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All things Novel Coronavirus (2019-nCoV)

Bruce Monkhouse

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BDTyre

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Absolutely. I'm pretty sure it didn't just sit on someone's desk for the better part of a week before being forwarded to sit on someone else's desk.
 

blacktriangle

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Bruce Monkhouse said:
You KNOW that there had to be time consuming extensive checks to make sure that all the important things were nice and neat,........like no 'friendly' companies or ownership were going to get dirty.

You would probably want to make sure you or your friends didn't own any stock in the companies...and if you did, you'd probably want to sell before the report breaks, right? Hypothetically, of course.  ;)
 

The Bread Guy

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CanadianTire said:
Absolutely. I'm pretty sure it didn't just sit on someone's desk for the better part of a week before being forwarded to sit on someone else's desk.
:nod:

A bit more from Ontario here ....
... The Ministry of Long-Term Care has deployed long-term care inspection teams to conduct comprehensive, detailed inspections at high-risk long-term care homes over the next 21 days. At the same time, the Ministry of Long-Term Care has started the process of appointing temporary management at Eatonville Care Centre, Hawthorne Place Care Centre, Altamont Care Community, Orchard Villa, and Camilla Care Community. Further, the recently announced independent commission into Ontario's long-term care system will now begin its work in July 2020.

(...)

Starting tomorrow (28 May), long-term care inspectors will be assessing six homes including those captured in the CAF reports and any reports previously filed regarding critical incidents in those homes. Six teams of two long-term care inspectors will go into each of the homes to do an expanded, stringent inspection process over a two-week period. The six homes being inspected include Eatonville Care Centre, Hawthorne Place Care Centre, Orchard Villa, Altamont Care Community, Camilla Care Community, and Holland Christian Homes Inc.

The teams will develop a customized inspection plan based on the details outlined in the CAF report. Their inspections will include record and chart reviews; in-depth interviews with staff and residents; and observations in order to determine the extent of the issues. The inspectors will follow a rigorous and consistent inspection methodology for all inspections.

After an inspection is completed in a high-risk home, the ministry will set up regular status calls, monitoring, as well as regular unannounced in-person follow up inspections with the home. Results of these and all other inspections will be posted publicly on the ministry website.

The government is also inspecting other long-term care homes that are currently considered high-risk over the next 21 days. Additionally, working with hospital and other partners, each of these homes will be required to submit a plan for the ministry that details how they intend to return to acceptable levels of care immediately.

(...)

Allegations such as the ones contained in the CAF report triggers the Ministry of Long-Term Care to share its findings with other agencies which may result in:

Police investigations and potential criminal charges
Ministry of Labour inspections into worker health and safety, given the lack of training observed
Public health inspections into food preparation, etc.
Referrals to professional colleges for practice standard violations, given medication management and care observations ...

.... and here:
... the Ontario government announced today that it is extending the mandate of the Incident Management System Long-Term Care Table. This table is composed of health care professionals who make immediate decisions to deal with issues related to staffing levels, infection management and resources during the COVID-19 outbreak.

(...)

In April, an Incident Management System (IMS) structure was established to coordinate operational support to long-term care homes. The IMS table meets daily to organize efforts across multiple providers and government to make rapid decisions that support long-term care homes in need. Homes identified for support are those struggling to control outbreaks, complete infection prevention and control assessments, ensure appropriate staffing levels, have access to personal protective equipment (PPE), and complete the testing of all long-term care home residents and staff.

(...)
 

Blackadder1916

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reverse_engineer said:
You would probably want to make sure you or your friends didn't own any stock in the companies...and if you did, you'd probably want to sell before the report breaks, right? Hypothetically, of course.  ;)

Or maybe you want to make sure that the government (or a government associated entity) isn't invested in that space.  It's not all wink, wink, nudge, nudge, say no more.  Sometimes appropriate due diligence (and legal necessity) contribute to what the public (and lower level, lesser peons in an organization) would like to pounce on as information being withheld.

It had already been publicized that Federal government pensions (including mine and yours) are already investing in the LTC space.  However, the major holding is in a company that was not associated with the CAF report on Ontario LTC facilities, but that's not to say deficiencies in some of their facilities hadn't already created controversy and blowback.

https://www.cbc.ca/news/politics/crown-corporation-long-term-care-homes-revera-1.5584098

One of Canada's largest long-term care operators is owned by a federal Crown corporation

CBC News · Posted: May 25, 2020 5:55 PM ET | Last Updated: May 26

One of the largest operators of seniors' residences and long-term care homes in Canada is a wholly owned subsidiary of the Public Sector Pension Investment Board (PSP), a federal Crown corporation charged with investing funds for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.

