{{Short description|Provider of short-term post-acute, skilled nursing and long-term care services}} {{more citations needed|date=June 2017}} {{Infobox company | name = Genesis HealthCare | type = Public | logo = Genesis HealthCare.jpg | traded_as = {{OTC Expert|GENN}} | location = Kennett Square, Pennsylvania, U.S. | founded = 2003; 22 years | key_people = George V. Hager, Jr. (CEO) | num_employees = 68,700<ref>{{Cite web|url=http://fortune.com/fortune500/genesis-healthcare/|title=Genesis Healthcare|website=Fortune|access-date=2019-01-06|archive-date=2019-05-14|archive-url=https://web.archive.org/web/20190514104055/http://fortune.com/fortune500/genesis-healthcare/|url-status=dead}}</ref> | num_employees_year = 2017 | industry = Health care | revenue = $5.7 Billion USD (2016) | website = {{URL|http://www.genesishcc.com}} }} '''Genesis HealthCare''' provides short-term post-acute, rehabilitation, skilled nursing and long-term care services. According to data provided by the Centers for Medicare & Medicaid, as of November 1, 2023, Genesis owned or operated 290 skilled nursing facilities with 34,047 beds through 105 affiliates in 25 states in the United States. Genesis also supplies rehabilitation therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. The company is headquartered in Kennett Square, Pennsylvania.
== History == ===20th century=== Genesis Health Ventures was founded by Michael R. Walker<ref name=":4">{{Cite web |last=Barkowitz |first=Ed |date=2020-05-14 |title=Michael Walker, 71, founded Genesis Healthcare in Kennett Square |url=https://www.inquirer.com/obituaries/michael-walker-obittuary-genesis-healthcare-covid-19-coronavirus-20200514.html |access-date=2024-11-25 |website=The Philadelphia Inquirer |language=en}}</ref> and Richard R. Howard in 1985, with the acquisition of nine centers.<ref>{{Cite web |title=‘Visionary’ founder of Genesis HealthCare dies of long-term illness and coronavirus |url=https://www.mcknights.com/news/visionary-founder-of-genesis-healthcare-dies-of-long-term-illness-and-coronavirus/ |access-date=2024-11-25 |website=McKnight's Long-Term Care News |language=en-US}}</ref> Between 1985 and 1998, Genesis Health Ventures grew from a $32 million to a $2.4 billion public company through the acquisition of nursing homes and services, including rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy companies.{{Citation needed|date=November 2020}} ===21st century=== Genesis Health Ventures filed for Chapter 11 bankruptcy the following year, in 2000.<ref>{{Cite news |date=2000-06-23 |title=Genesis Health Ventures Fils for Bankruptcy (Published 2000) |language=en-US |work=The New York Times |url=https://www.nytimes.com/2000/06/23/business/genesis-health-ventures-fils-for-bankruptcy.html |access-date=2020-11-23 |issn=0362-4331}}</ref> In 2001, the company reorganized and reemerged from bankruptcy.<ref>{{Cite web|date=2001-10-08|title=One swims forth; two go under|url=https://www.modernhealthcare.com/article/20011008/PREMIUM/110080305/one-swims-forth-two-go-under|access-date=2020-11-23|website=Modern Healthcare|language=en}}</ref> Walker stepped down as CEO in 2002, a role he held since 1985.<ref name=":4" />
In 2003, Genesis Health Ventures separated the company's in-patient care and pharmacy divisions.<ref name=":0">{{Cite web|last=Salganik|first=M. William|title=NeighborCare is to be spun off in Dec., open local headquarters|url=https://www.baltimoresun.com/news/bs-xpm-2003-11-18-0311180030-story.html|access-date=2020-11-23|website=baltimoresun.com|language=en-US}}</ref> As part of the separation, Genesis Health Ventures adopted NeighborCare pharmacy division's trade name, and spun off the company's Genesis ElderCare Skilled Nursing Centers and Assisted Living and Independent Living Communities, as well as Genesis Rehabilitation Therapy Services, into a new entity – Genesis HealthCare Corporation.<ref name=":0" />
NeighborCare, which traded on NASDAQ as NCRX, was acquired by Omnicare in 2005.<ref>[https://www.businesswire.com/news/home/20050728005535/en/Omnicare-Completes-Acquisition-NeighborCare Business Wire, Omnicare Completes Acquisition of NeighborCare]</ref>
