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Genesis Elder Care Rehabilation Services Inc history
Genesis Elder Care Rehabilation Services Inc company history timeline
Genesis Health Ventures was established in 1985 with nine Centers and a management team that believed nursing homes should be proactive centers of health care, rather than centers focused solely on custodial care for the elderly.
In 1986 Genesis made the first of many acquisitions, acquiring the Speech & Hearing Network, which was renamed Team Rehabilitation.
By 1990 the company had more than 30 facilities in its network, with 4,500 long-term beds, generating revenues of nearly $145 million.
Genesis went public in 1991, selling 1.8 million shares and raising $13.5 million, which the company used to pay down some $12.6 million in debt.
At the end of 1992, Genesis posted a second public offering, of 2.5 million shares at $13 per share, setting the stage for the next phase in the company's growth.
In October 1993, the company announced the largest acquisition in its history, with the $205 million purchase of Meridian Healthcare, the largest nursing home operator in Maryland.
The next year, 1993, proved to be pivotal in the company's development.
Until 1993, Genesis's emphasis had been on expanding the scope of its network services; however, calls for health care reform from the newly inaugurated Clinton administration led Genesis to shift its focus.
In 1995 basic health care services accounted for 57 percent of the company's revenues, while specialty medical services generated 37 percent and management services six percent.
By 1995, the company had successfully absorbed Meridian's operations under the Genesis banner, gaining recognition as well for its policy of maintaining both existing management and staff, ensuring continuity of client care.
In 1996, the company changed its name to Genesis ElderCare Rehabilitation Services.
By the end of its 1996 fiscal year, Genesis had boosted its revenues to $671.5 million and posted net income of more than $37 million.
The addition of Geriatric & Medical's revenues to Genesis's 1997 sales was expected to help the company near its goal of $1 billion in revenues, while the Genesis history of carefully managed growth pointed to a continued future along the acquisition trail.
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 fought to stay solvent, but was forced to seek Chapter 11 protection in 2000.
In 2001, the company reorganized and reemerged as a stronger entity, retaining its focus on delivering high quality health care.
Genesis HealthCare was created in 2003 as a result of a spin-off from Genesis Health Ventures.
In 2007, private equity investors Formation Capital and JER Partners took Genesis HealthCare (and Genesis Rehab Services) private.
In 2011, Health Care REIT, Inc. (HCN), a health care real estate investment trust, acquired substantially all of Genesis HealthCare Corporation’s' real estate assets and leased these properties back to Genesis HealthCare.
2015 On February 2, 2015, Genesis Rehab Services combined with Hallmark Rehabilitation as part of a larger transaction between parent companies Genesis HealthCare and Skilled Healthcare.
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