SunBridge Healthcare provides a bridge to specialized living facilities for elderly customers and others seeking long and short-term residential care. The company, a subsidiary of Sun Healthcare Group, has some 23,000 beds at more than 200 facilities in about 25 states. Its facilities are primarily skilled nursing centers that provide daily living assistance and specialized health care services including Alzheimer's care, rehabilitation therapy, and after-hospital treatment. SunBridge also operates several assisted and independent living facilities, and it provides inpatient and outpatient therapy at several behavioral health centers.
SunBridge Healthcare has traditionally operated a mix of owned and leased facilities; however, its parent company transformed into a pure-play facilities operator in 2010 when it spun off its portfolio of real estate assets into a new real estate investment trust named Sabra Health Care REIT. The spinoff included about 85 long-term care properties that SunBridge continues to manage through lease agreements.
Going forward, Sun Healthcare will expand the SunBridge Healthcare operations by attracting new patients, especially in the Medicare and high-need markets, as well as by potentially entering or acquiring new leases to increase the number of facilities it operates.
To focus on providing services for high-need patients, the company has been adding Medicare and managed care specialty units (dubbed Rehab Recovery Suites) and Alzheimer's care wings at some nursing homes. And as much of the SunBridge revenue comes from reimbursement from the Centers for Medicaid and Medicare Services (CMS), the health care operator also focuses on growth in that patient segment.
The firm is also working to increase the profitability of its nursing homes by reducing expenses and increasing operational efficiencies. SunBridge is reducing overhead through improved technologies and administrative processes. The company will face additional cost-cutting measures due to reimbursement rate reductions enacted by CMS in 2011.
Prior to the real estate spinoff, Sun Healthcare had expanded the SunBridge portfolio through property acquisitions and lease agreements, growing the division's geographic footprint primarily in small to midsized markets. The parent company has also regularly pared off less-profitable facilities by selling, closing, or terminating lease agreements on the centers. – less
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