Real Estate and Business Valuations

Skilled Nursing Facilities

Tellatin, Short, & Hansen, Inc. has appraised more than 5,000 nursing facilities over the past 20 years in every state in the country except Alaska and Delaware. We have appraised one-off facilities to large portfolios owned by public corporations. Members of our firm have good relationships with many regional and national operators that afford us the ability to gain significant insights into sale and lease transactions that are unavailable to most appraisers and industry analysts.

Our reports provide the following analyses:

• Close examinations of Medicaid reimbursement and funding policies of the specific state relative to the subject and comparable sales.
• Review of Certificate of Need (CON) policies, specifically as they impact the subject and its market area.
• Constantly updating Medicare PPS for all changes that have occurred since 1999.
• Profiles and analyses of market supply and demand as it relates to census mix, occupancy rates and private-pay-rate structures, and ancillary services. The conclusions of these analyses are carried forward into the valuation section.
• Detailed examination of operating expenses, including close comparisons to comparable facilities, as well as the impact that current and projected operating expenses will have on Medicaid payments since these are typically cost-based and facility-specific reimbursements.
• Detailed comparative analysis of comparable sale data with an item-by-item analysis of the major elements of value, i.e., market conditions, financing, location, physical qualities, occupancy, census mix, rate structure, and Medicaid capital reimbursement.

Members of the TS&H team have had prior experience in the development, management, underwriting and credit analysis of skilled nursing facilities, which allows our firm a unique and beneficial perspective among healthcare valuation consulting firms.