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NeighborCare Holdings Inc history
NeighborCare Holdings Inc company history timeline
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.
1992: Community Health Plan of Washington created by Washington state’s community health centers
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.
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 July 1996 Genesis paid New York-based National Health Care Affiliates, Inc. $133.6 million to acquire 17 elder care facilities in Florida, Virginia, and Connecticut, adding more than 2,500 beds, as well as a rehabilitation therapy business and a nutritional therapy business.
Genesis added to its nursing home operations in October 1997 when it joined with two investment boutiques, Cypress Group and Texas Pacific Group, to acquire the Multicare Companies, in a $1.4 billion deal.
Genesis began feeling the effects of the Medicare cutbacks in fiscal 1998, when it posted a net loss of $24.2 million on revenue of $1.41 billion.
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.
2001: Genesis emerges from bankruptcy, having merged with Multicare.
2001: West Seattle High school-based health center, Madison Middle school-based health Center, 45th St Clinic, and Roosevelt High school-based health center join organization.
In 2001, the company reorganized and reemerged as a stronger entity, retaining its focus on delivering high quality health care.
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.
2004: Omnicare, Inc. launches a hostile takeover of NeighborCare.
2005: Pike Market Medical Clinic joins organization—now called Pike Place Market clinic
In July of 2007, Formation Capital and JER Partners acquired the company and took it private.”
2008: Puget Sound Neighborhood Health Centers changes its name to Neighborcare Health and celebrates its 40th anniversary.
In 2011, Health Care REIT, Inc. (HCN), a health care real estate investment trust, acquired substantially all of Genesis’ real estate assets.
2014: Neighborcare Health, in partnership with St Vincent de Paul, opens a new clinic that is attached to a thrift store, offering primary care services to north Seattle residents in a unique setting.
2015: Meridian Center for Health opens—a creative partnership with Neighborcare Health, Seattle-King County Public Health, and Valley Cities Behavioral Health, offering a new model for integrated health care delivery.
2016: Neighborcare Health at Vashon opens—our first location outside of the City of Seattle.
2017: Neighborcare Health at Vashon Island High School opens—first school-based health center outside of the City of Seattle.
2019: Neighborcare Health Dental at Providence St Peter Hospital in Olympia opens forming a partnership for a dental residency program.
2020: Vashon primary care medical and Central District dental clinics close.
© 2022 Neighborcare Health.
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