Genesis HealthCare#Locations
{{Short description|Provider of short-term post-acute, skilled nursing and long-term care services}}
{{more citations needed|date=June 2017}}
{{Infobox company
| name = Genesis HealthCare
| type = Public
| logo = Genesis HealthCare.jpg
| traded_as = {{OTC Expert|GENN}}
| location = Kennett Square, Pennsylvania, U.S.
| foundation =
| key_people = George V. Hager, Jr. (CEO)
| num_employees_year = 2017
| industry = Health care
| revenue = $5.7 Billion USD (2016)
| homepage = {{URL|http://www.genesishcc.com}}
}}
Genesis HealthCare is a provides short-term post-acute, rehabilitation, skilled nursing and long-term care services. According to data provided by the Centers for Medicare & Medicaid, as of November 1, 2023, Genesis owned or operated 290 skilled nursing facilities with 34,047 beds through 105 affiliates in 25 states in the United States. Genesis also supplies rehabilitation therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. The company is headquartered in Kennett Square, Pennsylvania.
History
=20th century=
Genesis Health Ventures was founded by Michael R. Walker{{Cite web |last=Barkowitz |first=Ed |date=2020-05-14 |title=Michael Walker, 71, founded Genesis Healthcare in Kennett Square |url=https://www.inquirer.com/obituaries/michael-walker-obittuary-genesis-healthcare-covid-19-coronavirus-20200514.html |access-date=2024-11-25 |website=The Philadelphia Inquirer |language=en}} and Richard R. Howard in 1985, with the acquisition of nine centers.{{Cite web |title=‘Visionary’ founder of Genesis HealthCare dies of long-term illness and coronavirus |url=https://www.mcknights.com/news/visionary-founder-of-genesis-healthcare-dies-of-long-term-illness-and-coronavirus/ |access-date=2024-11-25 |website=McKnight's Long-Term Care News |language=en-US}} 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, including rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy companies.{{Citation needed|date=November 2020}}
=21st century=
Genesis Health Ventures filed for Chapter 11 bankruptcy the following year, in 2000.{{Cite news |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}} In 2001, the company reorganized and reemerged from bankruptcy.{{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}} Walker stepped down as CEO in 2002, a role he held since 1985.
In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions.{{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}} As part of the separation, Genesis Health Ventures adopted 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.
NeighborCare, which traded on NASDAQ as NCRX, was acquired by Omnicare in 2005.[https://www.businesswire.com/news/home/20050728005535/en/Omnicare-Completes-Acquisition-NeighborCare Business Wire, Omnicare Completes Acquisition of NeighborCare]
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation.{{Cite news |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}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}} The total enterprise value of the transaction was approximately $1.52 billion.{{Citation needed|date=November 2020}} Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.
Mergers & acquisitions
On April 1, 2011, Health Care REIT, Inc., now Welltower, completed a $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 plans to acquire Sun Healthcare Group.
On December 1, 2012, Genesis completed the acquisition of Sun Healthcare Group, Inc. (NASDAQ GS: SUNH), which was headquartered in Irvine, California and 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.{{Cite web |title=Genesis HealthCare Acquires Sun Healthcare Group, Inc. |url=http://www.prnewswire.com/news-releases/genesis-healthcare-acquires-sun-healthcare-group-inc-181866581.html |accessdate=2015-10-08 |website=www.prnewswire.com}}
In February 2015, Genesis Healthcare merged with California-based Skilled Healthcare Group, Inc. The combined company operated more than 400 skilled nursing and assisted and senior living communities in 34 states and more than 1,800 rehabilitation therapy sites in 47 states.{{Cite web |date=2014-08-18 |title=Genesis, Skilled Healthcare deal to create $5.5B post-acute giant |url=https://www.modernhealthcare.com/article/20140818/NEWS/308189954/genesis-skilled-healthcare-deal-to-create-5-5b-post-acute-giant |access-date=2020-11-23 |website=Modern Healthcare |language=en}} The company changed its ticker from (NYSE: SKH) to (NYSE: GEN).{{Cite web|title = Genesis and Skilled Healthcare Group merger creates $5.5B post-acute care company - Philadelphia Business Journal|url = http://www.bizjournals.com/philadelphia/blog/health-care/2015/02/genesis-and-skilled-healthcare-group-complete.html|website = Philadelphia Business Journal|accessdate = 2015-10-08}}
In June 2015, Genesis HealthCare acquired 24 skilled nursing facilities from Revera.{{Cite web|title = Genesis HealthCare Completes Previously Announced Transaction with Revera Inc.|url = https://www.prnewswire.com/news-releases/genesis-healthcare-completes-previously-announced-transaction-with-revera-inc-300185779.html|website = www.prnewswire.com|accessdate = 2018-06-20}}
The company acquired ProMedica in 2023.{{Cite web |title=Genesis Healthcare adds 38 former ProMedica SNFs to portfolio |url=https://www.mcknightsseniorliving.com/news/genesis-healthcare-adds-38-former-promedica-snfs-to-portfolio/ |access-date=2025-04-03 |website=McKnight's Senior Living |language=en-US}}
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.{{Cite web|url=http://genesishcc.com/about-us|title=Genesis Healthcare Inc|last=HealthCare|first=Genesis|website=genesishcc.com|language=en-US|access-date=2017-07-02}}
References
{{Reflist}}
External links
- {{Official website|http://www.genesishcc.com}}
{{Philadelphia Corporations}}
{{Authority control}}
{{DEFAULTSORT:Genesis Healthcare}}
Category:Health care companies based in Pennsylvania
Category:American companies established in 1985
Category:Companies based in Chester County, Pennsylvania
Category:1985 establishments in Pennsylvania
Category:Companies listed on the New York Stock Exchange