![\"AHCA](\"/sites/default/files/inline-images/qaward_24gold.png\")
Kennett Square, PA – Genesis Healthcare, Inc. (Genesis) today announced that multiple of its affiliated skilled nursing facilities have earned national recognition from U.S. News & World Report and Newsweek for 2026, reinforcing the organization’s continued commitment to quality, compassionate care and operational excellence as validated by independent, third-party assessments.
\r\n\r\nAcross the two respected rankings, Genesis-affiliated centers were recognized for performance in both long-term care and short-term rehabilitation, based on evaluations of clinical outcomes, staffing, patient and resident experience, safety measures, and overall quality indicators.
\r\n\r\n“These recognitions are meaningful because they are grounded in objective data and independent analysis,” said Lauren Murray, Chief Operating Officer of Genesis. “They reflect the real, day-to-day work happening inside our centers, with caregivers showing up with professionalism, compassion, and an unwavering focus on doing what is right for the people we serve.”
\r\n\r\nEleven Genesis-affiliated facilities were recognized by U.S. News & World Report as Best Nursing Homes for 2026, while four centers were named to Newsweek’s America’s Best Nursing Homes for 2026 list, developed in partnership with global data firm Statista. Both rankings are highly selective, identifying only a small percentage of nursing homes nationwide that meet or exceed established benchmarks for care quality and outcomes.
\r\n\r\nThe following Genesis-affiliated facilities earned national recognition for 2026 from U.S. News & World Report and Newsweek.
\r\n\r\nU.S. News & World Report Best Nursing Homes for 2026:
\r\n\r\nNewsweek America’s Best Nursing Homes for 2026:
\r\n\r\nRecognition Rooted in Performance and Quality
\r\n\r\nThe Newsweek and U.S. News evaluations assess key indicators of quality, including staffing, clinical outcomes, health inspections, accreditation, and patient and resident experience. These recognitions align with Genesis’ strong 2025 performance, reflecting sustained operational improvement and high satisfaction across its affiliated centers.
\r\n\r\n“Independent recognition like this does not happen by chance,” said Murray. “It reflects focused investment in leadership and clinical excellence, supported by a culture that consistently puts patients and residents first.” National recognition from trusted third-party organizations validates the quality of care being delivered at the center level and reinforces Genesis’ continued commitment to excellence.
\r\n\r\n“These honors affirm the dedication of our teams and the strong foundation they are building for the future,” Murray added.
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis Healthcare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit www.genesishcc.com.
\r\n\r\nABOUT U.S. NEWS & WORLD REPORT
\r\n\r\nU.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, personal finance, travel, automobiles, real estate, careers and consumer products and services.
\r\n\r\nABOUT STATISTA
\r\n\r\nStatista publishes hundreds of worldwide industry rankings and company listings with high profile media partners. This research and analysis service is based on the success of statista.com, the leading data and business intelligence portal that provides statistics, business relevant data, and various market and consumer studies and surveys
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/third-party-recognition-underscores-genesis-healthcares-ongoing"}}},{"node":{"field_happening_s_date":"2025-12-12","field_link_to_the_page":null,"title":"Genesis Healthcare Remains Committed to Securing Longterm Stability","body":{"value":"Kennett Square, Pennsylvania — Following a court ruling on Thurs., Dec. 11 to reopen the auction process in Genesis Healthcare, Inc.’s (Genesis) and its affiliates’ ongoing chapter 11 bankruptcy proceedings, David Harrington, Executive Chairman of the Board of Genesis, reiterated the company’s commitment to securing long-term stability through the court-supervised chapter 11 proceedings, clarified inaccuracies in public conversations surrounding the process, and called on all interested parties to recognize – and respect – the hard work and dedication of the Genesis employees who are continuing to deliver services to the elderly and frail residents and patients that they serve during this protracted restructuring process.
\r\n\r\n“Genesis has significantly strengthened our operational performance, especially in the past two years, by investing in, designing and implementing a forward-looking, enterprise-wide shift from centralized to local market-based operations,” said Harrington. “The Genesis board, in alignment with the company’s executive leadership team – which has been completely transformed in the past three years – identified the Chapter 11 process as the necessary path to maintain and grow that momentum for years to come to benefit our current and future patients, residents and staff. That belief has not changed.”
\r\n\r\nAs has been widely covered by the media, this is not the first time Genesis has considered bankruptcy proceedings. In 2021, Genesis was actively preparing to file for Chapter 11 bankruptcy. Some of the notable voices weighing in on this week’s proceedings were heavily – and vocally – opposed to a filing in 2021, which was ultimately avoided due to ReGen Healthcare’s $100 million investment into Genesis.
\r\n\r\n“Much has been made – and alleged – about Joel Landau’s association with Genesis, which did not begin until ReGen’s investment in 2021, which enabled Genesis to avert bankruptcy, as many in the public realm were demanding,” said Harrington. “Prior to 2021, ReGen Healthcare (ReGen) and Mr. Landau had no affiliation with or control over Genesis. The investment by ReGen provided Genesis with a lifeline to try to restructure the company outside of bankruptcy and enabled Genesis to completely revamp its executive leadership team, beginning its ongoing transformation to a nimble, market-based model dedicated to prioritizing resident and patient care.”
\r\n\r\nSome interested parties have called attention to decisions made by Genesis Healthcare to transfer its owned skilled nursing facilities to Welltower, Inc. in 2011 – fully 10 years prior to ReGen’s investment or Mr. Landau’s affiliation with Genesis (which began in 2021) – and simultaneously to enter into a master lease with Welltower, allowing Genesis to continue operating those facilities.
\r\n\r\n“I hope everyone will understand that none of the current officers or Board members that were with Genesis in 2011, when the decision was made to transfer real estate ownership to Welltower are still with Genesis today,” said Harrington.
\r\n\r\nGenesis shares interested parties’ focus on patients, residents and staff, and the importance of safeguarding access to high-quality post-acute care in the communities served by the more than 170 skilled nursing centers and assisted and senior living communities across 17 states operated by Genesis.
\r\n\r\n“I am proud of how, despite the potential for distraction during this restructuring process, our staff continues to put our mission into action by improving the lives we touch through the delivery of high-quality healthcare and everyday compassion,” said Harrington. “Decisions being made by the bankruptcy court regarding the ultimate purchaser of Genesis do not have anything to do with our commitment to our day-to-day operations, and I hope people will remember that as they continue to weigh in on this process. We are confident that entering into chapter 11 and engaging in fulsome restructuring efforts was and still is in the best interest of our current and future patients, residents and staff, and we take issue with those questioning the integrity of our frontline team members who have dedicated themselves to helping others.”
\r\n\r\nAn independent third party engaged by Genesis to conduct patient satisfaction surveys in 2025 has reported:
\r\n\r\nAdditionally, Genesis has reduced its overall employee turnover year-over-year by 6%, and is maintaining an overall Google rating of 4.3 out of 5 stars for all Genesis Healthcare, Inc.
\r\n\r\nGenesis would welcome local, state and federal legislative parties interested in learning more about the care provided at our facilities to contact us to schedule a tour.
\r\n\r\nCourt filings and additional information related to the proceedings, which include a proposed transaction involving a current affiliate, are available at https://dm.epiq11.com/Genesis. Those with questions can call (toll-free in the US) 888-861-3979.
\r\n\r\nAdvisors
\r\n\r\nMcDermott Will & Schulte LLP is serving as legal counsel, Ankura Consulting is providing financial restructuring and Chief Restructuring Officer services (Russell A. Perry and Louis E. Robichaux IV, Co-CROs), and Jefferies is serving as investment banker.
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis Healthcare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit www.genesishcc.com.
\r\n\r\n###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-remains-committed-securing-longterm-stability"}}},{"node":{"field_happening_s_date":"2025-07-07","field_link_to_the_page":null,"title":"Genesis Healthcare Affiliated Center Recognized with 2025 AHCA/NCAL Silver National Quality Award ","body":{"value":"
Kennett Square, Pennsylvania – Genesis Healthcare, Inc., which through its affiliates is one of the largest post-acute providers in the nation, announced that one of its affiliated locations, Canyon Transitional Rehab Center in Albuquerque, NM, has been recognized as a 2025 Silver – Achievement in Quality Award recipient by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The award is the second of three distinctions possible through the AHCA/NCAL National Quality Award Program, which recognizes organizations that meet progressively rigorous standards of performance to further improve the lives of residents and staff in long term care.
\r\n\r\n\"Earning the Silver award is an incredible honor for the Canyon Transitional team,” said Lauren Murray, Chief Operating Officer for Genesis. “This achievement underscores the Center’s dedication to enhancing the quality of care and services provided to patients and residents every day. We are proud of their progress and look forward to Canyon Transitional continuing their journey towards excellence.\"
\r\n\r\nThe National Quality Award Program has three progressive levels: Bronze, Silver, and Gold. At the Silver level, recipients have met the criteria for the Bronze award and can now move on to the final and most prestigious level of the program, the Gold – Excellence in Quality Award. Trained examiners review each application to determine if the center has met the demands of the criteria.
\r\n\r\nWith this award, Canyon Transitional Rehab Center joins three other Genesis-affiliated centers previously recognized with the Silver – Achievement in Quality Award, 48 affiliated centers recognized with the Bronze – Commitment to Quality Award, and four affiliated centers who have achieved the Gold – Excellence in Quality Award.
\r\n\r\n\"Earning the Silver award is no small feat, and Canyon Transitional has demonstrated exceptional commitment to quality improvement,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “This recognition is a clear reflection of their hard work and unwavering focus on delivering superior care and service to residents and staff.”
\r\n\r\nThe National Quality Awards will be presented during Delivering Solutions 25, the AHCA/NCAL Convention & Expo, October 19-22, 2025, in Las Vegas, Nevada.
\r\n\r\nThe 2025 National Quality Award Program is sponsored by AHCA/NCAL Associate Business Members: HealthCap, McKesson, Rosie, Incite Workforce Solutions Powered by SnapCare, and Prevail by First Quality.
\r\n\r\n###
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis Healthcare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit www.genesishcc.com.
\r\n\r\nABOUT AHCA/NCAL
\r\n\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represents more than 15,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-affiliated-center-recognized-2025-ahcancal-silver"}}},{"node":{"field_happening_s_date":"2025-06-06","field_link_to_the_page":null,"title":"Six Genesis HealthCare Affiliated Centers Earn 2025 AHCA/NCAL Bronze National Quality Award","body":{"value":"Kennett Square, Pennsylvania – Genesis Healthcare, Inc., which through its affiliates is one of the largest post-acute providers in the nation, announced that six (6) affiliated skilled nursing and rehabilitation centers have been recognized as 2025 recipients of the Bronze – Commitment to Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) for their commitment to improving the lives of residents through quality care. This distinction is the first of three progressive award levels through the AHCA/NCAL National Quality Award Program. The Program honors providers across the nation that have demonstrated their dedication to enhancing the quality of care for our nation’s elders and individuals with disabilities.
\r\n\r\n\r\n\r\n
Recipients of the Bronze - Commitment to Quality Award Include:
\r\n\r\nRiverRidge - Kennebunk, ME
\r\n\r\nNorriton Square Nursing & Rehab - Norristown, PA
\r\n\r\nSanatoga Center - Pottstown, PA
\r\n\r\nWayne Center - Wayne, PA
\r\n\r\nSalem Center - Salem, WV
\r\n\r\nValley Center - South Charleston, WV
\r\n\r\n\r\n\r\n
“We are extremely proud of these six centers for earning this national recognition,” said Lauren Murray, Chief Operating Officer for Genesis HealthCare. “This award highlights their ongoing commitment to excellence and their focus on delivering ever-improving quality care to the patients and residents they serve every day.”
\r\n\r\nThese six centers add to the 42 Genesis-affiliated centers recognized with the Bronze – Commitment to Quality Award, three centers recognized with the Silver – Achievement in Quality Award, and four centers who have achieved the Gold – Excellence in Quality Award.
\r\n\r\nThe AHCA/NCAL National Quality Award Program is a rigorous three-level process reviewed and evaluated by trained experts against a set of nationally recognized standards for organizational excellence. The standards of the Baldrige Performance Excellence Program help organizations achieve superior performance over time to improve the quality of life and care of long term care residents.
\r\n\r\nProviders begin the quality improvement journey at the Bronze level, where they develop an organizational profile detailing among other elements their vision, mission, key customers, and key strengths and challenges. Bronze applicants must demonstrate the use of a performance improvement system. Trained examiners review each application to determine if a center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality award, these six locations may now move forward to the Silver - Achievement in Quality award criteria.
\r\n\r\n“Receiving this award marks the beginning of an exciting journey towards excellence,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “Congratulations to these six locations for this significant achievement. I encourage each Center to take some time to celebrate and continue striving for higher levels of quality and performance.”
\r\n\r\nThe National Quality Awards will be presented during Delivering Solutions 25, the AHCA/NCAL Convention & Expo, October 19-22, 2025, in Las Vegas, Nevada.
\r\n\r\n###
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis Healthcare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care, collectively referred to as Genesis HealthCare. To learn more, visit www.genesishcc.com.
\r\n\r\nABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represents more than 15,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
Kennett Square, PA – Today, Genesis HealthCare announced that six of its affiliated skilled nursing facilities have been recognized by Newsweek as one of America’s Best Nursing Homes for 2025. This prestigious award is presented by Newsweek and Statista Inc., the world-leading statistics portal and industry ranking provider.
\r\n\r\nThe six affiliated facilities recognized by Newsweek are:
\r\n\r\nEvery year, Newsweek releases its “America’s Best Nursing Homes” rankings, evaluating nursing homes across the 25 states with the highest number of facilities. The rankings are based on performance data, recommendations of medical professionals, accreditations and resident satisfaction. The rankings serve as an essential resource for families navigating long-term care decisions.
\r\n\r\nThese six facilities are ecstatic to be recognized as one of Newsweek’s America’s Best Nursing Homes for 2025.
\r\n\r\n“I couldn’t be more proud of the teams at these six locations for earning this esteemed award,” says Chief Operating Officer Lauren Murray. “Our staff consistently goes above and beyond to ensure the safety, health, and happiness of our patients and residents. We are thrilled that Newsweek has recognized their exceptional work as one of America’s Best Nursing Homes for 2025.”
\r\n\r\n###
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis Healthcare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care. To learn more, visit our website www.genesishcc.com
\r\n\r\n###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/six-genesis-affiliated-skilled-nursing-facilities-recognized-newsweek"}}},{"node":{"field_happening_s_date":"2024-08-19","field_link_to_the_page":null,"title":"Genesis HealthCare Affiliated Center Earns 2024 AHCA/NCAL Gold National Quality Award ","body":{"value":"
Kennett Square, Pennsylvania – Genesis Healthcare, Inc., one of the largest post-acute providers in the nation, announced that one of its affiliated locations, Lofland Park Center in Seaford, DE, has been recognized as 2024 recipients of the Gold – Excellence in Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The award is the final step in three progressive levels of awards through the AHCA/NCAL National Quality Award Program, which recognizes high-quality long term and post-acute care organizations.
\r\n\r\n“Achieving the Gold – Excellence in Quality Award is a significant milestone and incredible honor for Lofland Park Center,” states Lauren Murray, Chief Operating Officer for Genesis HealthCare. “This award is a reflection of the hard work, passion, and dedication of the entire Lofland Park Center team and speaks to our ongoing commitment to providing exceptional care to our patients and residents.”
\r\n\r\nLofland Park Center is one of only two providers nationwide to receive the prestigious Gold – Excellence in Quality Award this year.
\r\n\r\nEarning the Gold - Excellence in Quality Award requires a facility to achieve both the Bronze - Commitment to Quality and Silver - Achievement in Quality awards before advancing to the Gold level—an accomplishment that takes several years. Applicants adhere to the core values and criteria of the Baldrige Performance Excellence Program, an organizational improvement tool that focuses on strengthening performance in leadership, customer- and staff-focused processes, strategic planning, and more.
\r\n\r\n“This recognition is a testament to the dedication, compassion, and tireless efforts over the years by these incredible providers,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “Lofland Park Center deserves to be celebrated for their unwavering focus on delivering high-quality care and outcomes for their residents and staff.”
\r\n\r\nThe National Quality Awards will be presented during Delivering Solutions 24, the AHCA/NCAL Convention & Expo, October 6-9, 2024, at the Orange County Convention Center in Orlando, Florida.
\r\n\r\n###
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\nGenesis Healthcare, Inc. is a holding company with affiliates that operate skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care. To learn more, visit www.genesishcc.com.
ABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represents more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
\r\n\r\n
National award signifies a formal commitment to continuous improvement in quality care.
\r\n\r\nKennett Square, Pennsylvania – Genesis HealthCare, Inc., one of the largest post-acute providers in the nation, announced that three affiliated locations have been recognized as 2024 recipients of the Silver– Commitment to Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) for their commitment to improving the lives of residents through quality care. This award is the second of three distinctions possible through the AHCA/NCAL National Quality Award Program, which recognizes organizations that meet progressively rigorous standards of performance to further improve the lives of residents and staff in long term care and senior living.
