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
Classification: Nursing home (N.Y. Department of Health listing)
Location: 112 State Street, Albany, New York
Number of Beds: 250 (Medicare & Medicaid certified)
Owner/Operator: Albany County
Situation: The county nursing home’s 250 union workers recently agreed to a pay freeze due to an uncertain future as the facility may soon be run by an entity other than Albany County. County Executive Dan McCoy is working out a plan for the facility, which is losing money. On of the plans he has proposed includes privatizing either the entire nursing home—through sale or lease—or its management.
Residents: The facility was 90% occupied as of May 30, 2012.
2. From the Jamaica Plain Gazette (Massachusetts)—Nursing & Rehab Center to Shut Down, Displace Seniors
Name: The Goddard House Skilled Nursing & Rehabilitation Center
Classification: Non-profit nursing home (Massachusetts Senior Care Association listing)
Location: 201 S. Huntington Ave., Jamaica Plain, Massachusetts
Number of Beds: 126 (Medicare & Medicaid certified)
Owner: Home for Aged Women
Situation: Goddard House is an 85-year-old facility with many long-term challenges present through its outdated building, along with funding and marketplace shifts away from a long-term stay model of nursing home care. Modernizing the building would cost about $10 million and require partial shutdowns over two years, and could result in fewer rooms because the current site does not offer much space for expansion. The property is valued at about $6.1 million, and Goddard House’s board of trustees has not yet decided if it will hold onto the property or sell it.
Residents: The nursing home’s 100 residents are looking for new homes before the scheduled closure date of Sept. 8.
Name: St. Croix Health Center
Classification: Nursing home (Wisconsin public directory listing for licensed nursing homes)
Location: 1445 N. Fourth Street, New Richmond, Wisconsin
Number of Beds: 72
Owner/Operator: St. Croix County Board
Situation: The county-owned and operated nursing home may have to close unless there’s a financial turnaround. Current projections put the facility at a $634,559 deficit for 2012, and it’s also getting a more than $200,000 county tax money subsidy along with requiring about $228,000 in improvements identified in a federal inspection.
Residents: In facility.
Name: Columbia View Care Center
Classification: Nursing home
Number of Beds:
Owner: Eagle Health Care
Situation: The facility announced it would close August 18 with little notice to its residents. It has been struggling to turn a profit as about 73% of its residents are on Medicaid. Also, the state’s report on the facility last year
Residents: Residents are currently looking for new living arrangements.
Name: MicAnd Assisted Living
Classification: Assisted Living Facility (Virginia Department of Social Services listing)
Location: 9300 Onyx Court, Fredericksburg, Virginia
Number of Beds: 94
Owner: Dr. Abdul Durrani owns the building and leases the building to business owner Pat Newman.
Situation: Newman says she is giving up her business voluntarily “because it has become too much of a burden.” The building’s owner hasn’t been able to find another lessee to keep the facility open, but Newman says she will keep the building open until everyone has found a new place to live, and wishes another licensee will “step up and stop this.”
Residents: The community has 57 residents who are now being forced to relocate.