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Beverly Enterprises Arizona Inc history
Beverly Enterprises Arizona Inc company history timeline
David R. Banks, who had been chairman of the Leisure Lodges chain, joined Beverly as president and CEO in 1979.
By 1983 Beverly was the nation's largest operator of nursing homes.
At the same time, the 1983 legislation changing Medicaid-Medicare reimbursement made the health care industry suddenly cost-conscious.
Beverly was fined another $124,000 after a reinspection of its Oak Meadows Nursing Center in Los Gatos, California, where negligence had contributed to four patient deaths in 1985.
In Michigan, the health department claimed that Beverly owned almost half of the facilities facing denial of Medicaid payments because of substandard care in 1987.
In 1987 health care officials in Maine and Washington, D.C. denied Beverly permission to open any new homes in their domains because of its poor patient-care record.
Beverly's $1.1 billion debt was beginning to pinch by 1988.
In the first nine months of 1988, Beverly lost $12.3 million.
Some of these planned sales, however, were not completed by the end of 1989.
Robert Van Tuyle stepped down as chairman of the board in May 1990, after 19 years of leadership.
In 1990, about 65 percent of Beverly's patients were paid for by Medicaid, which paid less than private insurers.
After having lost $160 million over the preceding three years, the company turned a profit in 1990 of $13 million.
Then in 1995 Beverly proposed to spin off PCA, selling 20 percent to the public and distributing the rest to shareholders.
Problems with pricing at PCA reportedly made the spin-off unadvisable, and management promised to pursue it in early 1996 instead.
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