Genesis HealthCare: Difference between revisions
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In 1999, the federal government made cuts to [[Medicare (United States)|Medicare]], which at that time funded the majority of care for individuals admitted to Genesis Centers from hospitals.{{Citation needed|date=November 2020}} Genesis Health Ventures filed for [[Chapter 11]] bankruptcy in 2000.<ref>{{Cite news|last=News|first=Bloomberg|date=2000-06-23|title=Genesis Health Ventures Fils for Bankruptcy (Published 2000)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2000/06/23/business/genesis-health-ventures-fils-for-bankruptcy.html|access-date=2020-11-23|issn=0362-4331}}</ref> In 2001, the company reorganized and reemerged from bankruptcy.<ref>{{Cite web|date=2001-10-08|title=One swims forth; two go under|url=https://www.modernhealthcare.com/article/20011008/PREMIUM/110080305/one-swims-forth-two-go-under|access-date=2020-11-23|website=Modern Healthcare|language=en}}</ref> |
In 1999, the federal government made cuts to [[Medicare (United States)|Medicare]], which at that time funded the majority of care for individuals admitted to Genesis Centers from hospitals.{{Citation needed|date=November 2020}} Genesis Health Ventures filed for [[Chapter 11]] bankruptcy in 2000.<ref>{{Cite news|last=News|first=Bloomberg|date=2000-06-23|title=Genesis Health Ventures Fils for Bankruptcy (Published 2000)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2000/06/23/business/genesis-health-ventures-fils-for-bankruptcy.html|access-date=2020-11-23|issn=0362-4331}}</ref> In 2001, the company reorganized and reemerged from bankruptcy.<ref>{{Cite web|date=2001-10-08|title=One swims forth; two go under|url=https://www.modernhealthcare.com/article/20011008/PREMIUM/110080305/one-swims-forth-two-go-under|access-date=2020-11-23|website=Modern Healthcare|language=en}}</ref> |
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In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions. As part of the separation, Genesis Health Ventures adopted the NeighborCare pharmacy division's trade name, and spun off the company's Genesis ElderCare Skilled Nursing Centers and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation. |
In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions.<ref name=":0">{{Cite web|last=Salganik|first=M. William|title=NeighborCare is to be spun off in Dec., open local headquarters|url=https://www.baltimoresun.com/news/bs-xpm-2003-11-18-0311180030-story.html|access-date=2020-11-23|website=baltimoresun.com|language=en-US}}</ref> As part of the separation, Genesis Health Ventures adopted the NeighborCare pharmacy division's trade name, and spun off the company's Genesis ElderCare Skilled Nursing Centers and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation.<ref name=":0" /> |
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NeighborCare, which traded on NASDAQ as NCRX, was acquired by [[Omnicare]] in 2005.<ref>[https://www.businesswire.com/news/home/20050728005535/en/Omnicare-Completes-Acquisition-NeighborCare Business Wire, Omnicare Completes Acquisition of NeighborCare]</ref> |
NeighborCare, which traded on NASDAQ as NCRX, was acquired by [[Omnicare]] in 2005.<ref>[https://www.businesswire.com/news/home/20050728005535/en/Omnicare-Completes-Acquisition-NeighborCare Business Wire, Omnicare Completes Acquisition of NeighborCare]</ref> |
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On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation. The total [[enterprise value]] of the transaction was approximately $2.0 billion. Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.<ref |
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation.<ref name=":1">{{Cite news|last=Staff|first=Reuters|date=2007-07-13|title=Formation, JER buy Genesis Health for $1.52 billion|language=en|work=Reuters|url=https://in.reuters.com/article/us-genesishealth-takeover-idUSN1341169620070713|access-date=2020-11-23}}</ref> The total [[enterprise value]] of the transaction was approximately $2.0 billion.{{Citation needed|date=November 2020}} Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.<ref name=":1" /> |
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On April 1, 2011, Health Care REIT, Inc. (now [[Welltower]]) completed the $2.4 billion acquisition of substantially all of the real estate assets of privately owned Genesis HealthCare, which was previously announced on February 28, 2011. In June 2012, Genesis HealthCare announced its plans to acquire Sun Healthcare Group. |
On April 1, 2011, Health Care REIT, Inc. (now [[Welltower]]) completed the $2.4 billion acquisition of substantially all of the real estate assets of privately owned Genesis HealthCare, which was previously announced on February 28, 2011. In June 2012, Genesis HealthCare announced its plans to acquire Sun Healthcare Group. |
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Revision as of 16:19, 23 November 2020
 | This article needs additional citations for verification. (June 2017) |
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| Company type | Public |
|---|---|
| NYSE: GEN | |
| Industry | Health care |
| Founded | 2003  |
| Founder | Michael R. Walker |
| Headquarters | Kennett Square, Pennsylvania, U.S. |
Key people | George V. Hager, Jr. (CEO) |
| Revenue | $5.7 Billion USD (2016) |
Number of employees | 68,700[1] (2017) |
| Website | www |
Genesis HealthCare is a provider of short-term post-acute, rehabilitation, skilled nursing and long-term care services. As of January 2017, Genesis operates approximately 500 skilled nursing centers and assisted/senior living residences in 34 states across the United States. Genesis also supplies rehabilitation therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. Genesis has approximately 80,000 employees. Genesis HealthCare is headquartered in Kennett Square, Pennsylvania.
