Genesis HealthCare
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| Genesis HealthCare | |
|---|---|
| Type | Private |
| Founded | |
| Headquarters |  Kennett Square, Pennsylvania, USA |
| Key people | George V. Hager, Jr. (CEO) |
| Industry | Health care |
| Revenue | 1.77 Billion USD (2006) |
| Employees | 36,000 |
| Website | www.genesishcc.com |
Genesis HealthCare Corporation is a United States based long-term care provider. As of 2008, Genesis operates 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis provides contract rehabilitation therapy to over 650 skilled nursing facilities[1], assisted living residences, retirement communities, hospitals, home care companies, adult daycare programs and outpatient clinics in 18 states and the District of Columbia. As of 2008, Genesis had more than 36,000 employees. Genesis HealthCare is headquartered in Kennett Square, Pennsylvania. On July 13, 2007, Formation Capital[2] and JER Partners[3] completed the acquisition of Genesis HealthCare Corporation.
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[edit] Operations[4]
Genesis provides care to over 26,000 individuals daily.
Genesis treats high acuity patients who require therapy and treatment to stabilize health problems before returning home or to a permanent long-term care setting.
Over 90% of the Company's patients are admitted from the hospital; half go home within 27 days.
Length of stay for long-term care residents averages 174 days.
50% of the Company's revenues come from residents and patients funded by Medicaid, 28% by Medicare and 22% by private pay and insurance. Revenues totaled 1.77 Billion USD(2006)
Genesis has more than 36,000 employees.
[edit] History:
1985 Genesis Health Ventures was established in 1985 with nine Centers.
1985 – 1998 Between 1985 and 1998, Genesis Health Ventures grew 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.
1999 – 2001 In 1999, the Federal government made drastic, unanticipated cuts to Medicare, which at that time funded virtually all the care for individuals admitted to Genesis Centers from hospitals. Genesis Health Ventures sought Chapter 11 protection in 2000. In 2001, the company reorganized and reemerged from bankruptcy.
2003 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.
2007 On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI).
Today Today, Genesis HealthCare provides long-term care and rehabilitation therapy services to the over 26,000 residents and patients every day.
[edit] 2007 Acquisition:
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI). 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. [5]
[edit] Leadership:
- George V. Hager, Jr - Chief Executive Officer
- James V. McKeon - Executive Vice President and Chief Financial Officer
- Robert "Mike" Reitz - Executive Vice President and Chief Operating Officer
[edit] References
- ^ Nursing Homes (Skilled Nursing Facilities)
- ^ http://www.formationcapital.com/
- ^ J.E. Robert Companies - Welcome!
- ^ Prepared and Filed by St Ives Financial
- ^ Formation, JER buy Genesis Health for $1.52 bln | Reuters
1 Definition of a Skilled Nursing Facility http://www.helpguide.org/elder/nursing_homes_skilled_nursing_facilities.htm
2 Formation Capital Website http://www.formationcapital.com/
3 JER Partners Website http://www.jer.com/
4 Genesis HealthCare 2006 Form 10-K http://www.sec.gov/Archives/edgar/data/1236736/000112528206007866/b416035_10-k.htm
5 Formation, JER buy Genesis Health for $1.52 bln - Reuters http://www.reuters.com/article/health-SP/idUSN1341169620070716