\r\n\r\nRecipients of the Silver- Commitment to Quality Award Include:
\r\n\r\n\"We are so proud of the teams at these three locations,” said Lauren Murray, Senior Vice President of Operations for Genesis. “This achievement proves their dedication to enhancing the quality of care and services provided to their residents every day. We are proud of their progress and look forward to each location continuing their journey towards excellence.\"
\r\n\r\nThe National Quality Award Program has three progressive levels: Bronze, Silver, and Gold. At the Silver level, recipients have met the criteria for the Bronze award and can now move on to the final and most prestigious level of the program, the Gold – Excellence in Quality Award. Trained examiners review each application to determine if the center has met the demands of the criteria.
\r\n\r\n\"Earning the Silver award is no small feat, and these three locations have demonstrated exceptional commitment to quality improvement,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “This recognition is a clear reflection of their hard work and unwavering focus on delivering superior care and service to residents and staff.”
\r\n\r\nThe National Quality Awards will be presented during Delivering Solutions 24, the AHCA/NCAL Convention & Expo, October 6-9, 2024, in Orlando, Florida.
\r\n\r\nThe 2024 National Quality Award Program is sponsored by AHCA/NCAL Associate Business Members: PharMerica, Prevail by First Quality, SnapCare, HealthCap, and MatrixCare.
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis HealthCare, Inc. is a holding company with affiliates that provide services to skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care. To learn more, visit www.genesishcc.com.
\r\n\r\nABOUT AHCA/NCAL
\r\n\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
\r\n![\"Silver](\"/sites/default/files/inline-images/Untitled%20design%20%2840%29_0.jpg\")
\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/three-genesis-healthcare-affiliated-centers-earn-2024-ahcancal-silver"}}},{"node":{"field_happening_s_date":"2024-06-04","field_link_to_the_page":null,"title":"18 Genesis HealthCare Affiliated Centers Earn 2024 AHCA/NCAL Bronze National Quality Award ","body":{"value":"
\r\n\r\n
National award signifies a formal commitment to continuous improvement in quality care.
\r\n
Kennett Square, Pennsylvania – Genesis HealthCare, Inc., one of the largest post-acute providers in the nation, announced that 18 affiliated skilled nursing and rehabilitation centers have been recognized as 2024 recipients of the Bronze – Commitment to Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) for their commitment to improving the lives of residents through quality care. This distinction is the first of three progressive award levels through the AHCA/NCAL National Quality Award Program. The Program honors providers across the nation that have demonstrated their dedication to enhancing the quality of care for our nation’s elders and individuals with disabilities.
\r\n\r\nRecipients of the Bronze - Commitment to Quality Award Include:
\r\n\r\nKeller Landing - Tuscumbia, AL
\r\n\r\nMagnolia Ridge Center - Gardendale, AL
\r\n\r\nMerry Wood Lodge - Elmore, AL
\r\n\r\nCedar Ridge Center - Skowhegan, ME
\r\n\r\nHarbor Hill (AL) - Belfast, ME
\r\n\r\nMarshwood Center - Lewiston, ME
\r\n\r\nOrono Commons - Orono, ME
\r\n\r\nSedgewood Commons - Falmouth, ME
\r\n\r\nSpringbrook Center - Westbrook, ME
\r\n\r\nHarris Hill Center - Concord, NH
\r\n\r\nAbbeyville Skilled Nursing and Rehabilitation Center - Lancaster, PA
\r\n\r\nCamp Hill Skilled Nursing and Rehabilitation Center - Camp Hill, PA
\r\n\r\nLaureldale Skilled Nursing and Rehabilitation Center - Laureldale, PA
\r\n\r\nCumberland Village - La Follette, TN
\r\n\r\nWillow Ridge Center - Maynardville, TN
\r\n\r\nSt. Albans Healthcare & Rehab Center - Saint Albans, VT
\r\n\r\nCarehaven Center - Martinsburg, WV
\r\n\r\nHidden Valley Center - Oak Hill, WV
\r\n\r\n“We are so proud of these 18 locations for being honored with a Bronze award,” said Lauren Murray, Senior Vice President of Operations for Genesis HealthCare. “Quality care is at the core of everything they do. They have clearly demonstrated their commitment to delivering ever-improving quality care to their patients and residents.”
\r\n\r\nThe AHCA/NCAL National Quality Award Program is a rigorous three-level process reviewed and evaluated by trained experts against a set of nationally recognized standards for organizational excellence. The standards of the Baldrige Performance Excellence Program help organizations achieve superior performance over time to improve the quality of life and care of long term care residents.
\r\n\r\nProviders begin the quality improvement journey at the Bronze level, where they develop an organizational profile detailing among other elements their vision, mission, key customers, and key strengths and challenges. Bronze applicants must demonstrate the use of a performance improvement system. Trained examiners review each application to determine if a center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality award, these 18 locations may now move forward to the Silver - Achievement in Quality award criteria.
\r\n\r\n“Receiving this award marks the beginning of an exciting journey towards excellence,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “Congratulations to these 18 locations for this significant achievement. I encourage each Center to take some time to celebrate and continue striving for higher levels of quality and performance.”
\r\n\r\nThe National Quality Awards will be presented during Delivering Solutions 24, the AHCA/NCAL Convention & Expo, October 6-9, 2024, in Orlando, Florida.
\r\n\r\nABOUT GENESIS HEALTHCARE, INC.
\r\n\r\nGenesis HealthCare, Inc. is a holding company with affiliates that provide services to skilled nursing facilities and assisted/senior living communities. Its subsidiaries also specialize in contract rehabilitation therapy, respiratory therapy, physician services, and accountable care. To learn more, visit www.genesishcc.com.
\r\n\r\nABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/18-genesis-healthcare-affiliated-centers-earn-2024-ahcancal-bronze"}}},{"node":{"field_happening_s_date":"2023-11-27","field_link_to_the_page":null,"title":"U.S. News & World Report Names 19 Genesis HealthCare-Affiliated Facilities Located Across Nine States as Best Nursing Homes for 2024 ","body":{"value":"
Kennett Square – Genesis HealthCare announced today that 19 affiliated facilities across nine states have been recognized as Best Nursing Homes for 2024 by U.S. News & World Report.
\r\n\r\nSince 2009, U.S. News’ annual Best Nursing Homes ratings have assisted consumers in need of either short-term rehabilitation or long-term care for themselves or a family member.
\r\n\r\nThe 19 affiliated facilities earned U.S. News Best Nursing Home status by achieving a rating of “High Performing,” the highest possible rating for Short-Term Rehabilitation, Long-Term Care, or both. U.S. News gives the designation of Best Nursing Home only to those that satisfy U.S. News’ assessment of consistent performance in quality measures.
\r\n\r\nThe 19 Genesis-affiliated facilities are located in Delaware, Kentucky, Maine, Maryland, Massachusetts, New Jersey, New Mexico, Pennsylvania and Rhode Island as follows:
\r\n\r\nShort-Term Rehabilitation & Long-Term Care
\r\n\r\nHathorne Hill, Danvers, MA
\r\n\r\nDoctors Community Rehabilitation – Lanham, MD
\r\n\r\nKent Regency – Warwick, RI
\r\n\r\n\r\n\r\n
Short-Term Rehabilitation
\r\n\r\nHarbor Hill Center - Belfast, ME
\r\n\r\nLasell House, Newton, MA
\r\n\r\nPine Point Center - Scarborough, ME
\r\n\r\nThe Village at Northrise - Desert Willow I - Las Cruces, NM
\r\n\r\n\r\n\r\n
Long-Term Care
\r\n\r\nClovis Healthcare and Rehabilitation Center – Clovis, NM
\r\n\r\nFranklin Woods Center - Baltimore, MD
\r\n\r\nGettysburg Center – Gettysburg, PA
\r\n\r\nHeartland Villa Center – Lewisport, KY
\r\n\r\nLofland Park Center - Seaford, DE
\r\n\r\nMagnolia Village - Bowling Green, KY
\r\n\r\nMaple Glen Center – Fairlawn, NJ
\r\n\r\nMifflin Center – Shillington, PA
\r\n\r\nPennsburg Manor – Pennsburg, PA
\r\n\r\nQuakertown Center – Quakertown, PA
\r\n\r\nThe Rehabilitation Center of Albuquerque – Albuquerque, NM
\r\n\r\nWayne Center, Wayne, PA
\r\n\r\n“Achieving a title of ‘Best Nursing Home for 2024’ is a significant accomplishment and reflects the dedication, hard work, and commitment of the care teams at each facility in providing excellent care and services,” states Melissa Powell, Chief Operating Officer of Genesis. “I am so proud of the positive impact these facilities have on the lives of their patients, residents, families and the communities they serve.”
\r\n\r\nFor the 2024 edition, U.S. News rated more than 15,000 nursing homes on patient and resident outcomes, such as infection rates; staffing levels; potentially inappropriate reliance on antipsychotic drugs; health inspection results and other indicators of quality.
\r\n\r\n\r\n\r\n“U.S. News’ Best Nursing Homes ratings give patients, senior residents, their families and caregivers an objective assessment of quality, to help them choose the facility that best fits their individual needs,” said Ben Harder, chief of health analysis and managing editor at U.S. News. “Nursing homes that have earned the recognition of U.S. News have a track record of achieving better outcomes for patients and residents, and maximizing the amount of care they receive from nurses and other staff.”
\r\n\r\nTo calculate the Best Nursing Homes ratings, U.S. News evaluated each nursing home’s performance using a variety of quality measures obtained from the Centers for Medicare & Medicaid Services (CMS). The U.S. News methodology factors data such as resident care, safety, and outcomes. Both short- and long-term ratings include data on nurse staffing, use of antipsychotic drugs, and success in preventing ER and hospital visits. The long-term care rating also includes measures of whether a home changed ownership and how well they were staffed on weekends.
\r\n\r\nFor more information, visit Best Nursing Homes, #BestNursingHomes on Facebook and X (formally Twitter).
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services, and accountable care. To learn more, please visit our website at www.genesishcc.com.
About U.S. News & World Report
\r\n\r\nU.S. News & World Report is the global leader in quality rankings that empower consumers, business leaders and policy officials to make better, more informed decisions about important issues affecting their lives and communities. A multifaceted digital media company with Education, Health, Money, Travel, Cars, News, Real Estate, Careers and 360 Reviews platforms, U.S. News provides rankings, independent reporting, data journalism, consumer advice and U.S. News Live events. More than 40 million people visit USNews.com each month for research and guidance. Founded in 1933, U.S. News is headquartered in Washington, D.C.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/us-news-world-report-names-19-genesis-healthcare-affiliated"}}},{"node":{"field_happening_s_date":"2023-10-18","field_link_to_the_page":null,"title":"Four Genesis-Affiliated Skilled Nursing Facilities Recognized by Newsweek as one of America’s Best Nursing Homes for 2024","body":{"value":"[Kennett Square, PA] – Today, Genesis HealthCare announced that four of its affiliated skilled nursing facilities have been recognized by Newsweek as one of America’s Best Nursing Homes for 2024. This prestigious award is presented by Newsweek and Statista Inc., the world-leading statistics portal and industry ranking provider. The awards list was announced on September 27th, 2023, and can currently be viewed on the Newsweek’s website.
\r\n\r\nThe four affiliated facilities recognized by Newsweek are:
\r\n\r\nThe America’s Best Nursing Homes 2024 ranking lists the nation’s leading nursing homes in the 25 states with the highest number of facilities according to the Centers for Medicare & Medicaid Services (CMS). The evaluation is based on five data sources:
\r\n
Based on the results of the study, these four facilities are ecstatic to be recognized as one of Newsweek’s America’s Best Nursing Homes for 2024.
\r\n\r\n“I am so proud of the teams at these four locations for winning this prestigious award,” states Chief Operating Officer, Melissa Powell. “Staff members go above and beyond every day to keep patients and residents safe, healthy and happy. We are thrilled that their achievements have been recognized by Newsweek as one of America’s Best Nursing Homes for 2024.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. To learn more, please visit our website at www.genesishcc.com.
About Statista:
\r\n\r\nStatista publishes hundreds of worldwide industry rankings and company listings with high profile media partners. This research and analysis service is based on the success of statista.com, the leading data and business intelligence portal that provides statistics, business relevant data, and various market and consumer studies and surveys.
\r\n ###
National award honors long term care providers who demonstrate high-level performance and quality outcomes.
\r\n\r\nKennett Square, PA – Genesis Healthcare, one of the largest post-acute providers in the nation, today announced that four (4) of its affiliated skilled nursing facilities have been recognized as 2023 recipients of the Silver – Achievement in Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). This year, 63 skilled nursing care centers, eight assisted living communities, and one dual skilled nursing/assisted living facility in 27 states earned the Silver Award – the second of three distinctions possible through the AHCA/NCAL National Quality Award Program. The program recognizes organizations that meet progressively rigorous standards of performance to further improve the lives of residents and staff in long term care.
\r\n\r\nThe four Genesis-affiliated skilled nursing and senior/assisted living facilities receiving the Silver award are:
\r\n\r\n● Hathorne Hill (Danvers, MA)
\r\n● Oceanside Center (Hampton, NH)
\r\n● Village Green of Bristol (Bristol, CT)
\r\n● Willows Center (Parkersburg, WV)
“Through their strong foundation and commitment to quality, these four facilities have demonstrated effective approaches that help improve performance and health care outcomes for the patients and residents they serve,” said Melissa Powell, Chief Operating Officer for Genesis HealthCare. “We are incredibly proud of their achievement.”
\r\n\r\nThe National Quality Award Program has three progressive levels: Bronze, Silver, and Gold. At the Silver level, recipients have met the criteria for the Bronze award and move on to evaluate and improve their processes, creating a systematic approach for all aspects of the organization that leads to positive outcomes and success. Trained examiners review each application to determine if the center has met the demands of the criteria. Silver recipients can now move on to the final and most prestigious level of the program, the Gold – Excellence in Quality award.
\r\n\r\nData shows that Silver and Gold awarded providers outperform the rest of the nation.
\r\n
\r\n“We are delighted to honor these incredible providers for being recognized at the Silver level,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “This recognition is a testament to their unwavering efforts in enhancing the lives of those entrusted to their care. Congratulations to these four centers for their outstanding achievement. Keep striving for excellence.”
\r\n
\r\nOn June 1, AHCA/NCAL announced that nearly 400 facilities earned the Bronze - Commitment to Quality award, including 30 skilled nursing and senior/assisted living facilities affiliated with Genesis. The Association will announce the honorees of the prestigious Gold Quality award in August.
\r\n
\r\nThe awards will be presented during Delivering Solutions 23, the AHCA/NCAL Convention & Expo, October 1-4, 2023, in Denver, Colorado.
ABOUT GENESIS HEALTHCARE
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. Visit our website at www.genesishcc.com.
ABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
\r\n
\r\n\r\n
\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/four-genesis-healthcare-affiliated-skilled-nursing-facilities-earn"}}},{"node":{"field_happening_s_date":"2023-06-07","field_link_to_the_page":null,"title":"30 Genesis HealthCare-Affiliated Skilled Nursing Facilities and Senior/ Assisted Living Communities Earn 2023 AHCA/NCAL Bronze National Quality Award ","body":{"value":"National award signifies a formal commitment to continuous improvement in quality care.
\r\n\r\nKennett Square, PA – Genesis Healthcare, one of the largest post-acute providers in the nation, today announced that 30 of its affiliated skilled nursing and senior/assisted living facilities have been recognized as 2023 recipients of the Bronze – Commitment to Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). This award recognizes a commitment to improving the lives of patients and residents through quality care. The distinction is the first of three progressive award levels through the AHCA/NCAL National Quality Award Program. The program honors providers across the nation that have demonstrated their commitment to improving quality of care for our nation’s elders and individuals with disabilities.
\r\n\r\nThe 30 skilled nursing and senior/assisted living facilities receiving the Bronze award are:
\r\n\r\nHeritage Hall South (Agawam, MA)
\r\n\r\nWestfield Center (Westfield, MA)
\r\n\r\nHammonds Lane Center (Brooklyn Park, MD)
\r\n\r\nSalisbury Center (Salisbury, MD)
\r\n\r\nWaldorf Center (Waldorf, MD)
\r\n\r\nElm Wood Center (Claremont, NH)
\r\n\r\nExeter Center (Exeter, NH)
\r\n\r\nHackett Hill Center (Manchester, NH)
\r\n\r\nLaconia Center (Laconia, NH)
\r\n\r\nLangdon Place of Exeter (Exeter, NH)
\r\n\r\nLangdon Place of Keene (Keene, NH)
\r\n\r\nLangdon Place of Nashua (Nashua, NH)
\r\n\r\nArbor Glen Center (Cedar Grove, NJ)
\r\n\r\nHolly Manor (Mendham, NJ)
\r\n\r\nMaple Glen Center (Fair Lawn, NJ)
\r\n\r\nMillville Center (Millville, NJ)
\r\n\r\nTroy Hills Center (Parsippany, NJ)
\r\n\r\nCanyon Transitional (Albuquerque, NM)
\r\n\r\nLas Palomas (Albuquerque, NM)
\r\n\r\nGettysburg Center (Gettysburg, PA)
\r\n\r\nHillcrest Center (Wyncote, PA)
\r\n\r\nPennsburg Manor (Pennsburg, PA)
\r\n\r\nWarren Center (Warren, RI)
\r\n\r\nWestwood Center (Bluefield, VA)
\r\n\r\nDunbar Center (Dunbar, WV)
\r\n\r\nLogan Center (Logan, WV)
\r\n\r\nParkersburg Care Center (Parkersburg, WV)
\r\n\r\nPierpont Center (Fairmont, WV)
\r\n\r\nPocahontas Center (Marlinton, WV)
\r\n\r\nWhite Sulphur Springs Center (White Sulphur Springs, WV)
\r\n\r\n“We are so proud of these 30 skilled nursing and senior/assisted living facilities for being honored with a Bronze award,” said Melissa Powell, Chief Operating Officer for Genesis HealthCare. “Quality care is at the core of everything that we do. These facility teams have demonstrated their commitment to delivering ever-improving quality care to patients, residents and other customers. We are incredibly proud of their achievement.”