On July 13, 2007, Formation Capital and JER Partners completed the acquisition of Genesis HealthCare Corporation.<ref name=":1">{{Cite news |date=2007-07-13 |title=Formation, JER buy Genesis Health for $1.52 billion |language=en |work=Reuters |url=https://in.reuters.com/article/us-genesishealth-takeover-idUSN1341169620070713 |access-date=2020-11-23}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}</ref> The total enterprise value of the transaction was approximately $1.52 billion.{{Citation needed|date=November 2020}} Genesis' shareholders received $69.35 in cash for each share of Genesis' common stock that they held.<ref name=":1" />
===St. Joseph's Center evacuations and bankruptcy=== On March 5, 2025, St. Joseph's Center, a medical nursing home complex located in Trumbull, Connecticut and owned and operated by Genesis Healthcare, experienced major water damage after officials found Legionella bacteria in the building. 187 occupants who were in the building at the time were evacuated and moved to other nursing homes across the state.<ref>{{Cite web|url= https://www.ctpost.com/news/article/trumbull-nursing-home-evacuation-genesis-st-joseph-20206223.php|title= Trumbull nursing home evacuates nearly 200 residents due to water issue, officials say|first=Liz|last=Hardaway|date=March 5, 2025|access-date=July 9, 2025|website=Connecticut Post|language=en}}</ref><ref>{{Cite web|url= https://www.ctpost.com/news/trumbull/article/trumbull-st-josephs-center-legionella-water-issue-20225966.php|title= Trumbull nursing home fixes 'water issue' behind evacuation; Legionella bacteria found, email shows|first1=Shanience|last1=Holmes-Brown|first2=Brianna|last2=Gurciullo|date=March 22, 2025|access-date=July 9, 2025|website=Connecticut Post|language=en}}</ref>
On May 16, 2025, 107 occupants in the building were evacuated after management found fire safety issues described as "serious deficiencies that present conditions classified as Immediately Dangerous to Life and Health." This meant that the building was unsafe to be occupied until the issues were resolved.<ref>{{Cite web|url= https://www.ctinsider.com/news/article/trumbull-ct-st-josephs-center-evacuated-20331829.php|title= All 107 patients at Trumbull nursing home evacuated for fire safety system issue, officials say |first=Hana|last=Ikramuddin|date=May 16, 2025|access-date=July 9, 2025|website=CT Insider|language=en}}</ref> On May 29, 2025, just short of two weeks after the previous incident, Genesis Healthcare announced that they would be permanently closing St. Joseph's Center once they get necessary approvals from the state. Genesis Healthcare officials noted that despite the building did receive necessary structural repairs to maintain safety to its remaining patients, they could not get waivers for additional repairs and structural improvements still lingering around the building.<ref>{{Cite web|url= https://www.ctinsider.com/news/article/trumbull-ct-st-josephs-center-close-nursing-home-20352169.php|title= Trumbull nursing home, after multiple recent evacuations, to permanently close, officials say|first=Hana|last=Ikramuddin|date=May 16, 2025|access-date=July 9, 2025|website=CT Insider|language=en}}</ref> However, CT Governor Ned Lamont claimed that what Genesis Healthcare had stated had "absolutely nothing to do" with the closure, instead blaming the company for submitting an improper closure request with the United States Department of Health and Human Services, asking Genesis Healthcare to resubmit another closure request. Trumbull First Selectman Vicki Tesoro announced that she would be working with Genesis Healthcare and the Roman Catholic Diocese of Bridgeport on possible future usage of the property.<ref>{{Cite web|url= https://www.ctpost.com/news/article/trumbull-st-josephs-closure-ned-lamont-20353660.php |title= Lamont's office pushes back after closing Trumbull nursing home points finger at Medicaid funding |first=Brianna|last=Gurciullo|date=May 31, 2025|access-date=July 9, 2025|website=Connecticut Post|language=en}}</ref> The closure date was set for August 9, 2025, which will result in the layoff of 180 workers, including 70 nurses, plus the loss of 269 beds. Lamont additionally accused Genesis Healthcare of failing to maintain safety of its patients and employees after St. Joseph's Center had previously failed several safety inspections prior to the closure.<ref>{{Cite web|url= https://www.ctinsider.com/business/article/ct-genesis-healthcare-st-joseph-s-trumbull-closure-20391961.php|title= August closure set for Trumbull nursing home, with nearly 180 jobs cut and a loss of 269 beds|first=Alexander|last=Soule|date=June 24, 2025|access-date=July 9, 2025|website=CT Insider|language=en}}</ref>
