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Beverly Enterprises - North Carolina, Inc. history
Beverly Enterprises - North Carolina, Inc. company history timeline
Growth became Beverly's trademark beginning in 1977 when it purchased Leisure Lodges from its parent company, Stephens Inc., of Little Rock, Arkansas.
Beverly posted record profits in 1985.
Problems began to surface by 1986, as allegations of neglect prompted investigations by various state health officials.
In 1986, officials in Texas suspended Medicaid payments to 24 of Beverly's 134 nursing homes in that state, citing hazardous health deficiencies; the state revoked the license of one home.
The company lost $30.5 million on $2.1 billion in revenues in 1987.
The facility's license was revoked and Beverly sold the home in February 1988.
About the same time that Beverly was taken off probation in California late in 1988, Minnesota moved to revoke the license of all 42 of the company's nursing homes in that state.
The occupancy rate at Beverly's more than 1,000 homes stabilized at 88 percent by 1989.
In November 1990 a judge with the National Labor Relations Board cited Beverly in one case for illegally firing employees who were organizing a union, and more than a dozen similar complaints were being investigated.
Stephens helped Beverly put through a sale of 41 of its Iowa nursing homes in 1990 to raise cash.
Beverly sold close to 200 of its homes by 1991, and the company's debt became more manageable.
The company also made several acquisitions to bolster its pharmaceutical subsidiary, PCA. In 1994 Beverly paid about $112 million for Insta-Care Holdings Inc., the nation's fifth-largest institutional pharmacy business.
As that deadline approached, Beverly announced further cost-cutting measures and lower than expected earnings for the fourth quarter of 1995.
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