\r\n\r\nThe AHCA/NCAL National Quality Award Program is a rigorous three-level process that is reviewed and evaluated by trained experts against a set of nationally recognized standards for organizational excellence. The standards of the Baldrige Performance Excellence Program help organizations achieve superior performance over time to improve quality of life and care of long term care patients, residents and staff.
\r\n\r\nProviders begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision, mission statement, understanding of key customers, and key strengths and challenges. Bronze applicants must also demonstrate their ability to implement a sustainable performance improvement system. Trained examiners review each application to determine if a center has met the demands of the criteria. As recipients of the Bronze - Commitment to Quality award, these locations may now move forward to the Silver - Achievement in Quality award criteria.
\r\n\r\n“Earning this award is a milestone to be proud of,” said Cathy Bergland, AHCA/NCAL National Quality Award Board Chair. “It’s at this point that providers see what is possible by committing to the process of improvement. Congratulations to these 30 facilities for this achievement. I encourage you to continue your quality improvement journey.”
\r\n\r\nThe awards will be presented during Delivering Solutions 23, the AHCA/NCAL Convention & Expo, October 1-4, 2023 in Denver, Colorado.
\r\n\r\nABOUT GENESIS HEALTHCARE
\r\n\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. Visit our website at www.genesishcc.com
\r\n\r\nABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/30-genesis-healthcare-affiliated-skilled-nursing-facilities-and"}}},{"node":{"field_happening_s_date":"2023-06-01","field_link_to_the_page":null,"title":"Genesis HealthCare Embraces SafelyYou as a Trusted Technology to Reduce Resident Fall Risk and Enhance Senior Living ","body":{"value":"With SafelyYou's cutting-edge AI video technology, twelve affiliated Senior Living facilities adopt innovative approach to risk reduction, resident fall prevention, and peace of mind for families
\r\n\r\nSAN FRANCISCO, Calif. (May 31, 2023) – SafelyYou, the pioneer in empowering safer, more person-centered care through real-time AI video technology and round-the-clock remote clinical experts, is delighted to announce its collaboration with twelve Genesis-affiliated Senior Living facilities. As a trusted technology ally, SafelyYou is deploying its world-leading AI video technology within the twelve communities, revolutionizing the approach to fall risk mitigation and resident well-being.
\r\n\r\nSafelyYou's AI-enabled cameras deliver unparalleled accuracy, detecting 99.5% of observed events while care staff is immediately alerted for assistance. The clear fall videos empower care staff to assess the severity of falls and make well-informed decisions regarding the need for emergency services. Additionally, SafelyYou's clinical experts support the community's care staff in identifying the root causes of falls and implementing effective interventions to mitigate the risk of future incidents. This unique combination of cutting-edge technology and expert insights has resulted in a remarkable 40% reduction in falls and an 80% decrease in fall-related emergency room visits within communities utilizing SafelyYou.
\r\n\r\n“The adoption of SafelyYou's AI video technology in twelve of our affiliated senior living facilities reinforces our commitment to delivering innovative care solutions and prioritizing resident well-being,” states Melissa Powell, Chief Operating Officer of Genesis. “We are excited to offer this advanced technology and safety feature to the senior living residents and their families in these affiliated communities.”
\r\n\r\n\"We’re honored to work with Genesis, a trailblazer in the US senior care landscape,\" commented George Netscher, founder and CEO of SafelyYou. \"Our core mission has always been to elevate the standard of care for seniors by providing innovative solutions for fall detection and prevention. Collaborating with Genesis allows us to further that mission and continue to create safer environments that positively impact the lives of residents, families, and staff.\"
\r\n\r\nAbout SafelyYou
\r\nSafelyYou, established in 2015 through CEO George Netscher's doctoral research and inspired by his family's personal experience with Alzheimer's disease, emerged from UC Berkeley's Artificial Intelligence Research Lab, renowned as one of the world's top five AI research groups. SafelyYou's passionate mission is to empower safer, person-centered dementia care through state-of-the-art AI video technology and 24/7 remote clinical experts. The company's innovative solutions are embraced by skilled nursing facilities and assisted living communities throughout North America, ranging from national organizations to regional and local providers. SafelyYou is one of the five most innovative fall technologies referenced in the Senate Falls Report (2019). https://safely-you.com/
About Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. Visit our website at www.genesishcc.com
Walk to End Alzheimer’s is Largest Fundraiser Dedicated to Alzheimer’s Care, Support and Research
\r\n\r\n[KENNETT SQUARE, PA] – 90 teams affiliated with Genesis joined the Alzheimer’s Association’s Walk to End Alzheimer’s® in the fight to end Alzheimer’s disease. Participants for the National Team raised over $140,000 to fund Alzheimer's Association care, support and research programs. Genesis affiliates continue to add to their lifetime achievement level of $2,000,000+ for the Alzheimer’s Association’s Walk to End Alzheimer’s.
\r\n\r\n“I am continually inspired by Genesis participants joining in the fight against Alzheimer’s disease at the Walk to End Alzheimer’s,” said Chief Operating Officer, Melissa Powell. “This year, Genesis also made a $25,000 donation so the Alzheimer’s Association will be able to provide much needed education, support services and care to families affected by this devastating disease, as well as fund critically-needed Alzheimer’s research.”
\r\n\r\nMore than 6 million Americans are living with Alzheimer's disease – a leading cause of death in the United States. Additionally, more than 11 million family members and friends provide care to people with Alzheimer’s and other dementias. The dedication of Genesis affiliates helps the Alzheimer’s Association continue to move forward with its vision of a world without Alzheimer’s and all other dementia.
\r\n\r\nGenesis affiliates care for seniors with Alzheimer’s or dementia on a daily basis. More than 50 affiliated facilities have dedicated, secured Memory Support units specializing in the care of residents with Alzheimer’s or dementia.
\r\n\r\n________________________________________________________________
\r\nAbout Genesis HealthCare
Genesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. Visit our website at www.genesishcc.com.
\r\n\r\nAlzheimer's Association Walk to End Alzheimer’s®
\r\n\r\nThe Alzheimer’s Association Walk to End Alzheimer’s is the world’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in the Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s.
\r\n\r\nAlzheimer's Association®
\r\n\r\nThe Alzheimer’s Association is a worldwide voluntary health organization dedicated to Alzheimer’s care, support and research. Our mission is to lead the way to end Alzheimer's and all other dementia — by accelerating global research, driving risk reduction and early detection, and maximizing quality care and support. Our vision is a world without Alzheimer's and all other dementia®. Visit alz.org or call 800.272.3900.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-affiliates-raise-over-140000-national-team"}}},{"node":{"field_happening_s_date":"2022-11-15","field_link_to_the_page":null,"title":"Genesis HealthCare Honors Cora Shaw as National Compassionate Caregiver of the Year","body":{"value":"Genesis HealthCare Honors Cora Shaw as National Compassionate Caregiver of the Year
\r\n\r\nAnnual recognition program is modeled after the Schwartz Center for Compassionate Care’s national award for healthcare professionals
\r\n\r\nKennett Square, PA – November 15, 2022 - Genesis HealthCare, a national post-acute care provider, today announced that Cora Shaw, a Memory Support Program Director in North Carolina, has been selected as its National Compassionate Caregiver of the Year (CCOY).
\r\n\r\nModeled after the Schwartz Center for Compassionate Care's national program, Genesis HealthCare sponsors an annual recognition program that provides a meaningful way for Genesis-affiliated centers to recognize and celebrate staff members who go above and beyond the standard of compassionate care. Staff, residents, and residents’ families are all invited to nominate a member of the team who demonstrates compassion in an exceptional way.
\r\n\r\nAs a social worker and the Memory Support Program Director, Cora is responsible for her center’s specialized Alzheimer’s and Dementia unit, working with each resident and family to tailor the care to each resident’s specific needs. She always spends one-on-one time with residents, families, and staff to ensure that they have their needs met by actively listening to those around her and providing support, encouragement, and a listening ear to everyone she encounters. Cora is described as a great leader and the glue that holds the team together. She is patient, kind and always willing to lend a helping hand. She brings tranquility, structure and organization to the Memory Support unit where she has a special bond with all her patients and their families.
\r\n\r\nCora is also involved with community diversified programming that encompasses and includes everyone. She has supported the community with the Red Hat Society, the Black Business Women Association, and the National Social Workers society. She is actively engaged in her women's group at church, where she spends time feeding the homeless and those less fortunate. She is also an active member of her sorority, AKA, that has extensive involvement in various community missions.
\r\n\r\n“Cora listens attentively and communicates with her residents in a way that both the resident and their family members can understand,” states Richard Vanderhoof, Market President for the Alabama/North Carolina market. “She looks at each resident’s clinical, psychosocial and emotional well-being, and she possesses the sensitivity and skills to perceive and address an unmet need for compassion in all interactions. The team is lucky to have her.”
\r\n\r\nCora was first selected as her center’s CCOY, and then as the market-level CCOY from among all staff in 16 Genesis-affiliated centers in Alabama and North Carolina. She was then eligible for Genesis’ national Compassionate Caregiver of the Year award, which was selected from among other market-level recipients in 17 other states. Genesis will formally nominate Cora to the Schwartz Center to be considered for that organization’s 2023 National Compassionate Caregiver of the Year award.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
\r\nMedia Contact: Lori Mayer 610-283-4995
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-honors-cora-shaw-national-compassionate-caregiver"}}},{"node":{"field_happening_s_date":"2022-07-11","field_link_to_the_page":null,"title":"Three Long Term and Post-Acute Care Centers Affiliated with Genesis HealthCare Earn 2022 AHCA/NCAL Silver National Quality Award","body":{"value":"Three Long Term and Post-Acute Care Centers Affiliated with Genesis HealthCare Earn 2022 AHCA/NCAL Silver National Quality Award
\r\n\r\nKennett Square, PA – July 11, 2022 - The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) announced that three long-term and post-acute care centers affiliated with Genesis HealthCare are recipients of the 2022 Silver – Achievement in Quality award. These providers are among the 46 recipients nationwide that achieved the Silver award.
\r\n\r\nThe Silver award is the second of three distinctions possible through the AHCA/NCAL National Quality Award Program, which recognizes providers across the nation that have demonstrated high-quality outcomes for staff and residents in long-term and post-acute care. Each application is reviewed and judged against a set of nationally recognized standards for achieving excellence.
\r\n\r\nThe following three Centers affiliated with Genesis HealthCare earned the Silver – Achievement in Quality award for 2022:
\r\n\r\n“We are so proud of these three centers for being honored for their commitment to improving quality,” said Melissa Powell, Chief Operating Officer of Genesis HealthCare. “Quality care is at the foundation of everything that we do. These center teams have demonstrated their commitment to delivering ever-improving value to patients, residents and other customers. We couldn’t be more proud of their achievement.”
\r\n\r\nCreated by AHCA/NCAL in 1996, the National Quality Award Program is a rigorous three-level process that is reviewed and judged by trained experts against a set of nationally recognized standards for organizational excellence. The standards of the Baldrige Performance Excellence Program help organizations achieve superior performance to improve quality of life and care of long term care residents and staff.
\r\n\r\n“Quality care is always top of mind for providers, and this achievement celebrates the commitment and fortitude of these three facilities to find ways to enhance the lives of its patients and residents,” said the AHCA/NCAL National Quality Award Board of Overseers Chair Tammy Kelly. “I hope this serves as a model for other centers to continue the process to continually reflect on and improve its delivery of quality care to staff, seniors, and individuals with disabilities.”
\r\n\r\nAHCA/NCAL will officially present the National Quality Awards during AHCA/NCAL’s 73rd Convention & Expo in Nashville, Tennessee, on October 9-12, 2022.
\r\n\r\nABOUT GENESIS HEALTHCARE
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 250 skilled nursing facilities and assisted/senior living communities in 22 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states, and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
ABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
Contact: Lori Mayer Phone: 610-283-4995
\r\n"},"path":{"alias":"/about-us/press/press-releases/three-long-term-and-post-acute-care-centers-affiliated-genesis"}}},{"node":{"field_happening_s_date":"2022-07-05","field_link_to_the_page":null,"title":"Four Genesis HealthCare Professionals Chosen as Future Long-Term and Post-Acute Care Leaders by the AHCA/NCAL","body":{"value":"Four Genesis HealthCare Professionals Chosen as Future Long-Term and Post-Acute Care Leaders by the AHCA/NCAL
\r\n
\r\nTwo Selected as Diversity Executive Leadership Program Scholars
Kennett Square, PA – July 5, 2022 - Genesis HealthCare, one of the largest post-acute providers in the nation, today announced that four professionals, Mary Adams, Bonnie Zeiler, Teale Howe and Jordanne Stuart, have been chosen by the American Health Care Association and the National Center for Assisted Living (AHCA/NCAL) as national, future leaders in long-term and post-acute care. They will join AHCA/NCAL’s Future Leaders program, a year-long program that offers training and guidance for industry professionals.
\r\n\r\nMary Adams and Bonnie Zeiler were also selected to take part in AHCA/NCAL’s Diversity Executive Leadership Program (DELP), a new two-year program that provides support and access to leadership opportunities for under-represented groups in long term and post-acute care.
\r\n\r\n“I am thrilled to welcome Mary, Bonnie, Teale, and Jordanne to our newest class of Future Leaders, and Mary and Bonnie to our first Diversity Equity Leadership program,” said Mark Parkinson, president and CEO of AHCA/NCAL. “In the midst of a historic labor crisis in long-term care, we need to continue to develop leaders in the profession that will help us build back our workforce of health care heroes; one that is also reflective of our residents nationwide. These four, along with our other Future Leaders and DELP Scholars, will help transform our profession for the better, and we are honored to help them develop their careers in this rewarding sector.”
\r\n
\r\n“As our industry landscape continues to change, we are proud of Mary, Bonnie, Teale and Jordanne for their decision to hone their leadership skills through AHCA/NCAL’s valuable programs,” said David Harrington, Genesis’ Executive Chairman of the Board. “We admire their steady leadership within our organization, and look forward to supporting them as they further develop their skills, talent, and passion to make a positive difference in the industry at-large.”
Within Genesis, Mary Adams is Vice President of Diversity, Equity and Inclusion & Clinical Risk Management; Bonnie Zeiler is the Resident Care Director at The Village at Northrise in New Mexico; Teale Howe is the Market President in New Hampshire; and Jordanne Stuart is the Senior Administrator at Canyon Transitional Rehabilitation Center in New Mexico.
\r\n\r\nAHCA/NCAL developed the Future Leaders program in 2004. Selected participants demonstrate both leadership potential and represent the interests of state and national long-term care providers. The program covers the latest theories and practical applications in quality management, customer satisfaction, and leadership. The year-long program kicks off with the “Future Leaders of Long Term Care in America” Symposium held each year in Washington, D.C.
\r\n\r\nAHCA/NCAL launched its Diversity Executive Leadership Program in 2022 to build a diverse pool of candidates to serve in leadership roles such as long term care committees and boards. Visit the Diversity Executive Leadership Program website to learn more.
\r\n\r\nABOUT GENESIS HEALTHCARE
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 250 skilled nursing facilities and assisted/senior living communities in 22 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states, and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
ABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represents more than 14,500 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
Contact: Lori Mayer Phone: 610-283-4995
\r\n"},"path":{"alias":"/about-us/press/press-releases/four-genesis-healthcare-professionals-chosen-future-long-term-and"}}},{"node":{"field_happening_s_date":"2022-06-01","field_link_to_the_page":null,"title":"Nine Genesis HealthCare-Affiliated Nursing Facilities Achieve 2022 AHCA/NCAL Bronze National Quality Award","body":{"value":"Nine Genesis HealthCare-Affiliated Nursing Facilities Achieve 2022 AHCA/NCAL Bronze National Quality Award
\r\n\r\nNational award signifies a formal commitment to continuous improvement in quality care
\r\n\r\nKennett Square, PA – June 1, 2022 - Genesis HealthCare, one of the largest post-acute providers in the nation, today announced that nine of its affiliated nursing facilities have been recognized as a 2022 recipients of the Bronze – Commitment to Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) for their commitment to improving the lives of residents through quality care. The distinction is the first of three progressive award levels through the AHCA/NCAL National Quality Award Program. The program, presented by the leading association in long term and post-acute care, honors providers across the country that have demonstrated their commitment to improving quality of care for our nation’s seniors and people with disabilities.
\r\n\r\nThe nine facilities receiving the Bronze honor are:
\r\n\r\nVillage Green of Bristol - Bristol, CT
\r\nPine Point Center - Scarborough, ME
\r\nCrestwood Center – Milford, NH
\r\nLangdon Place of Dover – Dover, NH
\r\nRidgewood Center – Bedford, NH
\r\nWolfeboro Bay Center – Wolfeboro, NH
\r\nThe Belvedere – Chester, PA
\r\nChapel Manor – Philadelphia, PA
\r\nWillows Center – Parkersburg, WV
“We are so proud of these nine centers for being honored for their commitment to improving quality,” said Melissa Powell, Chief Operating Officer of Genesis HealthCare. “Quality care is at the foundation of everything that we do. These center teams have demonstrated their commitment to delivering ever-improving value to patients, residents and other customers. We couldn’t be more proud of their achievement.”
