The Ensign Group (Ensign) officially established its new captive real estate investment trust, Standard Bearer Healthcare REIT, in February 2022. In July, the company added five skilled nursing facilities and five real assets to its portfolio. Those transactions brought the total number of acquisitions in 2022 to 21.
The company has grown to 259 healthcare facilities in 13 states. Ensign has substantially grown its footprint in Texas while it has entered a new market in Las Vegas. Ensign also has an existing presence in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, South Carolina, Utah, Washington and Wisconsin.
Since 1999, the independent operating affiliates of Ensign have provided communities with compassionate, post-acute care. Each of the facilities are run independently by over 28,000 employees. Ensign’s affiliated entities offer a broad spectrum of post-acute care including assisted living, skilled nursing, and rehabilitative care.
In its most recent quarter, Ensign has seen improvement in occupancies, skilled revenue and managed care revenue. Operators also have achieved sequential growth in overall occupancy for the sixth consecutive quarter.
Each operation is constantly looking ahead in forming a detailed customized strategy to thrive even in the face of an evolving reimbursement environment, staffing and challenges and inflationary pressures.
Ensign’s operating model allows for each operator to independently adjust to the needs of their local markets while also drawing on metrics and insights gained through best practices made possible through its transparent culture, including methods for attracting new healthcare professionals into our workforce and retaining and developing existing staff.
Looking ahead, Ensign is predicting another busy fall and winter ahead as it prepares for even more growth in 2023. The pipeline for the company’s typical turnaround opportunities, including real estate acquisitions and leases is growing.
Takeaway: Ensign believes there are many long-term care facilities that are struggling presenting an opportunity for the company