Genesis HealthCare creates care for people when care is what counts. The company operates more than 400 assisted living and skilled nursing facilities in about 30 states throughout US. Genesis HealthCare's Rehab Services division provides speech, physical, and occupational therapy services through contracts with health care providers. The company also offers respiratory therapy, adult day care, Alzheimer's care, dialysis, and home and hospice care. Its owners -- private equity firms Formation Capital and JER Partners -- sold most of Genesis HealthCare's real estate assets to Health Care REIT for about $2.4 billion in 2011; Health Care REIT then leased the centers back to Genesis.
Genesis HealthCare operates facilities in 29 states. The company has many of its assisted living and skilled nursing homes in states along the Eastern Seaboard; its highest concentration of facilities is in Connecticut, Maryland, New Jersey, Pennsylvania, and West Virginia.
The company's Genesis Rehab Services division provides therapy to more than 1,500 health care providers in 46 states.
The company operates more than 400 assisted living and skilled nursing facilities. Under terms of its agreement with Health Care REIT, Genesis HealthCare continues to operate the nearly 150 facilities owned by Health Care REIT under a long-term lease agreement.
The transaction gave Genesis HealthCare funding it needed to invest in expanding services at its existing centers and to build new facilities; it also creates opportunities for the company to partner with Health Care REIT's other operating partners.
Genesis HealthCare also supplies a variety of consulting services to other health care providers. Its offerings include both clinical and non-clinical support services in such areas as rehabilitation therapy, respiratory health, business management, and insurance contracting.
Genesis HealthCare's growth strategy includes developing new specialty services at its facilities, including post-acute (short-term transitional care for patients leaving the hospital) and contract rehabilitation services, as well as expanding through acquisitions and by entering new lease agreements.
Mergers and Acquisitions
In late 2012 the company acquired Sun Healthcare for about $273 million. The deal strengthened Genesis HealthCare's core business lines, added competitive scale, and expanded its geographic reach.
Formation Capital and JER Partners took Genesis HealthCare private for some $2 billion in 2007. – less