Kindred (KND), Other Long-Term Care Providers Surge as CMS Proposes to Cut Reimbursement Rates
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Investors are buying shares of Kindred Healthcare (NYSE: KND) hand over fist Wednesday following news late Tuesday the Centers for Medicare & Medicaid Services proposed the phasing in of a reduction in reimbursement-payment rates for patients at long-term care facilities. The CMS will cut its rate by 1.3 percent to 0.8 percent over the first year. A three-year phase-in period will allow long-term care providers with a period to account for the change.
Kindred shares are up nearly 22 percent at last check. Elsewhere, Select Medical Holdings (NYSE: SEM) shares are up 10.5 percent and shares of Skilled Healthcare (NYSE: SKH) are up about 4 percent.
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Kindred shares are up nearly 22 percent at last check. Elsewhere, Select Medical Holdings (NYSE: SEM) shares are up 10.5 percent and shares of Skilled Healthcare (NYSE: SKH) are up about 4 percent.
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