SNF Market Intelligence Report April 2026 · Proprietary & Confidential Exclusively SNF Since 2012 |
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Indiana’s skilled nursing facility market is at an inflection point. The state completed its transition to managed care Medicaid through the PathWays for Aging program in 2024–25, ending decades of fee-for-service predictability. SNF reimbursement is now MCO-determined, creating a growing divide between operators with strong managed care contracts and those with weak positions — and a meaningful pipeline of motivated sellers as a result. This report covers Indiana’s Medicaid floor rate trajectory, the State-Directed Payment (SDP) supplement that raises effective rates $20–$22/day above the floor, ownership-segment performance, and the top operator chains shaping the market. Indiana is 3GHCRE’s home state and a priority market. This is proprietary market intelligence prepared exclusively for 3G Healthcare Real Estate’s internal use and select client distribution. Not a solicitation. |
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Market Snapshot — January 2026
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Table A — Medicaid Floor Rate Trend (2024–2026) FSSA-set per diem floor rate — FFS-equivalent basis. Does not include MCO-negotiated amounts above floor or SDP supplement.
✦ Most recent period. Source: Indiana FSSA / Supabase medicaid.rates. |
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Table B — Effective Medicaid Rate Including State-Directed Payment (SDP)
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Table C — Performance by Ownership Type (Jan 2026)
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Table D — CMS Star Rating Distribution (Jan 2026)
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PathWays for Aging — What Operators & Buyers Need to Know
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3G Healthcare Real Estate works exclusively in skilled nursing — no other asset class. Our buyer-compensated model means sellers pay no fee.
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3G Healthcare Real Estate — Exclusively SNF Since 2012 Indianapolis, Indiana · www.3ghcre.com This report is prepared by 3G Healthcare Real Estate for informational purposes only and does not constitute investment, legal, or financial advice. Medicaid floor rates sourced from Indiana FSSA and 3GHCRE Supabase data platform (Jan 2026 period). SDP per-diem estimates are aggregate approximations derived from CMS-approved pool totals and CMS occupancy data. Actual facility-level amounts are determined by MCO contract terms, quality tier assignment, and Medicaid utilization as reported to FSSA. H.R. 1 cap provisions per the One Big Beautiful Bill Act, §438.6(c). 3G Healthcare Real Estate is a li |
