Pharmaceutical company Omnicare, Inc. (NYSE:OCR), the nation’s largest pharmacy for long-term care facilities, must pay the U.S. government $50 million in a settlement over complaints it dispensed painkillers to nursing homes and other senior care facilities across the country without proper prescriptions or authorization. The Covington, Ky.-based company’s settlement with the Department of Justice is […]
Category: Skilled Nursing
Third time wasn’t a charm for Covington Investments, LLC, who has sent three rejected proposals to acquire Brentwood, Tenn.-based skilled nursing operator Advocat Inc. (NASDAQ:AVCA)—the latest for $8.50 a share (approximately $51 million). “In letters on February 27, March 22, and April 12, 2012, we made what we believe to be very compelling proposals to […]
Commercial real estate brokerage Healthcare Realty Brokerage, headquartered in Clayton, Mo., recently represented a Midwest regional operator to lease the company’s Kentucky skilled nursing facility to Advocat Inc., a publicly traded skilled nursing provider based in Brentwood, Tenn. The lease for Arbor Place of Clinton has an initial 10-year term with two five-year renewal options, […]
AdCare Property Holdings, LLC, a subsidiary of AdCare Health Systems, Inc., plans to acquire Sumter Valley Nursing and Rehab Center, a 96-bed skilled nursing facility located in Sumter, South Carolina from Pinewood Holdings, LLC for an aggregate purchase price of $5.5 million, according to an 8-K filing. The purchase price consists of $5.25 million in cash […]
When a nursing facility loses caregivers, it can be a matter of life or death for its residents, according to a study from the Center for Retirement Research at Boston College, reports U.S. News. While it may seem counterintuitive, nursing home residents are actually adversely affected by stronger economies. That’s because in favorable economic times, […]
The U.S. Department of Health & Human Services Office of the Inspector General has released its 2012 Work Plan with brief descriptions of its eight goals regarding oversight of and quality control for nursing homes, including three new topics for review regarding compliance, post-acute care quality, and billing patterns. Here are the eight topics the […]
This fall, poorly performing hospitals will essentially start getting punished for high readmission rates, which means they’re looking to partner with post-acute care providers to ensure the best outcomes for their patients. Nursing homes need to figure out how to position themselves for these partnerships, and with 30-day readmission rates currently at 21%, they must […]
Starting October 1, hospitals in the bottom quartile for readmissions will get across-the-board reimbursement cuts from Medicare, and skilled nursing facilities should capitalize on their data to become attractive partners to either hospitals in trouble, or well-performing hospitals that want to stay on top, says Teresa Chase, President and CEO of American HealthTech in her […]
Despite modest gains in seniors housing occupancy rates in the first quarter of 2012, construction activity and year-over-year rent growth have slowed, according to the National Investment Center for the Seniors Housing & Care Industry’s data analysis service NIC MAP. By the end of Q1, the average occupancy rate had risen to 88.4%, up 20 […]
Real estate investment services firm Marcus & Millichap is currently brokering the sale of three not-for-profit nursing homes, all located in New York, for a total expected sale price of approximately $40 million. Horace Nye Nursing Home, located in Elizabethtown, N.Y., is a 100-bed facility that’s about 98% occupied and has an approximately 93% Medicaid […]
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