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Beverly Health Rehabilitation Services history
Beverly Health Rehabilitation Services company history timeline
In 1971 Robert Van Tuyle was recruited as a director from his 40-year career in the chemical industry, and he immediately began to streamline Beverly, divesting the company of its unrelated interests and focusing on long-term health care.
Growth became Beverly's trademark beginning in 1977 when it purchased Leisure Lodges from its parent company, Stephens Inc., of Little Rock, Arkansas.
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.
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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Beverly Health Rehabilitation Services may also be known as or be related to Beverly Health & Rehabilitation Services Inc and Beverly Health Rehabilitation Services.