The company, Revera, owns or operates dozens of properties across Canada; it also has major holdings in the United States and the U.K., with a portfolio of seniors' apartments, assisted living and long-term care homes.

. . .

http://psacunion.ca/PSAC-long-term-care-revera
PSAC calls on public service pension plan to pull out of the business of long-term care

May 26, 2020

PSAC National President Chris Aylward has called on Public Sector Pension Investments (PSP) to end its investment in Revera Inc. and instead put the second largest Canadian network of for-profit long-term facilities under public ownership and control.

Revera Inc. is a wholly owned subsidiary of PSP, which manages the investments of the pension plans of the federal public service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserved Force. As the bargaining agent for members of the federal public service and federal agencies, PSAC represents a large proportion of the contributors and beneficiaries of federal public service plan.

Of some of the companies related to the Ontario report, their investment attractiveness had even been discussed up to the time of the report's release.

https://ca.finance.yahoo.com/news/retirees-3-pension-plan-approved-130046558.html
Retirees: These 3 Pension Plan-Approved Stocks Are Gushing Cash

The Motley Fool February 17, 2020
. . .
Let’s take a closer look at three top investments favoured by the Ontario Teachers Pension Plan (OTPP), one of Canada’s largest pensions.
. . .
Sienna Senior Living
OTPP is the owner of Baybridge Seniors Housing, which owns high-end retirement homes for wealthier Canadians. We can’t invest in that company, since OTPP bought it out years ago. So, we’re stuck investing in an alternative, which is Sienna Senior Living (TSX:SIA).

This alternative isn’t such a bad investment. Led by CEO Lois Cormack, Sienna is one of Canada’s leading owners and operators of housing for seniors. The portfolio is split between long-term care and retirement residences, with the former offering plenty of predictable cash flows (and high occupancy), while the latter represents a solid growth opportunity. Remember, there are some nine million Canadian baby boomers who are slowly getting older.

Sienna’s key markets — which include Toronto and Vancouver — are projected to need a significant uptick in new supply over the next decade. Sienna has plans to build a number of new homes, especially in Toronto, where demand is expected to be particularly be robust.

And finally, we can’t forget Sienna’s dividend. The stock pays 4.8% — a payout that should keep marching slowly higher over time.


https://www.fool.ca/2020/05/23/covid-19-investing-2-healthcare-stocks-to-hold-for-decades/
COVID-19 Investing: 2 Healthcare Stocks to Hold for Decades
Ambrose O'Callaghan | May 23, 2020

The COVID-19 pandemic has been particularly dangerous to elderly populations across the globe. Over 80% of Canada’s COVID-19 fatalities have occurred in long-term care (LTC) facilities since the outbreak began. This has drawn criticism and calls for reform. Today, I want to look at two healthcare and real estate stocks that operate in this space. Let’s dive in.

Why you should target healthcare stocks in the LTC space
All the way back in 2018, I’d discussed why investors should target stocks that are positioned to grow due to aging demographics. According to Statistics Canada, the senior population in this country will number over 9.5 million by 2030. This would represent roughly 23% of the total population.

. . .
Below are two healthcare stocks that operate LTC facilities. Investors should consider this increased demand as we review these equities.

Sienna Senior Living
Sienna Senior Living (TSX:SIA) is the first healthcare stock I want to focus on. It provides senior and long-term care services in Canada. Sienna’s shares have dropped 38% in 2020 as of early afternoon trading on May 22. The company released its first- quarter 2020 results on May 13 and provided an operations update.

Revenue increased 1.7% year over year to $166.4 million in Q1 2020. Meanwhile, adjusted funds from operations per share climbed 8.2% to $0.382 per share. Sienna has also worked to bolster its cash situation. As of March 31, 2020, the company saw its liquidity increase to $222.4 million compared to $144 million at December 31, 2019.

Shares of Sienna last had a favourable price-to-book value of 1.4. Moreover, the stock still offers a monthly dividend of $0.078 per share, which represents a monster 8.5% yield.

Extendicare
Extendicare (TSX:EXE) is the other healthcare stock that interests me in the LTC space. The company also provides care and services for seniors in Canada. Its stock has plunged 27% in 2020 so far. Extendicare released its first-quarter 2020 results on May 14.

The company saw its revenue increase 2.3% year over year to $268.8 million. Extendicare saw a boost from LTC funding enhancements, COVID-19 funding, and growth in retirement living. Adjusted EBITDA rose $0.3 million from the prior year to $19.9 million.