On July 9, 2025, Genesis Healthcare and all of its affiliated subsidiaries filed for Chapter 11 bankruptcy protection in the United States District Court for the Northern District of Texas, listing assets and liabilities between $1 billion to $10 billion. The company has secured $30 million in debtor-in-possession financing from its lenders as part of the bankruptcy proceedings. <ref>{{Cite web|url= https://news.bloomberglaw.com/bankruptcy-law/genesis-healthcare-files-for-chapter-11-bankruptcy-in-texas|title=Genesis Healthcare Files for Chapter 11 Bankruptcy in Texas|first=Nurin|last=Sofia|date=July 9, 2025|access-date=July 9, 2025|website=Bloomberg Law|language=en}}</ref> The company blamed its bankruptcy on being unable to pay for legal costs and rising wrongful-death lawsuits, as well as mass losses in revenue as a result from expanding too quickly, having over 500 properties by 2016.<ref>{{Cite web|url= https://www.wsj.com/articles/nursing-home-chain-genesis-healthcare-files-for-bankruptcy-6bd681e7|title= Nursing Home Chain Genesis HealthCare Files For Bankruptcy|first=Alexander|last=Gladstone|date=July 10, 2025|access-date=July 10, 2025|website=The Wall Street Journal|language=en}}</ref>
Prior to its July 9 bankruptcy filing, the company had warned of a potential bankruptcy twice, in 2017 and 2020. In November 2017, the company warned that it could be forced into Chapter 11 bankruptcy protection if it was unable to gain relief from its creditors, as it stated that it would most likely not be able to gain cash flow to continue maintaining its operations. The company's stock ended up falling to 87 cents per share after the announcement.<ref>{{Cite web|url= https://www.inquirer.com/philly/business/genesis-healthcare-takes-532-million-write-down-warns-possible-bankruptcy-20171108.html|title= Genesis Healthcare takes $532 million write-down, warns of possible bankruptcy|first=Harold|last=Brubaker|date=November 8, 2017|access-date=July 10, 2025|website=The Inquirer|language=en}}</ref> Then, on August 11, 2020, Genesis Healthcare once again warned that it could file for Chapter 11 bankruptcy as it faced "substantial doubt" that it would be able to properly continue its operations as a result from the effects of the COVID-19 pandemic, which ended up causing significant losses for the company throughout Q2 2020, and occupancy at its locations fell to 77%. The company claimed that while the Trump administration provided them resources throughout the pandemic, it ultimately was not enough for them to address necessary funding needed for those affected by the pandemic.<ref>{{Cite web|url= https://seniorhousingnews.com/2020/08/11/skilled-nursing-assisted-living-operator-genesis-warns-of-possible-bankruptcy/|title= Skilled Nursing, Assisted Living Operator Genesis Warns of Possible Bankruptcy|first=Chuck|last=Sudo|date=August 11, 2020|access-date=July 10, 2025|website=Senior Housing News|language=en}}</ref> On March 3, 2021, Genesis Healthcare announced a voluntary restructuring of its operations and would be delisted from the New York Stock Exchange. During this restructuring plan, the company made efforts to eliminate $326 million of its debt, as well as improving financial metrics and eliminating the leases of 51 of its facilities, selling those leases to new operators.<ref>{{Cite web|url= https://www.mcknightsseniorliving.com/news/genesis-announces-restructuring-voluntarily-delists-from-nyse/|title= Genesis announces restructuring, voluntarily delists from NYSE|first=Amy|last=Novoteny|date=March 3, 2021|access-date=July 10, 2025|website=McKnight's Senior Living|language=en}}</ref>
On July 10, 2025, ReGen Healthcare made a stalking horse bid to acquire all of Genesis Healthcare's assets for an undisclosed amount.<ref>{{Cite web|url= https://www.bloomberg.com/news/articles/2025-07-10/bankrupt-genesis-healthcare-gets-stalking-horse-bid-from-regen?srnd=prognosis|title= Bankrupt Genesis Healthcare Gets Bid to be Bought by ReGen|first=Jonathan|last=Randles|date=July 10, 2025|access-date=July 10, 2025|website=Bloomberg|language=en}}</ref>
== Mergers & acquisitions == On April 1, 2011, Health Care REIT, Inc., now Welltower, completed a $2.4 billion acquisition of substantially all of the real estate assets of privately owned Genesis HealthCare, which was previously announced on February 28, 2011. In June 2012, Genesis HealthCare announced plans to acquire Sun Healthcare Group.
