Labor Woes to Continue?
The American Health Care Association and the National Center for Assisted Living issued a report last week which showed that the long-term care industry is facing its worst job loss ever, and has not showed any kind of recovery like other healthcare sectors. Industry employment in the nursing home sector has fallen by 14%, a loss of 221,000 jobs, while assisted living employment fell by 8%, a loss of 38,000 jobs during the pandemic. Initially, hospitals saw a huge drop in employment, caused by the sharp reduction in elective surgeries. But it has mostly recovered, and total employment sits at just 1.6% below pre-pandemic levels. Even though that means hospitals are down 86,000... Read More »
CapSenior: Ready For a New Beginning
It has been a tumultuous year for Capital Senior Living, more so than for many other large providers. Not only did management have to deal with the pandemic, like everyone else, but they also had to deal with questions about solvency, liquidity and a shareholder battle over the future of the company and its capital structure. Well, that is now all behind them (except the pandemic), as will be the company name effective November 15 when they become Sonida Senior Living with a new ticker “SNDA.” We suppose they decided that a new name was appropriate for a new financial beginning. One week before announcing third quarter earnings results, the company closed its hotly... Read More »
Diversicare Merger Moves Ahead Following Troubling Third Quarter
It seemed to be a difficult third quarter for Diversicare Healthcare Services, at least operationally, when it reported drops in its NOI, EBITDA, patient revenue and its Medicare, private pay and hospice average daily census when compared with the third quarter of 2020. But the planned merger with DAC Acquisition LLC, a privately held Delaware limited liability company managed by Ephram Lahasky and owning/leasing 100 skilled nursing and similar facilities in over 20 states, is still on track to close later this quarter. The price is for $10.10 per share in cash, or a premium of approximately 256% to the closing price of $2.84 for Diversicare’s common stock on August 19, 2021,... Read More »Getting to the Truth with COVID and Senior Care
We all know that COVID-19 was not kind to the senior care industry. But we also have to be vigilant in communicating that it wasn’t as bad as the media portrayed it to be, at least with regard to mortality rates. Even the most respected media outlets, whether in print or on television, made it sound like all senior care facilities were death traps. This was all far from the truth. The reality is that slightly more than 50% of all facilities nationwide, from skilled nursing to assisted living to independent living, never experienced a COVID death. This is according to a study by NORC at the University of Chicago sponsored by NIC. Now, if they had been able to remove from the... Read More »
Brookdale Soars on Q3 Earnings
As the largest seniors housing company, all eyes are always on Brookdale Senior Living and how it is performing. Investors seemed to like what they heard and saw after the company released its third quarter earnings report last Friday, sending the shares up by 14% to close at their highest level since August 2. Part of the good news was that the company will start issuing earnings and cash flow guidance moving forward, something that Brookdale and most other companies suspended with the onset of the pandemic. In addition, they reported their eighth straight month of census increases dating back to the bottom in February. In February, the weighted average occupancy was 69.4%... Read More »Schedule a demo
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