The company has put together impressive earnings growth over the past year. Moreover, it has managed to maintain its hefty dividend in the face of the COVID-19 pandemic.

Shares of Extendicare had a favourable price-to-earnings ratio of 16 at the time of this writing. It last paid out a monthly dividend of $0.04 per share, representing a tasty 8.1% yield.

Both healthcare stocks are poised to post growth on the back of rising LTC demand in this decade. Better yet, these stocks also offer great monthly income.
 

The Bread Guy

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Blackadder1916 said:
... Of some of the companies related to the Ontario report, their investment attractiveness had even been discussed up to the time of the report's release ...
#EthicalInvesting, anyone?

Thanks, again, B1916, for the info-haul.
 

Bruce Monkhouse

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Revera owns the home where my Mother is and they have been awesome through all this right from the start.  Had my temperature taken, employees with PPE, 14 day quarantine for anyone leaving the building, long before it was required.
 

The Bread Guy

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A bit more of the latest here ....
Ottawa and Quebec have started talking about the future of military in long-term care homes after the province called for the Canadian Armed Forces to stay in nearly two dozen facilities until September.

Quebec Premier Francois Legault has asked the military to remain an additional four months so the province can hire and train thousands more workers to take over when the troops leave.

Yet the request has raised questions about the sustainability of keeping hundreds of trained military medical personnel in the homes for another four months — and what other options might be available.

Senior federal government officials who spoke the condition of anonymity to discuss ongoing talks say Ottawa is looking at whether the Canadian Red Cross can shoulder some of the burden and whether there are ways to speed up the hiring of workers in Quebec ...
... and here:
... Trudeau will face a challenging meeting with the country’s premiers as he broaches two topics that fall squarely within provincial jurisdiction: the operation of long-term care homes and paid sick leave for workers.

The issues are expected to be front and centre when he conducts his eleventh first ministers’ conference call.

The prime minister has promised federal support in both areas but his offer has met with a mixed reaction from provincial and territorial leaders.

(...)

On long-term care homes, (QC Premier Francois) Legault came close to suggesting the feds should butt out, apart from sending the provinces more money for health care in general which they could then spend as they see fit.

At the outset of the pandemic, the federal government did increase those transfers by $500 million.

In contrast to Legault, Ontario Premier Doug Ford, has been effusive in his thanks for the offer of federal help.

“The prime minister offered his full support and I am grateful for the prime minister’s commitment to working with us to solve this problem because we need their help if we’re going to fix this broken system,” he said Tuesday.

Ford too is calling for more federal funding but he’s gone beyond that. As far as he’s concerned, “everything is on the table,” including integrating long-term care homes into the public health system, which is delivered by the provinces but under the national principles of the Canada Health Act.

Trudeau was careful Wednesday not to wade into the debate over national standards or bringing long-term care homes under the auspices of the Canada Health Act. He repeatedly stressed that the federal government will respect provincial jurisdiction as it embarks on discussion with the premiers.
And on the Scrooge McDuck approach to seniors' care?  This from the Premier ....
... BNN Bloomberg reporter David George-Cosh asked Ford what investors in companies like Sienna Senior Living should expect. Sienna owns Altamont Care Community in Scarborough, Ont., one of the homes that the Canadian Armed Forces raised concerns about in its scathing report released Tuesday.

Fifty-two people have died of COVID-19 at Altamont as of Thursday afternoon. The military says it found residents were not being fed or bathed regularly in the home and that one resident alleged in a “disturbing” letter that they were being abused by a staff member.

Sienna made $669.7 million in revenue last year.

“Should these investors expect these big publicly traded companies to sacrifice profit for quality of care?” George-Cosh asked Ford.

“What they should be doing is doing their job. Protecting the seniors,” the premier replied.

“You want to invest in a company? Make sure the company is run well … These homes, specifically the ones that Canadian Armed Forces [are] in, they failed.”

He said shareholders should focus on holding their CEO and chair accountable for what has happened during the pandemic.

Later in the press conference, another reporter asked Ford what the province can do to improve care in privately operated long-term care homes.

“Number one, we can pull their licence. Then they won’t have to have a home to worry about,” he said.

“We’ll be holding people accountable. Because it’s not about money. It’s about taking care of people ... And if they want to be greedy and make money, then get out of the business. Go find something else to do. Don’t put people’s lives in jeopardy.”
 

