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Commercial Servicer: Reports Say Hotel and Healthcare Properties May Remain Strong.(Brief Article)
Two recent research reports strike positive notes on the healthcare and hotel sector respectively - two property types that are high on the list of servicer concerns at the moment. The healthcare-related report from the National Investment Center for the Seniors Housing & Care Industries (NIC) says that the effect of the Prospective Payment System (PPS) on the overall nursing home industry may not be so bad after all. And PricewaterhouseCoopers' (PWC) latest U.S. lodging industry forecast anticipates a "dramatic increase" in Revenue Per Available Room (RevPAR) growth in 2002.
NIC's report, "The impact of PPS on nursing home profitability & debt coverage," based on research conducted by NIC and PWC, reports the impact of the Prospective Payment System (PPS) on revenue, net income and debt coverage of a sample of 144 "for-profit" individual nursing homes and those from smaller, regional chains (those with less than five facilities), and compares the performance of these properties to that of the more widely reported large national chains (based on two reports issued by CIBC World Markets).
While it was found that PPS had a negative impact on revenue in the case of more than half of the sampled nursing homes, NIC reports that nearly half of them were able to positively increase their net income and debt coverage.
Ron Tinsley, a partner with PWC, explains, "The properties that 'survived' PPS did so, on average, by reducing overall expenses and/or by controlling costs, particularly the costs or use of ancillary and rehabilitation services. As a result, after a slight drop in 1998, NOI margins in 1999 for the facilities analyzed returned to 14.6% - approximately the same level as in 1997 - in spite of revenue reductions." Mr. Tinsley expects the situation to improve further with the full phase-in of the PPS next year since many providers expect revenue increases as part of that phase-in, in addition to the Medicare-provided relief mandated in ...
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