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Health Ventures Inc history
Health Ventures Inc company history timeline
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.
1990: Company expands into pharmacy and medical supply services through acquisitions of Accredited Surgical Companies, Inc. and Drug Lane Pharmacies, Inc., which were combined to form ASCO Healthcare, Inc.
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.
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.
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 June 2000 both Genesis and Multicare joined a wave of industry bankruptcies when they filed for Chapter 11 protection under a $1.5 billion debt load.
Community Health Ventures (CHV) is the business development affiliate of the National Association of Community Health Centers (NACHC). Founded in 2000 under the direction of health center leadership, CHV is tasked with creating solutions to the economic pressures facing health centers.
In February 2003 the company announced that it planned to spin off the elder care business to shareholders as a separate publicly traded company.
2004: Omnicare, Inc. launches a hostile takeover of NeighborCare.
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Health Ventures Inc may also be known as or be related to Health Ventures and Health Ventures Inc.