Patient Care Inc history

In 1980, with the birth of his son, Bredesen decided to strike out on his own and fulfill a dream of running his own business.

The firm's sales totaled $6 million in 1981.

Toward the end of 1983 Sutter Community Hospital of Sacramento approached Option Care about a potential joint venture.

New York Health Care was founded in Brooklyn, New York, in 1983 by Jerry Braun.

The new company, in 1983, was again under Salick's management and was called Salick Health Care, Inc.

Founded in 1984, the physician-owned HMO had 45,000 members in Richmond and central Virginia.

In 1984, the firm opened six new franchises.

Salick Health Care's first cancer clinic opened at Cedars-Sinai in 1985.

1988: HealthAmerica Pennsylvania Inc. is acquired.

By 1988, Sutter had appointed Hoggard as president of Option Care.

Salick Health Care was a profitable public company, bringing in net income of around $7 million by 1988.

By 1989, the company operated seven cancer centers (while still running its dialysis clinics)--two in Southern California, four in Florida, and one in Philadelphia.

Coventry's largest deal in its early history was the 1990 $40 million cash and stock acquisition of Group Health Plan, Inc.

Straus in the late 1990’s, has developed, operated, and managed more inpatient healthcare properties in the New York Metropolitan area than any other operator.

In July 1991, Asher leased new office space for Option Care in Bannockburn, Illinois.

To fund further growth Coventry made an initial public offering of stock in 1991.

Rai joined Option Care in 1992 and held various positions in the areas of corporate finance and operations, including senior vice-president and executive vice-president.

In 1992 New York Health Care opened a fourth office in Spring Valley, located in New York's Rockland County.

Asher resigned as Option Care's CEO in the summer of 1993.

Also in 1993 New York Health Care broadened its business by adding a specialty division called "Special Deliveries," which provided home nursing services to women during pregnancy and after childbirth to both mother and newborn.

Though Salick clinics offered extensive care in plush surroundings likened more to a hotel than a hospital, by 1993 the company was estimating one year of cancer treatment at its clinics cost 20 percent less than in a traditional hospital setting.

In 1994 Coventry paid $50 million in cash to buy the remaining 20 percent interest it did not own of Penn Group Corporation.

In 1995 Braun and four other directors of New York Health Care formed and became the sole stockholders of a new company, Heart to Heart Health Care Services, Inc., to provide home healthcare services to northern New Jersey.

1995: British drug company Zeneca PLC buys 50 percent of Salick.

Braun took New York Health Care public in 1996 to raise money to fuel further growth.

Option Care's focus on the rural market was still going strong in 1995. It also was in 1996 that Option Care acquired a home healthcare industry software company called Management By Information Inc. and began to focus on contracts with large HMO's and self-insured companies.

Then in 1997, its half-owner, Zeneca, bought up the other 50 percent of the company it did not already own.

1998: Coventry merges with Principal Health Care, and moves headquarters to Bethesda, Maryland.

Michael Rusnak became Option Care's president and CEO in 1998.

Under new leadership, the firm continued to make inroads into the New York market, in 1998 forging an alliance with the University Medical Center in Stony Brook, New York, to run its oncology department.

Subsequently, in 1999 Option Care turned a profit of $4.6 million on revenues of $119.8 million.

In 1999, Zeneca merged with the Swedish pharmaceuticals company Astra.

For a small company like New York Health Care, which posted sales of $34.3 million in 2001, the allure proved irresistible.

A 2004 study found that one in five (22.9 million) United States households were involved in caring for a person older than eighteen.