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Genesis HealthCare history
Genesis HealthCare 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.
Walker and Howard were already veterans of the nursing home industry when they founded Genesis in 1985.
In 1986 Genesis made the first of many acquisitions, acquiring the Speech & Hearing Network, which was renamed Team Rehabilitation.
In 1989 the first joint effort occurred with the opening of community trauma and oncology registries.
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.
22, 1993, the two organizations made a stronger commitment as they formed the Community Health Alliance (CHA); it was committed to bring better health care and an improvement in health to all people of the community.
The next year, 1993, proved to be pivotal in the company's development.
The first joint project after the formation of CHA was in 1994, with the creation of Community Ambulance Service (CAS), which provides ambulance and EMS educational services.
By August 1995, Genesis announced its next large acquisition, agreeing to pay $82.5 million for McKerley Health Care Centers, the largest nursing home chain in New Hampshire.
In 1995 the second one was erected to provide office space for the growing number of physicians.
In 1995 Good Samaritan developed a provider-sponsored HMO in collaboration with 14 Ohio community hospitals, including Bethesda, to form Community Hospitals of Ohio.
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.
In 1997 Bethesda and Good Samaritan made their commitment permanent when they combined operations and became Genesis HealthCare System.
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.
Genesis HealthCare announced that effective February 2, 2015, it completed its previously announced combination with Skilled Healthcare Group, Inc.
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Genesis HealthCare competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Kindred Healthcare | 1985 | $6.0B | 38,300 | 403 |
| Life Care Centers of America | 1970 | $4.3B | 42,000 | 1,449 |
| Regency Health Services Inc | 1986 | $1.5B | 16,170 | 442 |
| SunBridge Healthcare Corp | 1988 | $5.7B | 38,300 | - |
| HCR ManorCare | 1982 | $3.0B | 31,481 | 344 |
| Golden Living | 2005 | $46.0M | 500 | - |
| Harborside Health I Llc | 1987 | $25.7M | 701 | - |
| Careerstaff Unlimited - A Genesis Healthcare Company | - | $18.7M | 60 | - |
| Genesis Health System | 1994 | $250.0M | 200 | 38 |
| NHC | 1971 | $1.3B | 12,965 | 935 |
Genesis HealthCare history FAQs
Zippia gives an in-depth look into the details of Genesis HealthCare, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Genesis HealthCare. The employee data is based on information from people who have self-reported their past or current employments at Genesis HealthCare. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Genesis HealthCare. The data presented on this page does not represent the view of Genesis HealthCare and its employees or that of Zippia.
Genesis HealthCare may also be known as or be related to Genesis HealthCare, Genesis Healthcare Corporation, Genesis Healthcare, Inc., GENESIS HEALTHCARE INC and Genesis Healthcare Inc.