Genesis Health Care
Genesis HealthCare is a leading provider of short-term post-acute, rehabilitation, skilled nursing and long-term care services. As of 2012, Genesis operates over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia. Genesis has approximately 50,000 employees. Genesis HealthCare is headquartered in Kennett Square, Pennsylvania. On April 1, 2011, Health Care REIT, Inc. (NYSE:HCN) 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.
Genesis Health Ventures was established by Michael R. Walker in 1985 with 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 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. 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. On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation, previously (NASDAQ: GHCI).
Read more about Genesis Health Care: Leadership, Contact, Locations
Famous quotes containing the words genesis, health and/or care:
“If only he would not pity us so much,
Weaken our fate, relieve us of woe both great
And small, a constant fellow of destiny,
A too, too human god, self-pity’s kin
And uncourageous genesis . . .”
—Wallace Stevens (1879–1955)
“I think that carrying a baby inside of you is like running as fast as you can. It feels like finally letting go and filling yourself up to the widest limits.”
—Anonymous Mother. Ourselves and Our Children, by Boston Women’s Health Book Collective, ch. 2 (1978)
“...I didn’t consider intellectuals intelligent, I never liked them or their thoughts about life. I defined them as people who care nothing for argument, who are interested only in information; or as people who have a preference for learning things rather than experiencing them. They have opinions but no point of view.... Their talk is the gloomiest type of human discourse I know.... This is a red flag to my nature. Intellectuals, to me have no natures ...”
—Margaret Anderson (1886–1973)