\r\n\r\nCreated by AHCA/NCAL in 1996, the National Quality Award Program is a rigorous three-level process that is reviewed and judged by trained experts against a set of nationally recognized standards for organizational excellence. The standards of the Baldrige Performance Excellence Program help organizations achieve superior performance to improve quality of life and care of long term care residents and staff.
\r\n\r\nProviders begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision, mission statement, and key strengths and challenges. Bronze applicants must also demonstrate their ability to implement a sustainable performance improvement system. Trained examiners review each application to determine if the center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality award, these locations may now move forward in developing approaches and achieving advanced levels of performance that meet the Silver - Achievement in Quality award criteria.
\r\n\r\n“Quality care is always top of mind for providers, and this achievement celebrates the commitment and fortitude of these nine facilities to find ways to enhance the lives of its patients and residents,” said the AHCA/NCAL National Quality Award Board of Overseers Chair Tammy Kelly. “I hope this serves as a model for other centers to begin a formal process to continually reflect on and improve its delivery of quality care to staff, seniors, and individuals with disabilities.”
\r\n\r\nThe awards will be celebrated during AHCA/NCAL’s 73rd Convention & Expo in Nashville, Tennessee, on October 9-12, 2022.
\r\n\r\nABOUT GENESIS HEALTHCARE
\r\n\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 250 skilled nursing facilities and assisted/senior living communities in 22 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states, and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers, and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahcancal.org.
Media Contact: Lori Mayer 610-283-4995
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/nine-genesis-healthcare-affiliated-nursing-facilities-achieve-2022"}}},{"node":{"field_happening_s_date":"2022-02-03","field_link_to_the_page":null,"title":"JAMES H. BLOEM RETIRES FROM GENESIS HEALTHCARE BOARD OF DIRECTORS","body":{"value":"\r\n\r\n
Kennett Square, PA – Genesis Healthcare, Inc. (Genesis, or the Company) (OTC: GENN), a national post-acute care provider, announced today that effective January 31, 2022, James H. Bloem retired from the Genesis Board of Directors.
\r\n\r\nMr. Bloem served two tenures as a Genesis Director. The first term was from 2001-2003. The second term was from 2015, when the Company re-emerged as a public company, to the present.
\r\n\r\n“The Board and I would like to thank Jim who has worked tirelessly for more than a decade to guide and support Genesis through its many evolutions,” said David Harrington, Executive Chairman of the Board for Genesis. “We are appreciative of Jim’s unwavering commitment and dedication to our organization and we wish him much success in his next chapter.”
\r\n\r\n“It has been an honor and privilege to serve the various constituencies of the company, especially its residents and patients who are among the most vulnerable members of our society and its employees who are highly dedicated professionals,” said Mr. Bloem.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, offer services to more than 250 skilled nursing facilities and assisted/senior living communities in 22 states nationwide. Genesis affiliates provide high-quality post-acute care, long-term care and assisted/senior living services in the local markets in which they serve. All facilities follow a universal staff COVID-19 vaccine requirement to protect patients, residents, families and fellow colleagues. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
# # #
\r\n"},"path":{"alias":"/about-us/press/press-releases/james-h-bloem-retires-genesis-healthcare-board-directors"}}},{"node":{"field_happening_s_date":"2022-01-25","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RAISES APPROXIMATELY $100,000 AS A NATIONAL TEAM FOR ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S® ","body":{"value":"FOR IMMEDIATE RELEASE
\r\nContact: Lori Mayer, 610-283-4995
\r\nGENESIS HEALTHCARE RAISES APPROXIMATELY $100,000 AS A NATIONAL TEAM FOR ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S®
\r\nWalk to End Alzheimer’s is Largest Fundraiser Dedicated to
\r\nAlzheimer’s Care, Support and Research
[KENNETT SQUARE, PA] – January 25, 2022 - Nearly 70 teams affiliated with Genesis HealthCare joined the Alzheimer’s Association’s Walk to End Alzheimer’s® in the fight to end Alzheimer’s disease. Despite the pandemic, participants for the National Team raised approximately $100,000 to fund Alzheimer's Association care, support and research programs. Genesis HealthCare has continued to add to their lifetime achievement of more than $1,000,000 in support of the Alzheimer’s Association’s Walk to End Alzheimer’s.
\r\n\r\n
\r\n“I was inspired by Genesis HealthCare participants joining in the fight against Alzheimer’s disease at the Walk to End Alzheimer’s,” said Chief Operating Officer, Melissa Powell. “With the funds raised, the Alzheimer’s Association will be able to provide much needed education, support services and care to families affected by this devastating disease, as well as fund critically-needed Alzheimer’s research.”
\r\nMore than 6 million Americans are living with Alzheimer's disease – a leading cause of death in the United States. Additionally, more than 11 million family members and friends provide care to people with Alzheimer’s and other dementias. The dedication of Genesis HealthCare will help the Alzheimer’s Association continue to move forward with its vision of a world without Alzheimer’s and all other dementia.
\r\nAs one of the largest skilled nursing providers in the country, Genesis HealthCare cares for seniors with Alzheimer’s or dementia on a daily basis. The Company has more than 50 affiliated facilities with dedicated, secured Memory Support units specializing in the care of residents with Alzheimer’s or dementia.
________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\n
\r\nAbout Genesis HealthCare
Genesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 250 skilled nursing facilities and assisted/senior living communities in 22 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states, and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
\r\nAlzheimer's Association Walk to End Alzheimer’s®
The Alzheimer’s Association Walk to End Alzheimer’s is the world’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in the Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s.
\r\n\r\n
\r\nAlzheimer's Association®
The Alzheimer’s Association is a worldwide voluntary health organization dedicated to Alzheimer’s care, support and research. Our mission is to lead the way to end Alzheimer's and all other dementia — by accelerating global research, driving risk reduction and early detection, and maximizing quality care and support. Our vision is a world without Alzheimer's and all other dementia®. Visit alz.org or call 800.272.3900.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-raises-approximately-100000-national-team"}}},{"node":{"field_happening_s_date":"2022-01-05","field_link_to_the_page":null,"title":"GERRY ADEST TO JOIN GENESIS HEALTHCARE BOARD OF DIRECTORS","body":{"value":"Kennett Square, PA – Genesis Healthcare, Inc. (Genesis, or the Company) (OTC: GENN), a national post-acute care provider, announced today that effective January 10, 2022, Gerry Adest, CPA, will join the Company’s Board of Directors. Board Member Robert (“Bob”) H. Fish left the Board effective January 1, 2022.
\r\n\r\n“The Board and I would like to thank Bob who has graciously supported Genesis, its employees, patients, and residents in many capacities over the years and we are forever grateful for his leadership,” said David Harrington, Executive Chairman of the Board for Genesis. “We are also excited to welcome Gerry to our Board. Gerry is a well-known leader in the post-acute industry and his experience and insights will be valuable as we lead Genesis into the future.”
\r\n\r\nMr. Adest is a practicing CPA and industry consultant with over 25 years’ experience with skilled nursing facilities and other areas of the long-term care spectrum. Mr. Adest has been a partner at Martin Friedman & Co. since 2018 and was a partner at Loeb & Troper LLP from 2010 to 2017. Mr. Adest graduated Cum Laude from Brooklyn College and is a member of the AICPA.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, offer services to more than 250 skilled nursing facilities and assisted/senior living communities in 22 states nationwide. Genesis affiliates provide high-quality post-acute care, long-term care and assisted/senior living services in the local markets in which they serve. All facilities follow a universal staff COVID-19 vaccine requirement to protect patients, residents, families and fellow colleagues. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
# # #
\r\n"},"path":{"alias":"/about-us/press/press-releases/gerry-adest-join-genesis-healthcare-board-directors"}}},{"node":{"field_happening_s_date":"2021-11-22","field_link_to_the_page":null,"title":"28 GENESIS HEALTHCARE-AFFILIATED FACILITIES IDENTIFIED BY U.S. NEWS & WORLD REPORT AS BEST NURSING HOMES FOR 2021-22","body":{"value":"[Kennett Square, PA] - November 22, 2021 – Genesis HealthCare today announced that 28 of its affiliated skilled nursing facilities were identified as Best Nursing Homes for 2021-22 by U.S. News & World Report (U.S. News). Only 13% of the nation's skilled nursing facilities earned the U.S. News High Performing rating.
\r\n
\r\nU.S. News offers comprehensive information about care, safety, health inspections, staffing and more for almost all nursing homes in the country. Individuals can easily conduct a customized search for a highly rated nursing home by location, Medicare and Medicaid coverage, Alzheimer's care and size.
\r\n
\r\nU.S. News relies on data from Nursing Home Compare, a program run by the Centers for Medicare & Medicaid Services (CMS), the federal agency that sets and enforces standards for nursing homes. For the 2021-22 ratings, U.S. News used a short-term rehabilitation and long-term care rating. The short-term rating aims to provide patients with a clearer view of the quality of care provided by nursing homes to short-stay patients in need of intensive rehabilitation or nursing services before they return home after a surgery, stroke, accident or illness.
\r\n
\r\n“We are proud of the 28 Genesis-affiliated Centers that have been identified as one of the best in the country,” states David Harrington, Genesis Executive Chairman. “Congratulations to the interdisciplinary teams at each of these centers for their commitment and dedication to quality and positive outcomes.”
\r\n
Genesis-Affiliated Centers - Best Nursing Homes
\r\n\r\nShort-Term Rehabilitation and Long-Term Care:
\r\n\r\nHERITAGE HALL NORTH
\r\nKENT REGENCY CENTER
\r\nLOFLAND PARK CENTER
\r\nMAPLE GLEN CENTER
\r\nTROY HILLS CENTER
Short-Term Rehabilitation:
\r\n\r\nDOCTORS COMMUNITY REHABILITATION AND PATIENT CARE
\r\nFRANKLIN WOODS CENTER
\r\nGLEN HILL CENTER
\r\nGRANDVIEW CENTER
\r\nGREENWOOD CENTER
\r\nHATHORNE HILL
\r\nLANGDON PLACE OF DOVER
\r\nLASELL HOUSE
\r\nLOPATCONG CENTER
\r\nMILLVILLE CENTER
\r\nPINE POINT CENTER
\r\nRENAISSANCE MANOR ON CABOT
\r\nTHE RESERVOIR
\r\nTHE VILLAGE AT NORTHRISE - DESERT WILLOW I
\r\nWARREN CENTER
\r\nWILLOWS REHABILITATION & NURSING CENTER
Long-Term Care:
\r\nHARBOR HILL CENTER
\r\nLIGHTHOUSE NURSING CARE CENTER
\r\nMAGNOLIA VILLAGE
\r\nNAAMANS CREEK COUNTRY MANOR
\r\nPENNSBURG MANOR
\r\nUPTOWN REHABILITATION CENTER
\r\nWAYNE CENTER
\r\n
\r\nTo learn more about these facilities or to find a Genesis-affiliated location near you, visit us at www.genesishcc.com.
\r\n
\r\n___________________________________________________________________________
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, offer services to more than 250 skilled nursing facilities and assisted/senior living communities in 23 states nationwide. Genesis affiliates provide high-quality post-acute care, long-term care and assisted/senior living services in the local markets in which they serve. All facilities follow a universal staff COVID-19 vaccine requirement to protect patients, residents, families and fellow colleagues. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Contact: Lori Mayer 610-925-4138
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/28-genesis-healthcare-affiliated-facilities-identified-us-news-world"}}},{"node":{"field_happening_s_date":"2021-11-12","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES NEW MARKET-FOCUSED MODEL AND LEADERSHIP CHANGES ","body":{"value":"\r\n\r\n
Kennett Square, PA – Genesis Healthcare, Inc. (Genesis, or the Company) (OTC: GENN), a leading post-acute care provider, announced a shift to a market-focused model. The model is designed to build out a vertically integrated community-based healthcare system in every market, supported by centralized resources. Whether through skilled nursing facilities, assisted living communities, rehabilitation therapy, physician services or other ancillary services, this approach will help drive community integration and long-term performance.
\r\n\r\nThe shift to a market-focused model is the next step in the Company’s turnaround plan. The reorganization puts the local centers and their people at the core of the business while providing the highest-quality care and experience for residents and patients. The more empowered and accountable each market is, the better those centers can fulfill their mission.
\r\n\r\nUnder the market-focused model, each center is supported by a specific market team whose sole purpose is to help the center succeed in better serving residents and patients and driving improvements. A national team will continue to provide support for functions best handled in a centralized way.
\r\n\r\n“We are excited to move Genesis to the market-focused model,” states David Harrington, the Company’s Executive Chairman of the Board. “I have spent much of my career building this framework and have successfully utilized this strategy to drive performance within other organizations. The Company’s new and existing leadership will continue to move aggressively to drive improvement and results. ”
\r\n\r\nLeadership Changes
\r\n
\r\nGenesis also announced several leadership changes today. Chief Operating Officer, Paul Bach; Chief Nursing Officer, JoAnne Reifsnyder; and Chief Financial Officer, Tom DiVittorio, have each provided notice that they will leave the Company. The departures of Mr. Bach and Dr. Reifsnyder will be effective December 1, 2021, while Mr. DiVittorio’s departure will occur on February 1, 2022.
“On behalf of the Board, I would like to thank Paul, JoAnne and Tom for their decades of leadership and commitment to Genesis,” said Mr. Harrington. “Paul and JoAnne have worked tirelessly over the years to fulfill our mission of improving the lives of our nation’s seniors. Paul has devoted 38 years and JoAnne has devoted 10 years to Genesis. Both deserve special recognition for their service over the last 18 months to navigate the Company through the unprecedented challenges presented by the pandemic. Through their remarkable vision, unwavering commitment to health and safety, and determined focus, they provided exceptional leadership and support to help protect our residents, patients, and our fellow colleagues. We are incredibly grateful.”
\r\n\r\n“Tom has dedicated much of his career to Genesis,” continued Mr. Harrington. “Over the last twenty five years, Tom has guided the Company through numerous private and public transactions, strategic mergers, acquisitions, and restructurings to create one of the most well-respected long-term care companies in the nation. We wish Tom, Paul and JoAnne much success in their future endeavors.”
\r\n\r\nNew Leadership
\r\n
\r\nThe Company also announced the appointment of three executives who will support the rapid implementation of the market-focused model and a 100-day plan to grow revenue, reduce costs, and streamline the decision-making process, while providing the highest-quality care and experience for residents and patients.
Melissa Powell, Chief Operating Officer
\r\n
\r\nThe Company welcomes Melissa Powell as the Company’s Chief Operating Officer. Ms. Powell has been President and Chief Operating Officer of The Allure Group, a New York City-based nursing home operator nationally recognized for quality, since 2010. Ms. Powell has 20 years of experience coordinating, assessing, and improving senior care utilizing the market-focused model in New Jersey and New York. Ms. Powell has driven specialized programs, a culturally sensitive approach, significant technology changes, and an environment of compassion and comfort. This approach has dramatically reduced readmission rates, bolstered census successes, turned around surveys in homes, and increased star ratings.
Orrin Feingold, Chief Financial Officer
\r\n\r\nOrrin Feingold, CFA, joins Genesis as the Company’s new Chief Financial Officer. Mr. Feingold is a seasoned chief financial officer with a long history of transforming healthcare companies, including multi-state organizations. He also has extensive experience with managed and value-based care. Mr. Feingold was the CFO for ComplexCare Solutions, which provided home-based services for patients with chronic illnesses, as well as for Schweiger Dermatology and Sovereign Health Services. He was also a CFO with national responsibility at Prudential Healthcare, which was acquired by Aetna. Mr. Feingold is a graduate of the University of Pennsylvania and the Wharton School.
\r\n\r\nMichael Sherman, Chief Legal Officer
\r\n
\r\nMike Sherman, the Company’s current Senior Vice President - General Counsel, will take on an expanded strategic role as the Company’s Executive Vice President and Chief Legal Officer. Mr. Sherman, a well-respected liaison to the Board with decades-long experience within Genesis, will have oversight responsibility for legal, compliance, government relations, and mergers and acquisitions. Among other roles, prior to becoming General Counsel, Mr. Sherman was the Senior Vice President of Mergers and Acquisitions. He is a graduate of the Wharton School of the University of Pennsylvania and Duke University School of Law.
Susan Overton, who currently serves as the Company’s Senior Vice President - Deputy General Counsel - Risk and Litigation, will assume the role of General Counsel. Ms. Overton, who started her career as a Registered Nurse before obtaining her law degree, joined Genesis in 2011.
\r\n\r\n“The Board and I are excited to welcome Melissa and Orrin to the Genesis team as we move into the next phase of the Company’s turnaround,” notes Mr. Harrington. “Both bring subject matter expertise that will be critical to the organizational shift within Genesis. I would also like to congratulate Susan and Mike on their expanded roles that will enable them to drive strategy and change at the national support level, while also providing continuity of leadership.”
