Skilled nursing facilities will get an estimated $670 million boost in Medicare payments during fiscal year 2013 through the updated market basket rate, the Centers for Medicare & Medicaid Services (CMS) announced last Friday. The prospective payment system (PPS) update for skilled nursing provides a 1.8% increase to the market basket rate for 2013, for an […]
Category: Skilled Nursing
With unpredictable Medicare reimbursement rates and constricted Medicaid budgets at a state level, senior care providers are welcoming a less common, but slowly growing, form of payment: long-term care insurance. This product allows policyholders to make claims to their insurance company to pay for their health care costs, whether it’s received at home, in a […]
Nursing homes in New Jersey could potentially be in for a big chance as the state seeks to further privatize its Medicaid program. A plan to hand over the reigns of the long-term care portion of its Medicaid budget to the four insurance companies that currently manage the rest of the state’s healthcare programs for […]
Gentiva Health Services, Inc. (NASDAQ:GTIV) announced on Thursday that it had acquired Advocate Hospice, located in Danville, Ind., for an undisclosed price. Advocate was founded in 2006 and is a leading provider of end-of-life care in its community. “The addition of Advocate Hospice to the Gentiva family enables us to expand our coverage in central […]
Nursing homes overwhelming fail to properly use and document antipsychotic drugs, finds a July 2012 Office of Inspector General (OIG) report, as more than 99% of the records it reviewed for senior residents in skilled nursing facilities receiving atypical antipsychotic drugs during the first half of 2007 lacked evidence indicating they met all Federal requirements for […]
A “confounding” lack of statewide enforcement from California’s Department of Public Health is partially to blame for a “shameful state of affairs” in several nursing homes that are the subject of reports by California’s Operation Guardians, a project of the state Department of Justice’s Bureau of Medi-Cal fraud and Elder Abuse, says a review by […]
Here’s a list of possible turnaround opportunities for senior care facilities, ranging from troubled facilities that are losing money, to county-run homes looking to privatize, to places that may need to close their doors for various other reasons. 1. From the Times Union (New York)—County Nursing Home Likely to be Privatized Name: Albany County Nursing Home […]
Private equity firm JLM Financial Investments, based in Austin, Tex., acquired a 10-property portfolio of senior care facilities last month for an undisclosed sum. The portfolio consists of 1,553 beds in both skilled nursing and intermediate care facilities, all of which are located in Illinois. JLM acquired the portfolio from Irvine, Calif.-based Granite Investment Group. […]
AdCare Health Systems, Inc. (NYSE MKT:ADK) announced on Tuesday it had completed a previously announced agreement to purchase a skilled nursing facility located in Glennville, Ga. for $8.2 million. The Glenview Health and Rehabilitation center has 134 beds and generates an estimated $6.4 million in annualized gross revenues, according to its most recent financials. AdCare […]
Here’s a list of possible turnaround opportunities for senior care facilities, ranging from troubled facilities that have lost Medicare/Medicaid licensing, to ones that have been shut down by the state, to places that may need to close their doors for financial reasons. 1. From WSBTV.com (Georgia)—State Seeks to Shut Down Personal Care Facility Name: Tara Plantation […]
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