Inglis Foundation agrees to sell its Philadelphia nursing home to fast-growing for-profit firm

, which pays for most nursing-home care in Pennsylvania, “would only extend our trajectory of life by about five years,” Roth said, adding that there’s a great deal of uncertainty about how long the rate increase will last and how much of it will get to nursing home providers.

“We have not been able to identify a nonprofit that was in a position to take on an operation that comes with a lot of immediate loss,” Roth said.An experienced buyer from New Jersey, a Brick, N.J., company backed by four families, according to regulatory filings. Already this year, Tryko acquired the former Restore Health University City at 3609 Chestnut St. and nonprofit Virtua Health nursing homes in Berlin and Mount Holly.

Because the sale will shift charitable assets to for-profit control, the sale needs approval from the state Office of Attorney General and Philadelphia Orphans’ Court. Those processes could take months.“All of us felt extremely unsettled and nervous because we felt when we came to Inglis with the foundation having this place for over 100 years that we would be in their care,” said Mary Cyzyk, 67, who has lived at Inglis for 14 years. “Then they told us we were up for sale.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Illinois has the most Muslims per capita in the U.S., and a new report takes a deep dive into this expansive communityA report three years in the making takes a deep dive into the community to help leaders better understand how to serve the state’s fast-growing and diverse Muslim population.
Source: ChicagoBreaking - 🏆 521. / 51 Read more »

New fire station officially opens in fast-growing E-Town communityThe city marked the official opening of a new fire station Wednesday morning in one of the fastest-growing communities in Jacksonville.
Source: wjxt4 - 🏆 246. / 63 Read more »

Birding, a fast-growing tourism draw in Alaska, brings visitors to UtqiaġvikBirding is considered one of the fastest-growing nature-based tourism types in the world, and Alaska has a lot to offer. New research shows birders are more likely to travel to remote communities, boosting the economy and conservation efforts.
Source: adndotcom - 🏆 293. / 63 Read more »

DOJ reaches ‘historic’ redlining settlement with Philadelphia mortgage lenderTrident Mortgage Company, a subsidiary of Fox & Roach LP, has agreed to reinvest more than $20 million due to a history of what officials called racist lending practices in Philadelphia and elsewhere.
Source: PhillyDailyNews - 🏆 89. / 67 Read more »

NPR Cookie Consent and Choices
Source: NPRHealth - 🏆 144. / 63 Read more »

The Space Economy Grew at Fastest Rate in Years to $469 Billion in 2021, Report SaysThe global space economy grew last year at the fastest annual rate since 2014, according to a report by the Space Foundation.
Source: NBCDFW - 🏆 288. / 63 Read more »