\r\n\r\nAbout Genesis HealthCare
\r\n
\r\nGenesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, offer services to more than 250 skilled nursing facilities and assisted/senior living communities in 23 states nationwide. Genesis affiliates provide high-quality post-acute care, long-term care and assisted/senior living services in the local markets in which they serve. All facilities follow a universal staff COVID-19 vaccine requirement to protect patients, residents, families and fellow colleagues. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-new-market-focused-model-and-leadership"}}},{"node":{"field_happening_s_date":"2021-10-30","field_link_to_the_page":null,"title":"Signature HealthCARE and Genesis HealthCare Target Futuristic Goals for a Collaborative Healthcare Environment","body":{"value":"
Louisville, Ky.- October (--), 2021- Even in the most idyllic circumstances, the skill of effective communication can be difficult, unclear, and a real challenge between individuals, and even more so between industries. Add to that a pandemic, and its corresponding chaos and restrictions, and communication is often inhibited further. But it is these challenges that conversely inspired a collaborative endeavor between two leaders in the skilled nursing industry, Signature HealthCARE and Genesis HealthCare, who together developed a framework for interprofessional collaboration during a pandemic and beyond.
\r\n
\r\n“As a duty and a promise to our residents, and to protect our staff from this pandemic, we needed to learn and implement effective strategies fast,” said Dr. Arif Nazir, Chief Medical Officer for Signature HealthCARE. “Knowing that Signature and Genesis both were aligned in this mission, the top clinical leaders came together to define an approach for effective information sharing and collaboration within and between organizations.”
\r\n
\r\nAt the height of the pandemic and thereafter, the post-acute and long-term care (PALTC) industry took a significant hit, affecting the whole of the industry, financially and operationally. Signature and Genesis discovered that, beyond promoting quick action and collaborations within one’s own company in battling a pandemic, interprofessional communication, and sharing key recommendations across companies to help the whole, was judicious and in fact, imperative.
\r\n
\r\n“When faced with unprecedented challenges involving a pandemic that placed post-acute care in the eye of the storm, and the initial absence of an evidence-based playbook, we all needed to find better and faster ways to work together, to innovate and solve important issues as they arose,” said Dr. Richard Feifer, Executive Vice President and Chief Medical Officer for Genesis HealthCare. “Efficient collaboration within and across organizations and stakeholder groups has been absolutely critical in our efforts to care for our patients and protect our staff.”
\r\n
\r\nWithin the healthcare landscape, discussions regarding promoting intra-organizational collaboration were focused on three key domains: Bridging Gaps that may be professional, social, physical, task-related, or regarding communication; Negotiating Overlaps, regarding staff and their responsibilities within or across organizations; and Creating Strategic Spaces, to interact and intermingle with collaborative staff and team members. This defined framework was further explained in an article released by the collaborative team from Signature and Genesis clinical leadership called, “Lessons in Collaboration from the Management of Pandemic in 2 Large Skilled Nursing Facility Chains”. The article was published by the Journal of the American Medical Directors Association (JAMDA). To read the full article, click here.
\r\n
\r\nSignature HealthCARE and Genesis HealthCare, hope their collaboration in developing this framework is an example, catalyst, and firm foundation for a change in the landscape of collaborative healthcare, for now and in the future.
\r\n
\r\n“There are areas where healthy competition is needed among companies to advance clinical care models,” said Nazir. “But the pandemic highlighted many more areas, where healthy collaborations will help us attain the vision of best care in context of the pandemic, and beyond”.
\r\n
\r\n“In a Public Health Emergency, it is essential that providers of all classifications band together to combat a virus that claims the health and lives of our communities,” said Annette Wenzler, Chief Nursing Officer of Signature HealthCARE. “It indeed was our sharing and collaboration of information, expertise, and ideas that gave us a win in many ways in this fight, despite these tragic and challenging events in our history.”
\r\n
\r\nIf you have any further questions, please contact Ann Bowdan Wilder, Media, PR, and Communications Manager of Signature HealthCARE, at abowdanwilder@signaturehealthcarellc.com or Lori Mayer, Media Relations, Genesis HealthCare at lori.mayer@genesishcc.com.
\r\n
###
\r\n
\r\nSignature HealthCARE is a family-based healthcare company with integrated services at each point of the continuum of care: skilled nursing, home health, assisted living and in-home care. The company’s organizational culture inspires more than 12,000 employees with three pillars: learning, spirituality, and innovation. A growing number of Signature HealthCARE centers are earning five-star quality ratings, the highest classification from the Centers for Medicare & Medicaid Services, and 100+ Signature HealthCARE locations earned QAPI accreditation. Signature HealthCARE was also awarded the Great Place to Work® award for the past five consecutive years.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, offer services to more than 250 skilled nursing facilities and assisted/senior living communities in 23 states nationwide. Genesis affiliates provide high-quality post-acute care, long-term care and assisted/senior living services in the local markets in which they serve. All facilities follow a universal staff COVID-19 vaccine requirement to protect patients, residents, families and fellow colleagues. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Contact:
\r\n\r\nAnn Bowdan Wilder
\r\nMedia/PR/Communications Manager
\r\nO:(502) 804-3723
\r\nMobile: (502) 216-5099
Kennett Square, PA – Genesis Healthcare, Inc. (Genesis, or the Company) (OTC: GENN), a national post-acute care provider, announced today that Harry Wilson, the Company’s Chief Executive Officer (CEO), and his consulting firm, the MAEVA Group, provided notice that they will complete their engagement by November 15, 2021. The Genesis Board of Directors will conduct a search for a new CEO.
\r\n\r\nIn March 2021, Mr. Wilson and MAEVA were hired to develop and execute a turnaround plan for Genesis in alignment with a strategic pathway set forth by the Company’s Board of Directors. Over the last six months, Mr. Wilson has swiftly put forth a strong restructuring plan, which was presented to and accepted by the Company’s Board of Directors. The Board has overseen its successful initial implementation. Genesis will continue to execute this plan while it searches for a new CEO to lead the effort. Mr. Wilson will also be departing from the Board at the end of the engagement.
\r\n\r\n“I would like to thank Harry for his round-the-clock efforts to quickly develop and drive forward a compelling turnaround plan for Genesis,” said David Harrington, Genesis Chairman of the Board. “Genesis has already made significant progress in a very short period of time and the Company’s financial situation has improved. With my support, our seasoned senior leadership team will continue to execute on the restructuring plan with the same level of focus and commitment while the Company searches for a new CEO.”
\r\n\r\n“It has been a great honor and a privilege to work with the team at Genesis,” said Mr. Wilson. “Together, we accomplished a great deal in a short period of time, and I look forward to watching the team continue to build on that work in the months and years ahead.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis Healthcare, Inc. is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 250 skilled nursing facilities and assisted/senior living communities in 23 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 43 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-maeva-and-ceo-harry-wilson-complete-engagement"}}},{"node":{"field_happening_s_date":"2021-08-02","field_link_to_the_page":null,"title":"Genesis HealthCare Announces Universal COVID-19 Vaccination for Employees, Care Partners and Onsite Vendors","body":{"value":"Kennett Square, PA - August 2, 2021 - Genesis HealthCare, (“Genesis” or “Company”) (OTC PINK: GENN), a national post-acute care provider, announced today that it is adopting a universal COVID-19 vaccination requirement for employees, care partners, and onsite vendors across the Company.
\r\n\r\nDue to age, underlying conditions, or both, nursing home patients and residents are at greater risk of severe illness if they contract COVID-19. This threat can be reduced significantly through universal COVID-19 vaccination. The Company’s Universal Vaccination Policy requires current staff, visiting providers, care partners, and onsite vendors to have a single dose of the Janssen vaccine or the first dose of a two-dose mRNA vaccine by August 23, 2021. If applicable, the second mRNA dose would be needed by September 22, 2021.
\r\n\r\n“Our highest priority is for every Genesis-affiliated center across the country to have a relentless focus on serving our patients and residents with high-quality care, in safety, security and comfort, and with respect and dignity,” said Harry Wilson, Chief Executive Officer of Genesis. “Our move to adopt universal vaccination is an incredibly important decision, and we very seriously weighed the competing concerns before proceeding down this path. Despite vaccination rates above the national average, the growing spread of the Delta variant makes clear that we need to increase our vaccination rates substantially to better protect our patients, residents and employees. While we would have greatly preferred a strictly voluntary process, our commitment to health and safety outweighs concerns about imposing a requirement. Universal COVID-19 vaccination provides the safest and most effective course of action to ensure the health and welfare of our patients, residents and staff.”
\r\n\r\nIn December 2020, Genesis began vaccinating patients, residents and employees on a voluntary basis. Through communication, engagement and trust-building, the Company set high goals for staff vaccination without attempting to impose a requirement. Genesis strongly encouraged vaccination among staff, residents and families and achieved above average vaccination, with 85% of patients and residents and 65% of staff choosing to get the COVID-19 vaccine companywide.
\r\n\r\nGenesis supports the American Health Care Association and National Center for Assisted Living’s call for “all healthcare and long-term care employers to require their employees to be vaccinated against COVID-19. This is the logical fulfillment of the ethical commitment of all healthcare workers to put patients as well as residents of long-term care facilities first and take all steps necessary to ensure their health and well-being.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. References made in this release to ”Genesis,” ”the Company,” ”we,” ”us” and ”our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-universal-covid-19-vaccination-employees"}}},{"node":{"field_happening_s_date":"2021-04-20","field_link_to_the_page":null,"title":"Genesis HealthCare Announces Millionth Point-of-Care COVID-19 Test","body":{"value":"Kennett Square, PA – Genesis HealthCare, (“Genesis” or “Company”) (OTC PINK: GENN), a national post-acute care provider, announced today that it completed its millionth point-of-care (POC) COVID-19 test on April 19, 2021. The million lab tests were conducted across more than 300 skilled nursing and assisted living facilities across the country.
\r\n\r\nIn July 2020, the Centers for Medicare & Medicaid Services’ (CMS) announced it would send POC testing devices to every nursing home in the country. These POC tests are antigen tests that are different from polymerase chain reaction (PCR) tests, although both tests look for the virus. The important advantage of POC tests is that they provide results within an hour of sampling, compared to PCR tests that require samples to be sent out to a lab with turnaround times of 48 hours or more.
\r\n\r\n“The ability for nursing homes to test patients, residents and staff on a real-time basis was the turning point in the fight against this virus,” states Dr. Richard Feifer, Chief Medical Officer of Genesis. “The ability to have easy access to instant results allowed us to more effectively fight COVID-19 by providing rapid results for testing new patients upon admission and during initial observation periods, as well as residents who exhibit symptoms consistent with COVID-19. Screening tests could also be conducted, based on transmission risk in the community, with quick results allowing facilities to take immediate actions to limit viral spread. Obtaining real-time COVID-19 results within minutes rather than days provides for the most effective and safest care possible.”
\r\n\r\nIn total, Genesis created more than 300 clinically approved center laboratories across 22 states to conduct real-time COVID-19 tests. Traditionally, skilled nursing facilities would not have onsite labs. The Company used Becton Dickinson Veritor Plus, Quidel Sofia 2, Abbott BinaxNOW and Access Bio, Inc. devices and spent millions of dollars to purchase the test kits. Each facility also added or designated nurses for specimen collection, nurses trained to run the tests and staff to document and report results for regulatory compliance.
\r\n\r\nAll labs continue to remain in operation today as they are one of the key methods used to ensure resident, staff and visitor safety as centers have reopened to family visitation.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-millionth-point-care-covid-19-test"}}},{"node":{"field_happening_s_date":"2021-03-23","field_link_to_the_page":null,"title":"HIGHLY REGARDED TURNAROUND SPECIALIST, HARRY WILSON, APPOINTED CEO OF GENESIS HEALTHCARE","body":{"value":"\r\n\r\n
Company to build on solid foundation and further strengthen patient care and resident experience
\r\n\r\nKennett Square, PA – Genesis Healthcare, Inc. (Genesis, or the Company) (NYSE: GEN), a national post-acute care provider, announced today that Harry Wilson has been appointed as the Company’s new Chief Executive Officer (CEO), replacing CEO, Robert (“Bob”) H. Fish. Mr. Wilson will also join the Company’s Board of Directors, replacing James McKeon. The Company also announced that David Harrington has been appointed Executive Chairman, and Mr. Fish will remain a member of the Board.
\r\n\r\nMr. Wilson’s focus will be on immediately developing and executing a turnaround plan for the Company, while building a foundation for future innovation and growth as a national leader in eldercare.
\r\n\r\n“The Board and I would like to thank Bob Fish for stepping in to lead Genesis after the retirement of the Company’s long time CEO as well as Jim McKeon for his many years of dedication to Genesis,” said David Harrington, Executive Chairman of the Board for Genesis. “We are excited to welcome Mr. Wilson, and his highly regarded company, as we quickly chart a path to recovery. Mr. Wilson has a successful history of rapidly transforming businesses, driving significant improvements in customer service and unlocking value.”
\r\n\r\n“I am very excited to lead the team at Genesis through this challenging period to an exciting future,” said Harry Wilson. “I plan to work with our seasoned management team to develop the best path forward to continue delivering high-quality care to our residents and patients and unlock the potential of the Company and its people. We will build the best foundation for long-term success expeditiously but thoughtfully.”
\r\n\r\n“Genesis plays an absolutely essential role in the lives of patients, residents and their families,” continued Mr. Wilson. “At the center of everything we do must be a relentless focus on serving our patients and residents with high-quality care, in safety and comfort, and with dignity. While Genesis has important issues to address, and the sector has suffered through some very challenging times, I am confident that with the right plan, built with broad input across the entire organization, we will solve these issues with the appropriate focus and accountability.”
\r\n\r\nMr. Wilson has a long and distinguished record of leadership and achievement in transforming and restructuring companies to bring benefits to customers, employees, investors and other stakeholders. He has led some of the most complicated and successful US restructurings of the past decade as an investor, advisor or director. Mr. Wilson spent his early career in the financial services sector, primarily at The Blackstone Group and Silver Point Capital, where he was a partner, after starting his career at Goldman, Sachs & Co and Clayton, Dubilier & Rice. Over time, Mr. Wilson became focused on transformational work and accepted a senior role on the US Auto Task Force, where he led the restructuring of General Motors on behalf of the US Treasury.
\r\n\r\nIn early 2011 Mr. Wilson founded MAEVA Group as a platform to pursue similar transformational work. Since founding MAEVA, Mr. Wilson and his colleagues have played important roles with companies ranging from YRC Worldwide to Sotheby’s to Visteon, in all cases creating substantial value for all stakeholders and repositioning each company for long-term success. Mr. Wilson holds an A.B. in Government, with honors, from Harvard College and an MBA from Harvard Business School.
\r\n\r\nAt Genesis, Mr. Wilson will be joined by several MAEVA colleagues who will play key roles in the early stages of the turnaround.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, provide services to skilled nursing facilities and assisted/senior living communities. The Company also specializes in contract rehabilitation therapy, respiratory therapy, physician services, staffing services and accountable care. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Genesis Healthcare Contact:
\r\n\r\nInvestor Relations
\r\n610-925-2000
# # #
\r\n"},"path":{"alias":"/about-us/press/press-releases/highly-regarded-turnaround-specialist-harry-wilson-appointed-ceo"}}},{"node":{"field_happening_s_date":"2021-03-03","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES STRATEGIC RESTRUCTURING STEPS TO STRENGTHEN BALANCE SHEET AND CHART PATH FOR RECOVERY","body":{"value":"Kennett Square, PA – Genesis Healthcare, Inc. (“Genesis” or the “Company”) (NYSE:GEN) announced today a three-part strategic restructuring plan to strengthen the Company’s liquidity position and capital structure as it charts a path to recovery.
\r\n\r\nFirst, Genesis has agreed to terminate its master lease covering 51 facilities leased from affiliates of Welltower Inc. (“Welltower”) and transition operations to new operators. In return, Genesis will receive approximately $86 million, which it will use to repay a portion of its debt obligations to Welltower. In addition, Genesis will receive approximately an additional $170 million in debt reduction from Welltower upon the occurrence of certain conditions, including the transition of the 51 facilities.
\r\n\r\nSecond, Genesis entered into a definitive agreement with ReGen Healthcare, LLC (“ReGen Healthcare”) for a capital infusion of $50 million.
\r\n\r\nThird, the Company will voluntarily delist its Class A common stock (the “Common Stock”) from the New York Stock Exchange and deregister its Common Stock under the Securities Exchange Act of 1934 (the “Exchange Act”).
\r\n\r\n“The severity of the pandemic dramatically impacted patient admissions, revenues and costs, compounding the pressures of our long-term, lease-related debt obligations,” said Chief Executive Officer Robert Fish. “These restructuring transactions improve the financial and operational stability of the Company significantly and build on the encouraging signs we are seeing as COVID-19 case rates continue to materially decline and residents, patients and staff are vaccinated.”
\r\n\r\nClick here to view the entire press release.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-strategic-restructuring-steps-strengthen"}}},{"node":{"field_happening_s_date":"2021-02-17","field_link_to_the_page":null,"title":"THE VILLAGE AT NORTHRISE RAISES MORE THAN $11,000 FOR THE ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S","body":{"value":"THE VILLAGE AT NORTHRISE RAISES MORE THAN $11,000 FOR THE ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S®
\r\n\r\n\r\n\r\n
Walk to End Alzheimer’s is Largest Fundraiser Dedicated to
\r\n\r\nAlzheimer’s Care, Support and Research
\r\n\r\n\r\n\r\n
[Las Cruces, NM] – February 17, 2021 - The Village at Northrise, a 16-acre Genesis HealthCare-affiliated Continuing Care Community located at 2884 N. Roadrunner Parkway in Las Cruces, New Mexico, announced today that it raised more than $11,000 for the Alzheimer’s Association’s Walk to End Alzheimer’s®. Despite the pandemic, this Center was still able to take time out of their busy schedules for this noble cause. The Village at Northrise community provides skilled nursing, senior living, and independent living services and includes a 24-bed specialized Memory Support Program.
