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Multicare Companies Inc. Company History Timeline
1984 Mary Bridge Children's Hospital initiates the critical care transport team program.
1984 K Wing opens at Tacoma General Hospital.
Multicare was started in 1984 by two young lawyers, Daniel E. Straus, who is now 40, and his brother Moshael J. Straus, 44, with four nursing homes they inherited from their father, Joseph.
1985: Michael R. Walker and Richard R. Howard found Genesis Health Ventures, Inc. to build a nursing home chain.
In 1986 Genesis made the first of many acquisitions, acquiring the Speech & Hearing Network, which was renamed Team Rehabilitation.
1986 Good Samaritan Hospital's Emergency Department is expanded.
1986 Associated Health Services and Hospice of Tacoma join MultiCare Medical Center.
1987 Mary Bridge Children's Hospital expands inpatient services into the new wing at Tacoma General Hospital on K Street (now Martin Luther King, Jr.
1989 MultiCare Medical Center's name becomes MultiCare Health System.
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.
1990 MultiCare opens the health system's first satellite clinic – Gig Harbor Urgent Care Center – creating an essential link between Mary Bridge Children's Hospital & Health Center and pediatric care in the local community.
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.
1991 Plans under way to renovate the seventh floor at Mary Bridge Children's Hospital & Health Center to provide additional medical/surgical beds and relocate the Pediatric Intensive Care Unit.
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 healthcare reform from the newly inaugurated Clinton administration led Genesis to shift its focus.
1993: Meridian Healthcare, the largest nursing home operator in Maryland, is acquired.
1993 MultiCare outpatient medical centers, urgent care clinics and physician offices open in Covington, Kent, Auburn and Eatonville.
1994 Mary Bridge Children's Hospital & Health Center becomes the only Emergency Department in Western Washington designated for trauma care of children.
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.
Projected 1997 cash flow for Multicare, based on the first three months, was $115 million, bringing the purchase multiple to 12.1, he added.
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.
2001: Genesis emerges from bankruptcy, having merged with Multicare.
2001 Good Samaritan Hospital opens its new Rehabilitation Center and state-of-the-art Family Birth Center; expands the Emergency Department; becomes the first Pierce County hospital to offer positron emission tomography (PET), an advanced diagnostic tool.
2001 A $15 million campaign announced to build a new outpatient center and start a charity care endowment fund.
In May 2002 cofounder Walker stepped down as CEO in order to focus full-time on lobbying the United States government to better fund long-term care.
In February 2003 the company announced that it planned to spin off the elder care business to shareholders as a separate publicly traded company.
2003 The Campaign for Mary Bridge achieves its $15 million goal and groundbreaking on the new Mary Bridge Children's Health Center occurs in June.
On December 1, 2003, Genesis completed the spinoff of its elder care business, which began operating as Genesis HealthCare Corporation.
2004: Omnicare, Inc. launches a hostile takeover of NeighborCare.
2004 Tacoma General adds four new floors to L Wing.
2005 The new Mary Bridge Children's Health Center opens in celebration of Mary Bridge's 50th Anniversary.
2006 Good Samaritan Hospital completes an affiliation with MultiCare Health System.
2008 MultiCare launches Electronic Health Record system at Mary Bridge Children's Hospital & Health Center.
2010 New Tacoma General and Mary Bridge Emergency Departments and MultiCare Regional Cancer Center open in Milgard Pavilion.
2011 The 357,000-square-foot Dally Tower opens at Good Samaritan Hospital in Puyallup.
2012 MultiCare purchased Auburn Regional Medical Center from Universal Health Services.
2013 Two new inpatient pediatric floors open at Mary Bridge Children's Hospital.
2014 MultiCare announces the formation of its Accountable Care Organization, MultiCare Connected Care LLC.
2015 MultiCare launches the Community Partnership Fund to provide financial support to select not-for-profit organizations in Pierce, King, Thurston and Kitsap counties.
2018 Woodcreek Healthcare and ABC Pediatrics join Mary Bridge Children’s Hospital & Health Network.
2019 MultiCare opens a new, 36,000-square-foot comprehensive family health clinic in Kent to replace its current facility on State Avenue.
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| Lexington Health Network | - | $400.0M | 2,500 | 15 |
| St. Croix Regional Medical Center | 1954 | $26.0M | 120 | 15 |
| Wentworth-Douglass Hospital | 1904 | $1.0B | 4,500 | - |
| Kadlec Regional Medical Center | 1944 | $1.8B | 2,000 | 29 |
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| Great River Health | 1895 | $178.1M | 750 | 145 |
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| St. John's Episcopal Hospital | 1851 | $270.0M | 3,500 | 145 |
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