Inglis Foundation has agreed to sell its nursing home in West Philadelphia to a fast-growing for-profit based in New Jersey that already owns 10 facilities in the Philadelphia region.
, 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.
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