Genesis HealthCare

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.

Genesis HealthCare
TypePublic
NYSE: GEN
IndustryHealth care
HeadquartersKennett Square, Pennsylvania, U.S.
Key people
George V. Hager, Jr. (CEO)
Revenue$5.7 Billion USD (2016)
Number of employees
68,700[1] (2017)
Websitewww.genesishcc.com

History

Genesis Health Ventures was established by Michael R. Walker & Richard R. Howard in 1985, with the acquisition of nine centers. 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.

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. 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. 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]

On February 2, 2015, Genesis Healthcare merged with California-based Skilled Healthcare Group, Inc.[8] The combined company operated more than 400 skilled nursing and assisted/senior living communities in 34 states and more than 1,800 rehab therapy sites in 47 states.[8] It reported over 90,000 employees with a combined revenue of $5.5 billion.[9] The company changed its ticker from (NYSE: SKH) to (NYSE: GEN).[9]

In 2015 Genesis HealthCare acquired 24 skilled nursing facilities from Revera, Inc.[10]

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.[11]

References
  1. "Genesis Healthcare". Fortune. Retrieved 2019-01-06.
  2. News, Bloomberg (2000-06-23). "Genesis Health Ventures Fils for Bankruptcy (Published 2000)". The New York Times. ISSN 0362-4331. Retrieved 2020-11-23.
  3. "One swims forth; two go under". Modern Healthcare. 2001-10-08. Retrieved 2020-11-23.
  4. Salganik, M. William. "NeighborCare is to be spun off in Dec., open local headquarters". baltimoresun.com. Retrieved 2020-11-23.
  5. Business Wire, Omnicare Completes Acquisition of NeighborCare
  6. Reuters Staff (2007-07-13). "Formation, JER buy Genesis Health for $1.52 billion". Reuters. Retrieved 2020-11-23.
  7. "Genesis HealthCare Acquires Sun Healthcare Group, Inc". www.prnewswire.com. Retrieved 2015-10-08.
  8. "Genesis, Skilled Healthcare deal to create $5.5B post-acute giant". Modern Healthcare. 2014-08-18. Retrieved 2020-11-23.
  9. "Genesis and Skilled Healthcare Group merger creates $5.5B post-acute care company - Philadelphia Business Journal". Philadelphia Business Journal. Retrieved 2015-10-08.
  10. "Genesis HealthCare Completes Previously Announced Transaction with Revera Inc". www.prnewswire.com. Retrieved 2018-06-20.
  11. HealthCare, Genesis. "Genesis Healthcare Inc". genesishcc.com. Retrieved 2017-07-02.
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