ProMedica has reached a deal to purchase HCR ManorCare, a move that will keep ownership of the nation’s second largest nursing home chain in Toledo, Ohio, and establish ProMedica as one of the country’s top 15 not-for-profit health systems by revenue, the Toledo Blade reported. In a complementary transaction, Toledo-based real estate investment trust Welltower Inc. will acquire the whole of Quality Care Properties, which currently owns the facilities used by HCR ManorCare. Welltower and ProMedica then will form a joint venture to serve as HCR ManorCare’s landlord. Although long recognized as a leader in long-term care and skilled nursing, experts say HCR ManorCare has been struggling for the past couple of years as lower Medicare reimbursements have severely cut its revenue streams. Financial filings show ManorCare lost $3.7 million the past three years, including $3.2 million in 2016. That led to ManorCare falling behind on its rent to Quality Care Properties. As a result, ManorCare filed for chapter 11 bankruptcy in March.
