resulted in $1.5 billion in inappropriate payments to those facilities, says a report from the Department of Health and Human Services’ Office of the Inspector General (OIG). The billion-and-a-half dollars of over-billing represents 5.6% of the $26.9 billion Medicare […]

Builder Confidence in 55+ Housing Market Reaches 4-Year High

Adding to the increasing builder confidence in the 55+ housing market, the Housing Market Index (HMI) for single-family homes achieved its highest reading in four years and could be the tell-tale signal for market recovery, according to the National Association of Home Builders (NAHB). The index for single-family homes more than tripled during the third […]

HCN, Sunrise Profit in Q3 Following Merger Agreement; Ordan Plans Exit

Net income for Health Care REIT, Inc. (NYSE:HCN) rose 1.8% in the third quarter ended Sept. 30, 2012 to $37.3 million following the company’s $845 million acquisition of Sunrise Senior Living (NYSE:SRZ) announced in August. However, net income applicable to shareholders fell to $0.16, down 24% compared to last year’s $0.21.  HCN’s revenues jumped to […]

Three Florida ALF Owners Plead Guilty to Medicare Fraud Schemes

Two Miami-area assisted living facility owners pleaded guilty Friday, October 26, for their role in a Medicare fraud scheme related to a defunct Florida healthcare provider, announced the Department of Justice. Raymond Rivero and Ivon Perez each pleaded guilty to one count of conspiracy to solicit and receive cash kickbacks from the defunct provider, Health […]

Federal Program’s Goals to Shift People Out of Nursing Homes Were “Unrealistic”

Many states have fallen abysmally short of initial estimates for a $4 billion federal program called Money Follows the Person, which awards grants seeking to relocate those living in nursing homes into less institutional settings, says the Washington Post. Five years into the program, about 22,500 people nationwide have left institutional settings and transitioned back […]

Boomers Postponing Retirement Due to Financial Insecurity, Says AARP Report

Financial insecurity is forcing many baby boomers to change their retirement plans, according to an AARP report, and many expect they’ll retire later than previously planned. The Great Recession of 2007, along with a number of factors stemming from economic frailties, has caused boomers to fear even their own children’s futures. With social security benefits […]