Genesis HealthCare was created in 2003 as a result of a spin-off from Genesis Health Ventures. However, the Company's history can be traced back to the mid-1980s.
Genesis Health Ventures was established in 1985 with nine Centers and a management team that believed nursing homes should be proactive centers of health care, rather than centers focused solely on custodial care for the elderly.
1985 - 1998
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 such as rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy. Genesis Health Ventures' leadership transformed the Company into one that served high-acuity Medicare patients who needed intensive nursing care, rehabilitation therapy, and other support services to recover from an acute illness or injury. The Company branded its care services under the Genesis ElderCare banner and its pharmacy services under the NeighborCare trade name.
1999 - 2001
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. In 2001, the company reorganized and reemerged as a stronger entity, retaining its focus on delivering high quality health care.
In 2003, the Genesis Health Ventures' Board of Directors decided to separate the Company's in-patient care and pharmacy divisions. As part of the separation, Genesis Health Ventures adopted the 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.
In 2007, private equity investors Formation Capital and JER Partners assumed ownership of Genesis HealthCare, taking the Company private.
In 2011, Health Care REIT, Inc. (HCN), a health care real estate investment trust, acquired substantially all of Genesis' real estate assets. Genesis currently leases the properties from Health Care REIT and continues to operate all facilities with an emphasis on high-quality patient care. Today, Genesis is one of the nation's largest skilled nursing and rehabilitation therapy services providers, delivering quality care to the over 26,000 patients and residents every day.
2012Genesis HealthCare announced that effective December 1, 2012, it completed the acquisition of Sun Healthcare Group, Inc. (Sun) (NASDAQ GS: SUNH). The merger of the two companies has created one of the largest skilled nursing providers in the country, with more than 400 skilled nursing centers in 29 states. It has also expanded Genesis HealthCare’s rehabilitation therapy business to more than 1,500 contracts in 46 states.