WellAWARE Systems Partners with Eden Alternative to Empower a New Standard of Care
WellAWARE Systems has announced a new partnership with international not-for-profit organization, The Eden Alternative. Founded by board certified geriatrician and international Elder care expert, Dr. Bill Thomas, The Eden Alternative is driven by a person-directed care philosophy to improve the well-being of Elders and their caregivers. WellAWARE’s technology will be part of The Eden Alternative’s educational message to provide insightful wellness data, such as sleep quality, bathroom visits, and activity levels to caregivers.
“The Eden Alternative’s approach to Elder care is focused on transforming the traditional, institutional model of care into an Elder-centered standard, where caregivers encourage and empower Elders to live their lives through a core set of values, which include choice, dignity, respect, self-determination and purposeful living,” said Chris Perna, CEO of Eden Alternative. “The addition of WellAWARE to our Value-Added Partner program is a natural fit and reinforces both organizations’ commitment to improving quality of life for Elders. We firmly believe that WellAWARE’s proactive and preventive approach strengthens the relationship between caregivers and Elders and establishes a much-needed higher standard of care.”
Brookdale Executes Term Sheet for $417 Million Mortgage Loan
Brookdale Senior Living Inc. (NYSE: BKD) announced that it has entered into a term sheet and is engaged in negotiations with Oak Grove Capital for an approximately $417.0 million mortgage loan, which is expected to close in July 2011. BKD anticipates the loan terms will have 75% of the loan at a fixed rate of interest of approximately 4.11%, with the remaining 25% bearing interest at a variable rate of 30 day LIBOR plus a margin of 187 basis points. The financing, at approximately 55% loan to value, is expected to be secured by mortgages that would mature in 2018. The proceeds from the proposed loan, together with the net proceeds from the recently announced convertible senior notes offering and cash on hand, will be used to repay approximately $628.1 million of mortgage debt due in 2012 and $84.1 million of mortgage debt due in 2013.
“By using the combination of low-leverage mortgage debt and convertible notes, we will be able to extend the maturities of all of our mortgage debt maturing in 2012 and a portion of our 2013 maturities at a very low effective interest rate, add liquidity by freeing assets to place into our line of credit, retain flexibility to pursue opportunities in the future, and access a new source of capital. We anticipate that the blended rate for the mortgage financing will initially be between 3.50% and 3.75%, and that the combined transactions will reduce our exposure to variable rate debt by approximately $340.9 million. We also plan to include within the mortgage loan the ability to pursue the objectives of our Program Max initiative to maximize the market position of the various communities securing the loan,” commented Bill Sheriff, Brookdale Senior Living’s Chief Executive Officer.
Health Dimensions Group Assumes Management of Ely-Bloomenson Nursing Home
Ely-Bloomenson Community Hospital (EBCH) has entered into an agreement with Health Dimensions Group to manage the Ely-Bloomenson Nursing Home. Operation of the nursing home will be separated from EBCH and transition to a nonprofit 501(c)3 corporation and be renamed Boundary Waters Care Center (BWCC). The separation of BWCC from the hospital will improve the financial viability of both organizations and allow BWCC to remain an essential component of Ely’s support for area seniors. Boundary Waters Care Center is a 58-bed skilled nursing facility providing short-term rehabilitation services and long-term care.
“We have greatly appreciated the enthusiastic support from the board of directors during this transition process,” said HDG Regional Director of Operations Mark Pederson. “We’re delighted and honored to be a part of the Ely-Bloomenson family, and we look forward to serving the Northland with the highest level of care, programs, and services.”
Omnicare Receives IPRO 2011 Quality Award
Omnicare, Inc. (NYSE:OCR) announced its pharmacy in Malta, New York has received a 2011 IPRO Quality Award. The Quality Awards, given annually by IPRO, the Medicare Quality Improvement Organization (QIO) for New York State, recognize healthcare providers that demonstrate a commitment to improving healthcare services in the state.
“We thank the leadership and staff of Omnicare for their commitment to implementing best practices and evidence-based care,” says Clare B. Bradley, MD, MPH, Senior Vice President and Chief Medical Officer, IPRO. “This commitment has led to measurable improvements in care for their patients, and has supported our statewide quality improvement goals.”