On December 1, 2012, Genesis completed the acquisition of Sun Healthcare Group, Inc. (NASDAQ GS: SUNH), which was headquartered in Irvine, California and operated skilled nursing facilities, assisted and independent living centers, and behavior health centers in 23 states. Sun also owned SunDance Rehabilitation, CareerStaff Unlimited and SolAmor Hospice. Genesis acquired Sun for $8.50 per share. The aggregate amount of the merger was approximately $215, excluding closing costs and the repayment of Sun debts.<ref>{{Cite web |title=Genesis HealthCare Acquires Sun Healthcare Group, Inc. |url=http://www.prnewswire.com/news-releases/genesis-healthcare-acquires-sun-healthcare-group-inc-181866581.html |accessdate=2015-10-08 |website=www.prnewswire.com}}</ref>
In February 2015, Genesis Healthcare merged with California-based Skilled Healthcare Group, Inc.<ref name=":2" /> The combined company operated more than 400 skilled nursing and assisted and senior living communities in 34 states and more than 1,800 rehabilitation therapy sites in 47 states.<ref name=":2">{{Cite web |date=2014-08-18 |title=Genesis, Skilled Healthcare deal to create $5.5B post-acute giant |url=https://www.modernhealthcare.com/article/20140818/NEWS/308189954/genesis-skilled-healthcare-deal-to-create-5-5b-post-acute-giant |access-date=2020-11-23 |website=Modern Healthcare |language=en}}</ref> The company changed its ticker from (NYSE: SKH) to (NYSE: GEN).<ref name=":3">{{Cite web|title = Genesis and Skilled Healthcare Group merger creates $5.5B post-acute care company - Philadelphia Business Journal|url = http://www.bizjournals.com/philadelphia/blog/health-care/2015/02/genesis-and-skilled-healthcare-group-complete.html|website = Philadelphia Business Journal|accessdate = 2015-10-08}}</ref>
In June 2015, Genesis HealthCare acquired 24 skilled nursing facilities from Revera.<ref>{{Cite web|title = Genesis HealthCare Completes Previously Announced Transaction with Revera Inc.|url = https://www.prnewswire.com/news-releases/genesis-healthcare-completes-previously-announced-transaction-with-revera-inc-300185779.html|website = www.prnewswire.com|accessdate = 2018-06-20}}</ref>
The company acquired ProMedica in 2023.<ref>{{Cite web |title=Genesis Healthcare adds 38 former ProMedica SNFs to portfolio |url=https://www.mcknightsseniorliving.com/news/genesis-healthcare-adds-38-former-promedica-snfs-to-portfolio/ |access-date=2025-04-03 |website=McKnight's Senior Living |language=en-US}}</ref>
== Locations == Genesis operates approximately 450 Skilled Nursing Facilities and Assisted/Senior Living Communities across the nation located in 30 states. Additionally, Genesis Rehab Services provide therapy to approximately 1,700 locations across 45 states.<ref>{{Cite web|url=http://genesishcc.com/about-us|title=Genesis Healthcare Inc|last=HealthCare|first=Genesis|website=genesishcc.com|language=en-US|access-date=2017-07-02}}</ref>
==References== {{Reflist}}
==External links== *{{Official website|http://www.genesishcc.com}}
{{Philadelphia Corporations}}
{{Authority control}}
{{DEFAULTSORT:Genesis Healthcare}} Category:Health care companies based in Pennsylvania Category:American companies established in 1985 Category:Companies based in Chester County, Pennsylvania Category:1985 establishments in Pennsylvania Category:Companies listed on the New York Stock Exchange Category:2007 mergers and acquisitions Category:Medical outsourcing companies of the United States Category:Companies that filed for Chapter 11 bankruptcy in 2000 Category:Companies that filed for Chapter 11 bankruptcy in 2025 Category:Announced mergers and acquisitions