ProMedica Reports ManorCare Income Gains, $158M in CARES Act Support

ProMedica saw improvement in its HCR ManorCare nursing home business line during the first quarter of 2020, though the ongoing impact of the COVID-19 pandemic remains a long-term unknown for the health system.

The Toledo, Ohio-based ProMedica pulled in $17.1 million in income associated with its ManorCare business — which it runs in a joint venture with real estate investment trust (REIT) Welltower Inc. (NYSE: WELL) — to start 2020. according to its most recent report to bondholders.

That’s compared to $7.7 million in the first three months of 2019, a gain that ProMedica attributed primarily to proceeds from