ModlrMike

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A failure of leadership from both parties. The PM sold out parliament with a promise someone else has to deliver, and the NDP bought it. What happens when the Premieres quite rightly assert their constitutional authority?
 

Jarnhamar

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Just imagine what kind of shady conditions the PM will push on the premiers to get his help.
 

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On long-term care homes, (QC Premier Francois) Legault came close to suggesting the feds should butt out, apart from sending the provinces more money for health care in general which they could then spend as they see fit.

That is the go-to Quebec response whenever that is talk about national standards or commonality.  Give us the money then bugger off.  We will spend the money on something kinda sorta related to what the money was intended for.
 

Jarnhamar

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https://www.lapresse.ca/covid-19/2020-05-28/francois-legault-le-quebec-paie-sa-part-pour-l-armee

Québecs getting antsy that the government isn't jumping at the request to keep soldiers there until 15 September working 7 days a week.

Toronto has 6 million people. Not sure where the 20+ homes are in Quebec but province has 8 and a half million people.

How hard is it to find decent people to work in these homes?
If they weren't interested in working in them before why do we expect to all of a sudden attract 10,000 people to these jobs?
 

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The long-term care crisis: How B.C. controlled COVID-19 while Ontario, Quebec face disaster

As COVID-19 continues to sweep through long-term care facilities, Ontario and Quebec are struggling hard to contain outbreaks — while British Columbia and other provinces have managed to keep infections under control.

Experts say that's because B.C. took swift, coordinated and decisive actions to stop the transmission of the virus, such as providing adequate protective gear and financially supporting front-line staff to restrict their movement between sites.

There have been 111 deaths in long-term care homes in B.C., compared to more than 2,500 in Quebec and 1,500 in Ontario.

This week, the military issued separate reports on the conditions inside 30 homes in Quebec and Ontario where more than 1,600 Canadian Armed Forces members have been deployed to assist in the crisis.

In five Ontario long-term care homes, the military reported incidents of neglect, aggressive treatment toward residents and cases of residents being improperly fed, left in soiled clothing or going unbathed for weeks. There were also reports of insect infestation and the smell of rotting food.

The situation appears less dire in the 25 homes where the military is deployed in Quebec — yet even there the military reported improper use of protective equipment and staffing shortages.


https://www.cbc.ca/news/politics/long-term-care-crisis-covid19-pandemic-1.5589097
 

ueo

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PQ govt seems to have the opinion that the CF is a replacement (Free) for their past and ongoing omissions. IMO withdraw these  folks nlt 01 Jul, and send the province a bill for their wages etc. Do not pander to the provinces (Ontario included) through giving them more of MY tax dollars. Loans- maybe, but not outright gifts. Expect some "taking responsibility" and bearing the decisions that allowed/perpetuated the short falls on the provincial and municipal govts whom have allowed the abuses to go on far to long. Federal guidelines- maybe, provincial hard cap standards with inspections and enforced consequences definitely and make these applicable to all operators, especially those who give themselves massive dividends during times of this nature. Rant over!
 

The Bread Guy

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Jarnhamar said:
How hard is it to find decent people to work in these homes?
If they weren't interested in working in them before why do we expect to all of a sudden attract 10,000 people to these jobs?
Good question - and not just in Quebec ...
 

mariomike

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Jarnhamar said:
How hard is it to find decent people to work in these homes?

If I recall correctly, there was recent similar discussion up-thread about how hard it is these days to find good farm help.
 

LittleBlackDevil

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mariomike said:
If I recall correctly, there was recent similar discussion up-thread about how hard it is these days to find good farm help.

Unlike seasonal farm labour, working in Long Term Care homes actually pays decent money though. I'm not sure why more people don't work there ... it may be the education and background check requirements that are an impediment?

When all this started, someone in this thread mentioned these homes need workers so I looked it up to see if I could pick up some casual extra hours while my day job has been slowed down by court closures. Found some interesting prospects within a bike ride of my house, but I couldn't apply because I don't have the government certifications required and there's no way to get them in the current situation.
 

daftandbarmy

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LittleBlackDevil said:
Unlike seasonal farm labour, working in Long Term Care homes actually pays decent money though. I'm not sure why more people don't work there ... it may be the education and background check requirements that are an impediment?

When all this started, someone in this thread mentioned these homes need workers so I looked it up to see if I could pick up some casual extra hours while my day job has been slowed down by court closures. Found some interesting prospects within a bike ride of my house, but I couldn't apply because I don't have the government certifications required and there's no way to get them in the current situation.

If you DAG Green for OP LASER, you will ;)
 
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