Federal Lawsuit Claims CVS Health/Omnicare Improperly Refilled Meds Across 3,000-Plus Senior Living Communities

Long-term care pharmacy giant Omnicare and its parent company CVS Health (NYSE: CVS) are defendants in a federal lawsuit alleging that hundreds of thousands of drugs were improperly dispensed to senior housing residents over a period of years. The complaint, filed Tuesday by the Manhattan U.S. Attorney’s office, and an accompanying press release name-check several […]

Affinity Adding 16 New Properties to Portfolio, Developing Medicare Advantage Plan

Affinity Living Group is gaining scale and sophistication. The Hickory, North Carolina-based senior living provider plans to open or break ground on 16 properties this year and is developing a Medicare Advantage plan, although it has not ruled out partnering with an existing plan. Affinity is slated to open six new assisted living communities this year […]

CVS Health Records $2.2B Impairment on Omnicare, Still Bullish on Senior Living

Shares of pharmacy and insurance giant CVS Health (NYSE: CVS) dipped sharply Wednesday on the heels of a troubled Q4 2018 earnings report, which included a $2.2 billion impairment charge related to the company’s long-term care business. However, CVS Health executives are still bullish on the prospects for this division, particularly through expansion into independent […]

CVS, Competitors Vie for Senior Living Pharmacy Market Share

Pharmacy giant CVS Health (NYSE: CVS) recently announced an aggressive push to serve assisted living providers through its Omnicare arm. But CVS is competing with specialized pharmacies serving the senior living sector—and this could be good news for senior living providers, as it could spur more innovative pharmacy distribution and management practices. Some assisted living providers, such […]

[Update] CVS to Buy Omnicare in $12.7 Billion Deal

Omnicare Inc. (NYSE: OCR), the nation’s largest long-term care pharmacy provider, will be acquired by CVS Health Corp., Bloomberg News first reported Wednesday. The deal was confirmed early Thursday and will net an enterprise value for Omnicare of $12.7 billion, including $2.3 billion in debt. Omnicare has 13,000 employees at 160 locations in 47 states across the […]

Pharmacy Giant Omnicare Seeks Buyer: Reports

Omnicare Inc. (NYSE: OCR), the nation’s largest long-term care pharmacy, is rumored to be seeking a buyer, according to news reports. Company representatives declined to comment to Bloomberg, which originally reported on the potential sale Wednesday afternoon, citing unnamed sources with knowledge of the matter. The company also declined comment to SHN, saying that it […]

Movers & Shakers — People and Positions for September, Part IV

Senior Living Restaurant Company Adds New Position Premier Restaurant Equipment, responsible for designing and equipping numerous senior living communities, among other facilities, has added industry veteran Ross Cohen as director of institutional foodservice.  In this new role, Cohen will focus on the continuing development of Premier’s senior living practice on a broader national scope.  Premier […]

Omnicare to Pay $124 Million for Nursing Home Kickbacks

Omnicare Inc., the nation’s largest provider of pharmaceuticals and pharmacy services to nursing homes, will pay more than $124 million to settle claims that it allegedly offered improper financial incentives to skilled nursing facilities, the Department of Justice recently announced.  The company gave discounts in return for the opportunity to provide medication to Medicare and […]

Johnson & Johnson to Pay $2.2 Billion Settlement Tied to Nursing Home Kickbacks

Healthcare giant Johnson & Johnson and its subsidiaries will pay more than $2.2 billion to resolve criminal and civil liability stemming from allegations it participated in off-label marketing and kickbacks to doctors and pharmacists, including those in the long-term care industry, the Justice Department announced Monday. The settlement includes a $149 million payment to settle […]