Balanced Care to sell off 10 SNFs for $60 million.Balanced Care Corporation, a chain of assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. communities and nursing homes, is getting out of the nursing home business. The Mechanicsburg, Pennsylvania-based company has entered into a purchase agreement with Christian Health Care Services of Missouri to sell its Missouri operations, consisting of 10 SNFs with 1,135 beds, and nine assisted/independent living facilities totaling 245 beds, for $60.2 million. The sale of substantially all of the company's skilled nursing beds, said Brad Hollinger, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Balanced Care, "significantly reduces our exposure to Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. . We are now strategically positioned as an assisted living company focused on growing our private pay assisted living business [and more specifically] our Outlook Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] brand." The sale "will immediately result in a favorable impact on the company's balance sheet, operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. , and net income, including an annual reduction of about $2 million in corporate general and administrative expense," Hollinger added. Upon completion of the transaction, Balanced Care will own, lease, and manage 59 communities with capacity of 3,840, including 169 skilled nursing beds. The company has an additional nine ALFs under construction with a resident capacity of 887. |
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