\r\n\r\n\r\n\r\n
Over 30 participants from The Village at Northrise joined the Alzheimer’s Association’s Walk to End Alzheimer’s® in the fight to end Alzheimer’s disease. For their achievement, The Village at Northrise will be presented with a trophy for raising the most funds of any of the over 325 Genesis HealthCare centers nationwide. In 2020, Genesis HealthCare raised over $65,000 company-wide and has reached a lifetime achievement level of $1,000,000+ for the Alzheimer’s Association’s Walk to End Alzheimer’s.
\r\n\r\n\r\n\r\n
“It is truly an honor to advocate for an end to this devastating disease,” stated Donald Wilson, Regional Executive Director. “With the leadership, guidance and inspiration of Bonnie Zeiler, our team captain, we have once again raised the most of any Genesis Center across the entire country. My thanks to all the people that participated in this accomplishment and especially to the donors without whom we would not have raised over $11,000 in 2020.”
\r\n\r\n\r\n\r\n
More than 5 million Americans are living with Alzheimer's disease – the sixth-leading cause of death in the United States. Additionally, more than 16 million family members and friends provide care to people with Alzheimer’s and other dementias. With the dedication of organizations like The Village at Northrise and Genesis HealthCare, the Alzheimer’s Association can continue to move forward with its vision of a world without Alzheimer’s and all other dementia.
\r\n\r\n_______________________________________________________________________
\r\n
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare
Genesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 325 skilled nursing facilities and assisted/senior living communities in 24 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nAlzheimer's Association Walk to End Alzheimer’s®
\r\n\r\nThe Alzheimer’s Association Walk to End Alzheimer’s is the world’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in the Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s.
\r\n\r\n\r\n\r\n
Alzheimer's Association®
\r\n\r\nThe Alzheimer’s Association is a worldwide voluntary health organization dedicated to Alzheimer’s care, support and research. Our mission is to lead the way to end Alzheimer's and all other dementia — by accelerating global research, driving risk reduction and early detection, and maximizing quality care and support. Visit alz.org or call 800.272.3900.
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\r\n\r\n\r\n\r\n
Contact: Lori Mayer, 610-283-4995
\r\n"},"path":{"alias":"/about-us/press/press-releases/village-northrise-raises-more-11000-alzheimers-association-walk-end"}}},{"node":{"field_happening_s_date":"2021-02-03","field_link_to_the_page":null,"title":"Genesis HealthCare Announces Resident and Staff COVID-19 Vaccine Acceptance Rates ","body":{"value":"FOR IMMEDIATE RELEASE
\r\nMedia Contact: Lori Mayer
\r\n 610-283-4995
\r\nGenesis HealthCare Announces Resident and Staff COVID-19 Vaccine Acceptance Rates
To date, 84% of skilled nursing residents and 61% of skilled nursing staff have been vaccinated; Staff acceptance rates far exceed national average as reported by CDC
\r\n\r\nKennett Square, PA – February 2, 2021 – Genesis HealthCare, (“Genesis” or “Company”) (NYSE: GEN), one of the largest post-acute care providers in the United States, announced today that 84% of its skilled nursing residents and 61% of skilled nursing staff members have been vaccinated, each receiving their first dose of the COVID-19 vaccine, through January 29, 2021. Staff vaccine acceptance rates far exceed the national average, and resident acceptance rates at Genesis skilled nursing centers were also above the national average, based on vaccine administration data in an analysis published by the Centers for Disease Control and Prevention (CDC).
\r\n\r\nOn February 1, 2021, the CDC announced that “among 11,460 SNFs with at least one vaccination clinic conducted during the first month of the CDC Pharmacy Partnership for Long-Term Care Program, a median of 77.8% of residents and 37.5% of staff members received ≥1 vaccine dose through the program.”
\r\n\r\n“I am so extraordinarily proud of the progress our centers have made vaccinating both residents and staff,” states Dr. Richard Feifer, Chief Medical Officer of Genesis. “Our leadership team, clinicians, physicians and advanced practice providers have been working around the clock to educate patients, residents, staff and families about the importance of being vaccinated, and to answer every point of hesitancy or concern with a combination of compassion and factual information. These acceptance rates are a testament to the hard work and dedication our leadership and center staff have shown throughout this entire pandemic. We are not done yet, and continue our work to increase vaccination rates even higher.”
\r\n\r\nAs of January 21, 2021, 100% of Genesis skilled nursing facilities received dose one of the vaccine, primarily utilizing CVS Health, our primary partner through the Pharmacy Partnership for Long Term Care program. Genesis facilities were among the first to begin vaccinations in nursing homes, beginning on December 17, 2020. After the first clinic, the pharmacists return three to four weeks later to administer the second booster shots for those who received the vaccine in round one, and will also vaccinate anyone not included in round one. The pharmacists will then return for a third time, three to four weeks after round two, to administer the final booster shots. Genesis skilled nursing facilities are approximately 67% through their second clinics.
\r\n\r\nGenesis continues its robust communications and engagement initiatives to build trust among patients, residents, families and staff. Genesis has conducted ‘Ask the Doc’ sessions, social media campaigns, educational outreach, and a variety of other engagement tactics to promote vaccination. Multiple second clinics are ongoing every day and Genesis facilities are striving to get as many people vaccinated as quickly as possible at each clinic. The Company expects acceptance rates to continue to climb.
\r\n\r\nAll drugs or vaccines have some potential side effects, and it is important to monitor for such issues even after a drug or vaccine is approved. Thus far, there have been minimal reported side effects after patients, residents and staff have received the vaccine. As the largest nursing home operator, Genesis is participating in a newly developed safety monitoring program with Brown University School of Public Health researchers, to monitor for any potential adverse health impacts after nursing home residents in our centers receive COVID-19 vaccinations. This work is part of a CDC effort to carefully monitor vaccine safety, particularly focused on frail elderly residents who were not included in vaccine trials.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 325 skilled nursing facilities and assisted/senior living communities in 24 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
George V. Hager, Jr. Retires as CEO and Director
\r\nBoard of Directors Appoints Current Chairman, Robert H. Fish as New CEO
Kennett Square, PA – Genesis Healthcare, Inc. (Genesis, or the Company) (NYSE:GEN), one of the largest post-acute care providers in the United States, announced today that George V. Hager, Jr. has decided to retire as the Company’s Chief Executive Officer (CEO) and Director. Genesis’ Board of Directors has appointed the Company’s current Chairman of the Board, Robert (“Bob”) H. Fish as CEO, effective today, January 5, 2021. Bob will remain Chairman of the Board.
\r\n\r\nMr. Fish, a member of the Genesis Board of Directors since 2013 and Chairman since 2017, has extensive experience as a healthcare company executive, including significant experience in the long-term care industry. Mr. Hager will continue in a senior advisory role to the Company’s Board of Directors.
\r\n\r\n“The Board and I would like to thank George for 28 years of unwavering leadership and tireless commitment and service to the Company, its employees, patients, residents and families, and to the entire post-acute industry,” said Mr. Fish. “We are pleased that George will serve as a senior advisor to me and the Board of Directors, assisting with the transition, ongoing restructuring efforts and continued advocacy for the Company and the industry.”
\r\n\r\n“We are fortunate to have Bob step in as a leader with significant experience both inside and outside of Genesis. He brings expertise and continuity essential to Genesis as we continue to navigate the impact of COVID-19 and explore avenues to strengthen the Company financially,” said Mr. Hager. “It has been my honor to serve and lead this Company over the last 17 years. I would like to thank the senior management team as well as our Center leaders and caregivers for their dedication and commitment to Genesis and our patients, residents and families. I am also proud to have had the opportunity to bring our founder, Michael R. Walker’s, vision to fruition these many years,” continued Mr. Hager.
\r\n\r\n“I am pleased to become Genesis’ Chief Executive Officer and am excited to lead the Company as we look to emerge from the pandemic and navigate to recovery,” said Mr. Fish. “I look forward to sharing my vision and direction for the Company in the coming months.”
\r\n\r\nMr. Fish has a long history with Genesis and its predecessor companies Genesis HealthCare Corp. and Genesis Health Ventures, Inc. He has served on its current Board of Directors since 2013 when he joined Skilled Healthcare Group, Inc. as CEO until its merger with Genesis in 2015. Additionally, from 2003 to 2007, he served as Lead Director of Genesis HealthCare Corp., and from 2002 to 2003 he served as Chairman and Chief Executive Officer of Genesis Health Ventures, Inc. During his career, Mr. Fish has served as Chairman, President or CEO of several other healthcare companies. Most recently, from 2018 to July 2020, he served as President, CEO and Director of Quorum Health Corporation, a publicly held operator of general acute care hospitals and outpatient services. From 2008 to 2012, he served as Chairman of REACH Medical Holdings, a regional air medical transport company, from 2005 to 2006 he served as Executive Chairman of Coram, Inc., a large home infusion provider. Previously, Mr. Fish served as President and Chief Executive Officer of St. Joseph Health System—Sonoma County and Valleycare Health System, both regional hospital systems in Northern California.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 325 skilled nursing facilities and assisted/senior living communities in 24 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,100 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Genesis Healthcare Contact:
\r\n\r\nInvestor Relations
\r\n\r\n610-925-2000
\r\n\r\n# # #
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-leadership-change"}}},{"node":{"field_happening_s_date":"2020-12-23","field_link_to_the_page":null,"title":"Franklin Woods Center Among the First Long-Term Care Facilities in Maryland to Vaccinate Residents and Healthcare Workers","body":{"value":"FOR IMMEDIATE RELEASE
\r\n\r\nKennett Square, PA – December 23, 2020 – Franklin Woods Center, a Genesis HealthCare- (NYSE:GEN) (Genesis or the Company) affiliated nursing home, became one of the first long-term care facilities in Maryland to administer COVID-19 vaccinations today to both residents and staff. Genesis HealthCare is one of the nation’s largest providers of post-acute care. Franklin Woods Center, located in Baltimore, Maryland, hosted representatives from across the state at its center on Wednesday to witness this exciting milestone, including Maryland Governor Larry Hogan and President and CEO of the Health Facilities Association of Maryland, Joseph DeMattos, Jr.
\r\n\r\n“Today, I am proud to stand with my colleagues here at Franklin Woods Center, our partners in the state of Maryland and at CVS Health for some of the first vaccinations at a nursing home in Maryland,” said Genesis HealthCare’s Chief Nursing Officer, Dr. JoAnne Reifsnyder. “The vaccine is now our most important tool in fighting this pandemic – together with personal protective equipment, frequent testing and our rigorous standards and infection protocols. This is yet another historic moment as the COVID-19 vaccine reaches more residents and staff in another of our 24 states of operation.”
\r\n\r\nThose who received vaccinations today include Executive Director of Franklin Woods Center, Brian Klausmeyer, Registered Nurse and Center Nurse Executive, Donna Jones, Geriatric Nurse Assistant, Davenia Kemp, and residents Samuel Cushing (70) and Kareleen Diggs (95).
\r\n\r\nGenesis is working closely with state governments to determine when vaccines will be available for all employees and residents at its facilities across the nation. As part of The Pharmacy Partnership for Long-Term Care Program announced in October by The U.S. Department of Health and Human Services and the Department of Defense, Genesis selected CVS Health Corp. as its pharmacy partner to provide and administer the vaccine in all states that are working with CVS or Walgreens Boots Alliance Inc. for vaccine management.
\r\n\r\nAssets captured at today’s event will be made available to the media. If you are interested in receiving these, please contact genesis@webershandwick.com.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 325 skilled nursing facilities and assisted/senior living communities in 24 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Contact:
\r\n
\r\nLori Mayer, Media Relations
\r\n610-283-4995
\r\nlori.mayer@genesishcc.com
FOR IMMEDIATE RELEASE
\r\n\r\nKennett Square, PA – Residents and healthcare workers at The Reservoir Center, a Genesis HealthCare- (NYSE:GEN) (Genesis or the Company) affiliated nursing home, became the first long-term care facility in Connecticut and among the first in the U.S. to receive the COVID-19 vaccination today. Genesis HealthCare is one of the nation’s largest providers of post-acute care.
\r\n\r\n\"These vials of hope have arrived. Today is a historic day, and this vaccine is critical to our ability to end this pandemic,\" Dr. Richard Feifer, Genesis’ chief medical officer said. “We are so grateful to the State of Connecticut and our selected pharmacy partner, CVS Health, for their support and collaboration in opening the door to a safer future. The example our frontline workers and residents have set today for our communities and our nation will help to build further trust in the vaccine, the most critical tool in our fight against COVID-19.”
\r\n\r\n\"As a minority, I know I am setting a great example for the Black community,” said Sophia Walker, RN and Unit Manager, discussing what getting the vaccine meant to her.
\r\n\r\nThe event, held outside the center in West Hartford, Connecticut, featured remarks by Jonathan Roberts Executive Vice President, Chief Operating Officer of CVS Health; Deidre S. Gifford, MD, MPH, Acting Commissioner of the Connecticut Department of Public Health; Connecticut Governor, Ned Lamont; Dr. Richard Feifer (MD, MPH, FACP), Chief Medical Officer of Genesis HealthCare; and Marnie Talamona, Regional Vice President of Operations--Connecticut, Genesis HealthCare. Comments were followed by vaccinations of Zac Mundakkal (Physical Therapist Assistant); Sophia Walker (Registered Nurse and Unit Manager); Craig Dumont (The Reservoir Center Executive Director); Frank Tirado (Housekeeper, The Reservoir Center and employee of Healthcare Services Group – a Genesis care partner); and Dr. Feifer.
\r\n\r\nGenesis is working closely with state governments to determine when vaccines will be available for all employees and residents at its facilities across the nation. As part of The Pharmacy Partnership for Long-Term Care Program announced in October by The U.S. Department of Health and Human Services and the Department of Defense, Genesis selected CVS Health Corp. as its pharmacy partner to provide and administer the vaccine in all states that are working with CVS or Walgreens Boots Alliance Inc. for vaccine management.
\r\n\r\nAssets captured at today’s event will be made available to the media. If you are interested in receiving these, please contact genesis@webershandwick.com.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 325 skilled nursing facilities and assisted/senior living communities in 24 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Contact:
\r\n\r\nLori Mayer, Media Relations
\r\n610-283-4995
\r\nlori.mayer@genesishcc.com
FOR IMMEDIATE RELEASE
\r\n
\r\nContact: Lori Mayer
\r\n Media Relations
\r\n 610-283-4995
\r\n
LTC ACO RECEIVES POSITIVE RECONCILIATION AND SETTLEMENT UNDER THE MEDICARE SHARED SAVINGS PROGRAM (MSSP)
\r\n\r\n
\r\n[Kennett Square, PA] – October 13, 2020 – LTC ACO, the first long-term care sponsored Accountable Care Organization (“ACO”) in the United States and a subsidiary of Genesis HealthCare (Genesis) (NYSE:GEN), recently received a positive reconciliation and settlement under the Medicare Shared Savings Program (“MSSP”) for the 2019 performance year and as a result, generated shared savings for the second consecutive year.
During 2019, the Company managed approximately 5,800 Medicare fee-for-service beneficiaries under the MSSP with annualized Medicare spend of more than $160 million. In 2019, the MSSP required the LTC ACO to save at least 2.8% of the total Medicare spend under management to share in up to 62.5% (50% applicable to the first half of the year and 75% for the second) of the savings with Centers for Medicare and Medicaid Services (CMS). In August 2020, CMS notified Genesis that it reached the minimum savings rate set by CMS required for gain share. As a result, in the third quarter of 2020, the LTC ACO will recognize MSSP shared savings of approximately $18.8 million and income of approximately $17.0 million net of participating provider distributions.
\r\n\r\n“With more than four years of participation under the MSSP, we have gained valuable experience driving better outcomes and improved quality, managing episodic cost and developing in-house capabilities to predict program performance,” notes Jason Feuerman, President of LTC ACO. “In fact, we generated an approximate 19.6% savings rate on costs under management and a 94.5% quality score in the 2019 MSSP performance year. These scores and quality outcomes reflect the benefits of our collaboration with dedicated Genesis Physician Services (GPS) physicians and advance practice providers as well as improved alignment and collaboration with other participating physicians, creating an environment to achieve these goals. This alignment is something that has rarely been accomplished heretofore in the long-term care industry.”
\r\n
\r\nNow contracted with more than 200 non-Genesis affiliated long-term care facilities and physicians nationally, LTC ACO is well positioned to improve quality and create a newly aligned shared savings revenue opportunity for both those serving long-term care residents.
Going forward, LTC ACO plans to continue to bring its expertise to non-Genesis long-term care facilities and clinical providers over the coming year. Participation in the LTC ACO can be significantly expanded more broadly throughout the long-term care industry due to its track record of positive patient outcomes as well as positive financial results.