History
Genesis Health Ventures was established by Michael R. Walker & Richard R. Howard in 1985, with the acquisition of nine centers.[citation needed] Between 1985 and 1998, Walker grew Genesis Health Ventures from a $32 million to a $2.4 billion public company through the acquisition of nursing homes and services such as rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy.[citation needed]
In 1999, the federal government made cuts to Medicare, which at that time funded the majority of care for individuals admitted to Genesis Centers from hospitals.[citation needed] Genesis Health Ventures filed for Chapter 11 bankruptcy in 2000.[2] In 2001, the company reorganized and reemerged from bankruptcy.[3]
In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions.[4] As part of the separation, Genesis Health Ventures adopted the NeighborCare pharmacy division's trade name, and spun off the company's Genesis ElderCare Skilled Nursing Centers and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation.[4]
NeighborCare, which traded on NASDAQ as NCRX, was acquired by Omnicare in 2005.[5]
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation.[6] The total enterprise value of the transaction was approximately $2.0 billion.[citation needed] Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.[6]
On April 1, 2011, Health Care REIT, Inc. (now Welltower) completed the $2.4 billion acquisition of substantially all of the real estate assets of privately owned Genesis HealthCare, which was previously announced on February 28, 2011. In June 2012, Genesis HealthCare announced its plans to acquire Sun Healthcare Group.
On December 1, 2012 Genesis completed the acquisition of Sun Healthcare Group, Inc. (Sun) (NASDAQ GS: SUNH). Sun Healthcare was formally headquartered out of Irvine, California. It operated skilled nursing facilities, assisted and independent living centers, and behavior health centers in 23 states. Sun also owned SunDance Rehabilitation, CareerStaff Unlimited and SolAmor Hospice. Genesis acquired Sun for $8.50 per share. The aggregate amount of the merger was approximately $215, excluding closing costs and the repayment of Sun debts.[7]
Genesis Healthcare merged with Skilled Healthcare Group Inc. which was based in Foothill Ranch, California on February 2, 2015. The combined company operated 500 skilled nursing and assisted/senior living communities in 34 states and more than 1,800 rehab therapy sites in 47 states. It reported over 90,000 employees with a combined revenue of $5.5 billion. The company changed its ticker from (NYSE: SKH) to (NYSE: GEN).[8]
In 2015 Genesis HealthCare acquired 24 skilled nursing facilities from Revera, Inc.[9]
Lines of business
- Center (includes Skilled Nursing, Assisted Living, Short Stay)
- Genesis Rehab Services
- Genesis Physicians Services
Locations
Genesis operates approximately 450 Skilled Nursing Facilities and Assisted/Senior Living Communities across the nation located in 30 states. Additionally, Genesis Rehab Services provide therapy to approximately 1,700 locations across 45 states.[10]
References
- ^ "Genesis Healthcare". Fortune. Retrieved 2019-01-06.
- ^ News, Bloomberg (2000-06-23). "Genesis Health Ventures Fils for Bankruptcy (Published 2000)". The New York Times. ISSN 0362-4331. Retrieved 2020-11-23.
{{cite news}}:|last=has generic name (help) - ^ "One swims forth; two go under". Modern Healthcare. 2001-10-08. Retrieved 2020-11-23.
- ^ a b Salganik, M. William. "NeighborCare is to be spun off in Dec., open local headquarters". baltimoresun.com. Retrieved 2020-11-23.
- ^ Business Wire, Omnicare Completes Acquisition of NeighborCare
- ^ a b Staff, Reuters (2007-07-13). "Formation, JER buy Genesis Health for $1.52 billion". Reuters. Retrieved 2020-11-23.
{{cite news}}:|first=has generic name (help) - ^ "Genesis HealthCare Acquires Sun Healthcare Group, Inc". www.prnewswire.com. Retrieved 2015-10-08.
- ^ "Genesis and Skilled Healthcare Group merger creates $5.5B post-acute care company - Philadelphia Business Journal". Philadelphia Business Journal. Retrieved 2015-10-08.
- ^ "Genesis HealthCare Completes Previously Announced Transaction with Revera Inc". www.prnewswire.com. Retrieved 2018-06-20.
- ^ HealthCare, Genesis. "Genesis Healthcare Inc". genesishcc.com. Retrieved 2017-07-02.