\r\n______________________________________________________________________________
\r\n
\r\nABOUT LTC ACO
\r\nLTC ACO is a Medicare Shared Savings Program (MSSP) Accountable Care Organization (ACO) for Medicare Beneficiaries who reside in long-term care (LTC) facilities. The ACO’s participating physicians and clinicians work hard to provide better, more coordinated care to the Medicare Beneficiaries they treat in the LTC facilities. Medicare Beneficiaries continue to receive all benefits covered by Original Medicare, from any Medicare provider of their choice, and their benefits are not limited because the physician is a part of the ACO. Visit our website at https://www.ltcaco.com/.
\r\n###
\r\n
\r\nFOR IMMEDIATE RELEASE
CONTACT: Lori Mayer, Media Relations
\r\n 610-283-4995
\r\n lori.mayer@genesishcc.com
Eight Genesis HealthCare Facilities Receive New American Heart Association Post-Acute Care Heart Failure Center Certification
\r\n\r\nKennett Square, PA – July 23, 2020 — As part of an effort to reduce avoidable hospital readmissions along with gaps in care coordination both within and across settings, and to improve outcomes for patients, the American Heart Association has awarded the first Post-Acute Care Heart Failure Center Certification to eight Genesis HealthCare (Genesis) skilled nursing facilities.
\r\n\r\nThe Post-Acute Care Heart Failure Center Certification is the first of its kind to recognize skilled nursing facilities committed to following current evidence-based guidelines to reduce hospital readmissions for heart failure patients. It was piloted with Genesis, one of the nation’s largest providers of skilled nursing and long-term care.
\r\n\r\nThe certification builds on the Association’s Get With The Guidelines® - Heart Failure by providing skilled nursing facilities with tools to implement quality improvement in heart failure treatment tailored to specific needs of a skilled nursing facility.
\r\n\r\nOn average nationally, 22.8% of skilled nursing facility patients return to the hospital within 30 days. By adhering to the guidelines and standards of the Post-Acute Care Heart Failure Center Certification, facilities can optimize patient outcomes and decrease the likelihood of readmission. Facilities also receive staff and patient education resources and individualized professional evaluation assistance.
\r\n\r\n“Heart failure patients and caregivers are faced with the major decision of selecting a post-acute facility after surviving a cardiac event. Patients can select a certified facility with confidence because of the best practices and evaluation criteria designed by the American Heart Association that are implemented onsite,” said Michaelle Callihan, DNP, FNP-BC, CHFN, service line director for heart failure and electrophysiology at Allegheny Health Network and an Association volunteer on the Post-Acute Care Heart Failure Writing Committee.
\r\n\r\n“We’re proud to be providing impactful quality care for cardiac patients after hospital discharge. Participating in this pilot and achieving this certification across eight of our facilities illustrates the commitment we’ve made to patients living with heart failure,” said Richard Feifer, MD, MPH, FACP, chief medical officer at Genesis.
\r\n\r\nThe skilled nursing facilities achieved the certification by meeting specific standards based on current evidence-based guidelines focused on treating heart failure and its comorbidities, within a system of care. The eight facilities receiving the certification are:
\r\n\r\n“Participation in this certification benefits the patient and the facility by standardizing care coordination practices between discharge and the skilled nursing facility,” said Ileana L. Piña, MD, MPH, FAHA, regional and national director of Heart Failure Detroit Medical Center who helped develop the criteria for the certification. “When there is clear communication between every phase of care, patients have the best opportunity for positive outcomes.”
\r\n\r\nThe certification establishes a relationship with the skilled nursing facility and discharging hospital or healthcare system to bridge the gaps of delivering of post-acute between these different settings.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies, providing services to more than 350 skilled nursing facilities and assisted/senior living communities in 25 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/eight-genesis-healthcare-facilities-receive-new-american-heart"}}},{"node":{"field_happening_s_date":"2020-05-15","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE, INC. ANNOUNCES CHANGE TO LOCATION AND FORMAT OF 2020 ANNUAL MEETING","body":{"value":"KENNETT SQUARE, PA – (May 15, 2020) – Genesis HealthCare (“Genesis”) (NYSE: GEN), one of the largest post-acute care providers in the United States, is announcing a change in the location of its 2020 Annual Meeting of Stockholders. In light of the public health concerns regarding the COVID-19 pandemic, including federal, state, and local restrictions on in-person gatherings, the Annual Meeting will be held solely by remote communication, in a “virtual-only” format. The previously announced date and time of the meeting, June 3, 2020, at 8:30 a.m. Eastern Time, has not changed.
\r\n\r\nThe meeting will be accessible to stockholders at www.virtualshareholdermeeting.com/GEN2020 using the 16-digit control number that is located on their proxy card, voting instruction form, or Important Notice Regarding the Availability of Proxy Materials.
\r\n\r\nAs described in the proxy materials for the Annual Meeting, stockholders are entitled to attend and vote at the Annual Meeting if they held shares as of the close of business on April 6, 2020, the record date designated by the Board for the Annual Meeting, or if they hold a legal proxy for the meeting provided by their bank, broker, or nominee. To learn more about accessing and participating in the virtual meeting, please refer to Genesis’ Notice of Change of Location filed with the Securities and Exchange Commission on May 15, 2020.
\r\n\r\nAbout Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies providing services to nearly 400 skilled nursing facilities and assisted/senior living communities in 25 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nGenesis HealthCare Contact:
\r\nInvestor Relations
\r\n610-925-2000
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-inc-announces-change-location-and-format-2020"}}},{"node":{"field_happening_s_date":"2020-05-06","field_link_to_the_page":null,"title":"Genesis HealthCare’s Lisa Barlow Recognized at the White House’s National Nurses Week Event","body":{"value":"KENNETT SQUARE, Pa., May 06, 2020 (GLOBE NEWSWIRE) -- Today, Genesis HealthCare, (“Genesis”) (NYSE: GEN), one of the largest post-acute care providers in the United States, is proud to recognize Lisa Barlow, who was selected to attend this year’s White House National Nurses Week event.
\r\n\r\nLisa Barlow is a Charleston, WV-based care transitions nurse at Genesis, who volunteered for two weeks at a sister nursing facility in Ridgewood, NJ, which desperately needed staff due to a COVID-19 outbreak.
\r\n\r\n“As healthcare professionals continue to work extended hours to aid older residents through the COVID-19 pandemic, Genesis is pleased to recognize Lisa Barlow, as well as all of our facilities’ nurses, as part of National Nurses Week,” said George V. Hager, Jr., Chief Executive Officer of Genesis. “Lisa selflessly left her family for two weeks, putting her own safety at risk to help her colleagues support nursing home residents in the battle against COVID-19 in a completely different state.”
\r\n\r\n“I was saddened by the isolation residents were experiencing, the deaths of these frail seniors who couldn't spend their last days with family, and the difficulty of the job and connecting with residents while dressed in head-to-toe protective equipment, but I was happy to help for a short time,” said Lisa Barlow.
\r\n\r\nNational Nurses Week begins each year on May 6 and ends on May 12. The week was officially recognized by the White House after President Nixon issued a proclamation in February 1974.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies providing services to nearly 400 skilled nursing facilities and assisted/senior living communities in 25 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia, and China. To learn more, visit www.genesishcc.com.
CONTACT:
\r\n\r\nLori Mayer, Media Relations
\r\n610-283-4995
\r\nlori.mayer@genesishcc.com
\r\n![\"Lisa](\"/sites/default/files/inline-images/Lisa%20Barlow_0.jpg\")
FOR IMMEDIATE RELEASE
\r\n\r\n\r\n\r\n
Genesis HealthCare Contact:
\r\n\r\nInvestor Relations
\r\n\r\n610-925-2000
\r\n\r\n
\r\nGENESIS HEALTHCARE, INC. RECEIVES CONTINUED
\r\nLISTING STANDARD NOTICE FROM THE NYSE
\r\n
KENNETT SQUARE, PA – (April 23, 2020) – Genesis HealthCare (“Genesis”) (NYSE: GEN), one of the largest post-acute care providers in the United States, today announced that it received written notification from the New York Stock Exchange (the “NYSE”) on April 17, 2020 that it is not in compliance with the NYSE continued listing standard that requires a minimum average closing price of Genesis’ common stock of $1.00 per share over a consecutive 30 trading-day period (the “Notice”). The Company is, however, in compliance with the NYSE minimum market capitalization threshold of $50 million over a 30 trading-day period. Currently, Genesis’ market capitalization is more than two times this threshold.
\r\n\r\n\r\n\r\n
Receipt of the Notice by Genesis is not a violation of the terms of, and does not constitute a default or event of default under, any of Genesis’ debt or lease agreements. The Notice also has no immediate impact on the listing of Genesis’ common stock, which will continue to be listed and traded on the NYSE during the applicable cure period under the symbol “GEN,” subject to Genesis’ compliance with other continued listing requirements set forth in the NYSE Listed Company Manual, but will have an added designation of “.BC” to indicate the status of the common stock as below compliance with the NYSE continued listing standards. The “.BC” indicator will be removed at such time as Genesis is deemed compliant.
\r\n\r\n
\r\n
Pursuant to NYSE rules, Genesis can regain compliance with the minimum share price requirement if, during the six-month cure period, on the last trading-day of any calendar month, Genesis’ common stock has a closing share price and a 30 trading-day average closing share price of at least $1.00. On April 23, 2020, Genesis received an update from the NYSE notifying Genesis that in response to the COVID-19 pandemic and related extraordinary market conditions, the compliance period for any company previously notified about noncompliance with the minimum share price requirement will be suspended and resume on July 1, 2020. Therefore, Genesis’ compliance period has been extended until December 26, 2020.
\r\n\r\n\r\n\r\n
Genesis will notify the NYSE on or before May 1, 2020 that it intends to cure the continued listing standard deficiency. Should Genesis’ common stock price not meet the requirements during the cure period, Genesis will consider further options to cure this deficiency.
\r\n\r\n\r\n\r\n
About Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 400 skilled nursing facilities and assisted/senior living communities in 25 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
Forward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\n\r\n\r\n
These risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n\r\n• a pandemic, epidemic or outbreak of a contagious illness, such as COVID-19, could adversely impact our business, operating results and financial condition.
\r\n\r\n\r\n\r\n
The Company’s Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-inc-receives-continued-listing-standard-notice-0"}}},{"node":{"field_happening_s_date":"2020-04-19","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES THE PASSING OF FOUNDER MICHAEL R. WALKER","body":{"value":"FOR IMMEDIATE RELEASE
\r\n\r\nGenesis HealthCare Contact:
\r\n\r\nMedia Relations
\r\n\r\n610-283-4995
\r\n\r\n
\r\nGENESIS HEALTHCARE ANNOUNCES THE PASSING OF FOUNDER MICHAEL R. WALKER
KENNETT SQUARE, PA – (April 19, 2020) – Genesis HealthCare (“Genesis”) (NYSE: GEN), one of the largest post-acute care providers in the United States, today announced that its founder, Michael R. Walker passed away over the weekend after a long-term illness and complications from COVID-19. Mr. Walker founded Genesis in 1985 and was Chairman and Chief Executive from 1985 to 2002. He was instrumental in the development and growth of the skilled nursing industry, as we know it today.
\r\n\r\nIn 1985, Mr. Walker founded the Company under the name Genesis Health Ventures, with nine Centers based in New England. He and his management team believed that nursing homes should be proactive centers of health care, rather than centers focused solely on custodial care for the elderly. With this vision, Mr. Walker grew Genesis Health Ventures into a public company with more than 200 centers across 13 states. Through his leadership, Genesis Health Ventures served high-acuity Medicare patients who needed intensive nursing care, rehabilitation therapy, and other support services to recover from an acute illness or injury, in addition to long-term care.
\r\n\r\n“I am overcome with sadness as we lost a true leader and pioneer in the skilled nursing industry,” said George V. Hager, Jr., Chief Executive Officer of Genesis. “Mike was not only a friend, but a mentor and true visionary for our industry. Our thoughts and prayers go out to his family during this difficult time.”
\r\n\r\nAbout Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 400 skilled nursing facilities and assisted/senior living communities in 25 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-passing-founder-michael-r-walker"}}},{"node":{"field_happening_s_date":"2020-02-24","field_link_to_the_page":null,"title":"Genesis HealthCare’s Chief Nursing Officer, Dr. JoAnne Reifsnyder, to be Honored with McKnight’s Women of Distinction Award","body":{"value":"Kennett Square, PA. – February 24, 2020 – Genesis HealthCare, one of the nation’s largest providers of post-acute care services, today announced that its Executive Vice President of Clinical Operations and Chief Nursing Officer, JoAnne Reifsnyder, PhD, MSN, MBA, FAAN, has been inducted into the Hall of Honor in the McKnight’s Women of Distinction awards, a joint program of McKnight’s Long-Term Care News and McKnight’s Senior Living.
\r\n\r\nThe program, in its second year, recognizes women who have made significant contributions to the senior living and skilled nursing professions or who have demonstrated exceptional commitment to their fields.
\r\n\r\n“Congratulations to our very own Dr. JoAnne Reifsnyder,” stated George V. Hager, Jr., Genesis HealthCare’s Chief Executive Officer. “Dr. Reifsnyder has been the foundation of the Genesis clinical organization for almost a decade, with responsibility for leader development, clinical strategy and clinical quality, safety and efficiency. We are grateful for her expertise, dedication and support of our seniors and those who care for them.”
\r\n\r\nNominations were judged by an external panel of industry experts. All winners will be honored at a May 7 awards dinner in Chicago. An educational forum will follow on May 8. To see the full list of inductees, and for more information about the program and to register for the events, visit www.mcknightswomenofdistinction.com.
\r\n\r\n“The dedication and commitment shown by our Hall of Honor recipients truly sets them apart,” said McKnight’s Editorial Director John O’Connor.
\r\n\r\n![\"Dr.](\"/sites/default/files/inline-images/Reifsnyder-JoAnne_0.jpg\")
About Genesis Healthcare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care companies providing services to nearly 400 skilled nursing facilities and assisted/senior living communities in 26 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcares-chief-nursing-officer-dr-joanne-reifsnyder-be"}}},{"node":{"field_happening_s_date":"2020-02-04","field_link_to_the_page":null,"title":"Genesis Healthcare Enters Into Agreements With New Generation Health To Transition The Operations Of 19 West Coast Facilities","body":{"value":"For Immediate Release:
\r\n\r\nGENESIS HEALTHCARE ENTERS INTO AGREEMENTS WITH NEW GENERATION HEALTH TO TRANSITION THE OPERATIONS OF 19 WEST COAST FACILITIES
\r\n\r\nNew Generation Health will provide management services and oversee operations. Genesis will provide administrative support and ancillary services.
\r\n\r\nKennett Square, PA. – February 4, 2020 – Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care services, today announced that it has entered into a series of agreements with New Generation Health, LLC (NewGen), a healthcare consulting firm led by experienced professionals specializing in the operation of skilled nursing facilities in the Western portion of the United States. Genesis will transition operational responsibility for 19 facilities in the states of California, Washington and Nevada.
\r\n\r\nEffective February 1, 2020, Genesis sold the real estate and operations of six skilled nursing facilities and transferred the leasehold rights to 13 skilled nursing, behavioral health and assisted living facilities, for a total of $79 million. Genesis will retain an indirect 50% interest in the facilities. Net transaction proceeds were used by Genesis to repay indebtedness and fund its indirect investment. Genesis is currently assessing whether it will continue to consolidate the financial statements of these facilities for financial reporting purposes.
\r\n\r\nConcurrently, the facilities have entered, or will enter upon regulatory approval, into management services agreements with NewGen for the day-to-day operations of the facilities. Genesis will continue to provide administrative and back office services to the facilities pursuant to administrative support agreements, as well as therapy services pursuant to therapy services agreements.
\r\n\r\n“Our relationship with NewGen creates a west coast senior care provider with the flexibility of an independent, local or regional operator, but with the backing of a robust national platform,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “This relationship is another example of the creative models we have employed to execute on our portfolio optimization strategy. This transaction enables Genesis to leverage NewGen’s commitment of capital as well as its extensive experience and intimate knowledge of the west coast skilled nursing market, allowing for increased operational focus on our core strategic markets where we have functional and geographic density.”
\r\n\r\nAbout Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 400 skilled nursing facilities and assisted/senior living communities in 26 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nForward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses; and
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts.
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-enters-agreements-new-generation-health-transition"}}},{"node":{"field_happening_s_date":"2020-01-06","field_link_to_the_page":null,"title":"69 Genesis HealthCare Centers Recognized for Improving Quality of Long Term Care","body":{"value":"For Immediate Release
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Contact: Lori Mayer, Media Relations
\r\n610-283-4995
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69 Genesis HealthCare Centers Recognized for Improving Quality of Long Term Care
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Centers recognized for meeting national goals
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[Kennett Square, PA] – January 6, 2020 - Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care services, today announced that the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) recognized 69 of its skilled nursing and rehabilitation centers for their achievements in the quality of care they provide.
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\r\nThe 69 facilities (listed below) accomplished four of four national goals in the following areas:Safely reducing re-hospitalizations, improving long-stay or short-stay customer satisfaction, safely reducing the off-label use of antipsychotics and improving short-stay functional improvement or long-stay worsening mobility. An additional 85 Genesis centers achieved three of four national goals.
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Four of Four National Goals Achieved
\r\n\r\nCottage of the Shoals, Tuscumbia, AL
\r\n\r\nCypress Cove Center, Muscle Shoals, AL
\r\n\r\nKeller Landing, Tuscumbia, AL
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Estrella Center, Avondale, AZ
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Cheyenne Mountain Center, Colorado Springs, CO
\r\n\r\nGolden Peaks Center, Fort Collins, CO
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Arden House, Hamden, CT
\r\n\r\nGlendale Center, Naugtuck, CT
\r\n\r\nKimberly Hall North, Windsor, CT
\r\n\r\nKimberly Hall South, Windsor, CT
\r\n\r\nSt Camillus Center, Stamford, CT
\r\n\r\nThe Willows, Woodbridge, CT
\r\n\r\n\r\n\r\n
Pinebrook Center, Venice, FL
\r\n\r\nWest Bay of Tampa, Oldsmar, FL
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Bradford Square, Frankfort, KY
\r\n\r\nColonial Center, Bowling Green, KY
\r\n\r\nHillside Center, Madisonville, KY
\r\n\r\nMagnolia Village, Bowling Green, KY
\r\n\r\nOwensboro Center, Owensboro, KY
\r\n\r\nOwenton Center, Owenton, KY
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Bradford Oaks Center Clinton, MD
\r\n\r\nChesapeake Woods Center, Cambridge, MD
\r\n\r\nCorsica Hills Center, Centreville, MD
\r\n\r\nCromwell Center, Baltimore, MD
\r\n\r\nHammonds Lane Center, Brooklyn Park, MD
\r\n\r\nSligo Creek Center, Takoma Park, MD
\r\n\r\nThe Pines, Easton, MD
\r\n\r\nWaugh Chapel Center, Gambrills, MD
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Harbor Hill Center, Belfast, ME
\r\n\r\nSedgewood Commons, Falmouth, ME
\r\n\r\nSpringbrook Center, Westbrook, ME
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Country Village Center, Lancaster, NH
\r\n\r\nKeene Center, Keene, NH
\r\n\r\nLangdon Place of Keene, Keene, NH
\r\n\r\nLebanon Center, Lebanon, NH
\r\n\r\nOceanside Center, Hampton, NH
\r\n\r\nWestwood Center, Keene, NH
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Burlington Woods, Burlington, NJ
\r\n\r\nCourt House Center, Cape May Court House, NJ
\r\n\r\nMarcella Center, Burlington Township, NJ
\r\n\r\nMercerville Center, Mercerville, NJ
\r\n\r\nPhillipsburg Center, Phillipsburg, NJ
\r\n\r\nRidgewood Center, Ridgewood, NJ
\r\n\r\nSouthern Ocean Center, Manahawkin, NJ
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Albuquerque Heights Healthcare and Rehabilitation, Albuquerque, NM
\r\n\r\nBear Canyon Rehabilitation Center, Albuquerque, NM
\r\n\r\nCanyon Transitional Rehabilitation Center, Albuquerque, NM
\r\n\r\nCasa De Oro Center, Las Cruces, NM
\r\n\r\nClovis Healthcare and Rehabilitation Center, Clovis, NM
\r\n\r\nLas Palomas Center Albuquerque, NM
\r\n\r\nSt Anthony Healthcare and Rehab Center, Clovis, NM
\r\n\r\nThe Rehabilitation Center Of Albuquerque, Albuquerque, NM
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Carbondale Nursing and Rehabilitation Center, Carbondale, PA
\r\n\r\nBerkshire Center, Reading, PA
\r\n\r\nHopkins Center, Wyncote, PA
\r\n\r\nLaurel Center, Hamburg, PA
\r\n\r\nPowerBack Rehabilitation, Philadelphia, PA
\r\n\r\nRiverstreet Manor, Wilkes-Barre, PA
\r\n\r\nSanatoga Center, Pottstown, PA
\r\n\r\n\r\n\r\n
Cumberland Village, La Follette, TN
\r\n\r\nWillow Ridge Center, Maynardville, TN
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Mountain View Center, Rutland, VT
\r\n\r\nSt Johnsbury Health & Rehab, St. Johnsbury, VT
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Dawn View Center, Fort Ashby, WV
\r\n\r\nHampshire Center, Romney, WV
\r\n\r\nHidden Valley Center, Oak Hill, WV
\r\n\r\nOak Ridge Center, Charleston, WV
\r\n\r\nRosewood Center, Grafton, WV
\r\n\r\nSistersville Center, Sistersville, WV
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“I would like to congratulate the teams at each facility who were recognized for this incredible achievement,” said George V. Hager Jr., Chief Executive Officer of Genesis HealthCare. “We are proud to improve care for our patients and residents. Our commitment to quality will continue.”
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AHCA/NCAL recognized long term care providers for their achievements through its Quality Initiative Recognition Program, which honors member facilities for their individual work in achieving AHCA/NCAL Quality Initiative goals.
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“This achievement represents progress on important quality measures that will positively impact the lives of residents,” said Dr. David Gifford, Senior Vice President of Quality and Regulatory Affairs and Chief Medical Officer at AHCA/NCAL. “We applaud these organizations for their hard work and dedication to this significant quality improvement effort.”
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Launched in 2012 by AHCA/NCAL, the Quality Initiative serves as a national effort to build upon the existing work of the long term and post-acute care profession. The Initiative aims to further improve quality of care in skilled nursing centers and assisted living communities by challenging member facilities to meet measurable goals in areas such as hospital readmissions, off-label use of antipsychotics, and customer satisfaction.
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Learn more about the AHCA/NCAL Quality Initiative Recognition Program on the webpages here. Genesis HealthCare’s Centers, along with other achievers from across the country, will be honored at AHCA/ NCAL’s upcoming Quality Summit in Grapevine, Texas, on March 10, 2020.
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About Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with nearly 400 skilled nursing facilities and assisted/senior living communities in 26 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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ABOUT AHCA/NCAL
\r\n\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent nearly 14,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
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###
\r\n"},"path":{"alias":"/about-us/press/press-releases/69-genesis-healthcare-centers-recognized-improving-quality-long-term"}}},{"node":{"field_happening_s_date":"2019-12-16","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE’S ACO ADDS NEARLY 200 NEW UNAFFILIATED FACILITIES","body":{"value":"GENESIS HEALTHCARE’S ACO ADDS NEARLY 200 NEW UNAFFILIATED FACILITIES
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\r\n[Kennett Square, PA] – December 16, 2019 – Genesis HealthCare (Genesis), one of the largest post-acute care providers in the United States, today announced that its ACO, called LTC ACO, welcomed nearly 200 new unaffiliated long-term care facilities to its ACO. LTC ACO is a wholly-owned subsidiary of Genesis and the only post-acute care sponsored Accountable Care Organization (ACO) in the nation.
\r\nIn 2016, LTC ACO, formerly known as Genesis Healthcare ACO, began participating in the Medicare Shared Savings Program (MSSP) through Genesis HealthCare’s Genesis Physician Services (GPS) division. GPS, the only captive SNFist company in the skilled nursing industry, has physicians, physician assistants and nurse practitioners who make more than half a million visits annually to both short- and long-stay patients, helping improve overall healthcare quality and reduce unnecessary hospital readmissions. With nearly four years of billing history and more than 6,000 long-term care residents, LTC ACO is the only post-acute provider in the country able to form an ACO via the MSSP.
\r\nAs of December 2019, LTC ACO welcomed nearly 200 facilities to its ACO and is in the process of contracting with approximately 200 physicians who provide services to residents in those facilities. LTC ACO passes along no risk to the facilities and requires no capital outlay in order to participate. LTC ACO will educate, train and report outcomes with the goal of driving improved patient outcomes, creating healthcare efficiencies and improving quality outcomes. LTC ACO expects to attribute approximately 3,000 additional lives by the end of 2020 associated with these new facilities.
\r\nThe nearly 200 facilities will be able to take advantage of LTC ACO’s structure and breadth of experience to drive improved patient outcomes and reduce rehospitalizations in their own facilities. In an environment where all providers are being asked to do more with less, the ACO structure allows these facilities to share financially in the improvements it makes both from a cost and quality perspective. The ACO also allows them to better align the efforts of their physicians, creating a collaborative environment to achieve these goals. This alignment is something that has rarely been accomplished heretofore in the long-term care industry.
\r\n“We are excited to welcome nearly 200 new non-Genesis facilities into our ACO,” notes Jason Feuerman, President of LTC ACO. “With nearly four years of participation under the MSSP, we are proud to share our valuable experience in driving better outcomes and improved quality, managing episodic and chronic costs while developing in-house capabilities to predict program performance. It is a win-win for all parties and residents.”
\r\nLTC ACO plans to significantly expand its resident attribution beginning in 2020, not only inside Genesis but also more broadly throughout the skilled nursing industry. For more information on becoming a partner with LTC ACO, please call 1-800-906-8382.
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\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\nAbout Genesis HealthCare
Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 400 skilled nursing centers and assisted/senior living communities in 26 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at https://www.genesishcc.com .
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\r\nABOUT LTC ACO
LTC ACO is the only post-acute care sponsored Accountable Care Organization (ACO) in the United States. LTC ACO began participating in the MSSP in 2016 through GPS. GPS is the only captive SNFist company in the skilled nursing industry, has physicians, physicians assistants and nurse practitioners who make more than half a million visits annually to both short- and long-stay patients, helping improve overall healthcare quality and reduce unnecessary hospital readmissions. Visit our website at https://www.ltcaco.com/ .
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcares-aco-adds-nearly-200-new-unaffiliated-facilities"}}},{"node":{"field_happening_s_date":"2019-11-07","field_link_to_the_page":null,"title":"46 GENESIS HEALTHCARE FACILITIES IDENTIFIED BY U.S. NEWS & WORLD REPORT AS BEST NURSING HOMES FOR 2019-2020","body":{"value":"FOR IMMEDIATE RELEASE
\r\n\r\nContact: Lori Mayer 610-925-4138
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46 GENESIS HEALTHCARE FACILITIES IDENTIFIED BY U.S. NEWS & WORLD REPORT AS BEST NURSING HOMES FOR 2019-2020
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[Kennett Square, PA] – November 6, 2019 – Genesis HealthCare, one of the largest post-acute care providers in the United States, today announced that 46 Genesis skilled nursing facilities were identified as Best Nursing Homes for 2019-2020 by U.S. News & World Report (U.S. News). U.S. News evaluated more than 15,000 homes nationwide with 2,969 nursing homes earning the designation of a U.S. News Best Nursing Home.
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\r\nU.S. News & World Report offers comprehensive information about care, safety, health inspections, staffing and more for almost all nursing homes in the country. Individuals can easily conduct a customized search for a highly rated nursing home by location, Medicare and Medicaid coverage, Alzheimer's care and size.
\r\nU.S. News’ rating is based on numerous quality measures focusing on staffing, outcomes, resident complaints and processes of care. The publication used scientific literature review, expert consultation and statistical modeling to select the appropriate measures in each category. This rating designates nursing homes as high-performing, average or below average in the care they provided to patients. Short-term focused on patients who spent 100 days or less at a skilled nursing facility and long-term focused on residents who spent more than 100 days at a nursing home.
“We are proud of the 46 Genesis Centers that have been identified as one of the best nursing homes in the country,” said George V. Hager, Jr., Chief Executive Officer of Genesis HealthCare. “Congratulations to the interdisciplinary teams at each of these centers for their commitment and dedication to quality and positive outcomes.”
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Genesis HealthCare Centers
\r\n\r\nBest Nursing Homes Short-Stay Rehabilitation & Long-Term Care
\r\n\r\nSandy River Center, Farmington, Maine
\r\n\r\nPrescott House, North Andover, Massachusetts
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Best Nursing Home Short-Stay Rehabilitation
\r\n\r\nBarn Hill Care Center, Newton, New Jersey
\r\n\r\nBrakeley Park Center, Phillipsburg, New Jersey
\r\n\r\nDoctors Community Rehab Center, Lanham, Maryland
\r\n\r\nGlen Hill Center, Danbury, Connecticut
\r\n\r\nGlendale Center, Naugtuck, Connecticut
\r\n\r\nGovernor's House, Simsbury, Connecticut
\r\n\r\nGrand Islander Center, Middletown, Rhode Island
\r\n\r\nGrandview Center, Cumberland, Rhode Island
\r\n\r\nHarbor Hill Center, Belfast, Maine
\r\n\r\nHathorne Hill, Danvers, Massachusetts
\r\n\r\nInglemoor Center, Englewood, New Jersey
\r\n\r\nJersey Shore Center, Eatontown, New Jersey
\r\n\r\nKent Regency, Warwick, Rhode Island
\r\n\r\nLangdon Place of Dover, Dover, New Hampshire
\r\n\r\nLangdon Place of Keene, Keene, New Hampshire
\r\n\r\nLasell House at Lasell Village, Newton, MA
\r\n\r\nLehigh Center, Macungie, Pennsylvania
\r\n\r\nLofland Park Center, Seaford, Delaware
\r\n\r\nMorris Hills Center, Morristown, New Jersey
\r\n\r\nNaamans Creek Country Manor, Boothwyn, Pennsylvania
\r\n\r\nPine Point Center, Scarborough, Maine
\r\n\r\nPowerBack Rehabilitation, Lutherville, Maryland
\r\n\r\nPowerBack Rehabilitation, Lafayette, Colorado
\r\n\r\nPowerBack Rehabilitation, Lakewood, Colorado
\r\n\r\nPowerBack Rehabilitation, Moorestown, New Jersey
\r\n\r\nPowerBack Rehabilitation, Phoenixville, Pennsylvania
\r\n\r\nPowerBack Rehabilitation, Piscataway, New Jersey
\r\n\r\nPowerBack Rehabilitation, Voorhees , New Jersey
\r\n\r\nPowerBack Rehabilitation, Hatboro, Pennsylvania
\r\n\r\nRiver Ridge Center, Kennebunk, Maine
\r\n\r\nSouthern Ocean Center, Manahawkin, New Jersey
\r\n\r\nSpa Creek Center, Annapolis, Maryland
\r\n\r\nThe Village at Northrise, Las Cruces, New Mexico
\r\n\r\nThe Willows, Woodbridge, Connecticut
\r\n\r\nTroy Hills Center, Parsippany , New Jersey
\r\n\r\nWarren Center, Warren, Rhode Island
\r\n\r\nWaugh Chapel Center, Gambrills, Maryland
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Best Nursing Home Long-Term Care
\r\n\r\nBerkshire Center, Reading, Pennsylvania
\r\n\r\nBrackenville Center, Hockessin, Delaware
\r\n\r\nChesapeake Woods Center, Cambridge, Maryland
\r\n\r\nKeystone Center, Leominster, Massachusetts
\r\n\r\nMifflin Center, Shillington, Pennsylvania
\r\n\r\nOrchard Ridge, New Port Richey, Florida
\r\n\r\nSunny Ridge, Nampa, Idaho
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To learn more about these facilities or to find a Genesis location near you, visit us at https://www.genesishcc.com .
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\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 400 skilled nursing centers and assisted/senior living communities in 26 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at https://www.genesishcc.com .
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###
\r\n"},"path":{"alias":"/about-us/press/press-releases/46-genesis-healthcare-facilities-identified-us-news-world-report-best"}}},{"node":{"field_happening_s_date":"2019-10-16","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ENTERS INTO INVESTMENT TO BUY BACK REAL ESTATE HISTORICALLY LEASED","body":{"value":"Kennett Square, Pa. – Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care services, today announced that it has made an investment with a private investor involving 18 skilled nursing facilities previously leased by Genesis from Second Spring Healthcare Investments (Second Spring) and Welltower Inc. (Welltower). Separately, eight owned facilities were sold to third parties for total sale proceeds of approximately $89 million. Proceeds were used to repay indebtedness and fund transaction expenses. Genesis will no longer operate the eight facilities.
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Genesis continues to operate the 18 facilities pursuant to a new lease with the new owner. The 18 facilities had been included in the Company’s master leases with Second Spring and Welltower and were subject to annual rent escalators ranging from 2.0% to 2.5%. Under the new lease, rent escalators do not begin until year five. Through its investment, Genesis holds approximately a 30% interest in the entity that owns the real estate of the 18 facilities. Genesis also acquired a fixed price purchase option to acquire the real estate in 2024 at a 10% premium above the original acquisition cost.
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The eight facilities that Genesis will no longer operate have aggregate annual revenue of approximately $83 million. As a result of all the transactions noted above, Genesis estimates its annual Adjusted EBITDA will decline approximately $4.5 million and pre-tax net loss will improve by $1.9 million.
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“This transaction is very similar to the Next transaction we completed earlier in the year,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “Like Next, this delevering transaction provides us with the opportunity to participate in any upside accretion in the value of the real estate and is a positive step toward our goal of owning or having fixed price purchase options on 30% of our assets by the end of 2020.”
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About Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 400 skilled nursing facilities and assisted/senior living communities in 26 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,200 healthcare providers in 44 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\nForward-Looking Statements
This release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\n\r\n\r\n
These risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses; and
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts.
\r\n\r\n\r\n\r\n
The Company’s Annual Report on Form 10-K for the year ended December 31, 2018, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-enters-investment-buy-back-real-estate"}}},{"node":{"field_happening_s_date":"2019-07-08","field_link_to_the_page":null,"title":"Three Genesis HealthCare Centers Earn 2019 Silver National Quality Awards","body":{"value":"
[Kennett Square, PA] – July 8, 2019 - Genesis HealthCare, one of the largest post-acute care providers in the United States, today announced that three of its affiliated skilled nursing / senior living facilities were recognized as a recipient of the 2019 Silver – Achievement in Quality Award recipient by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The award is the second of three distinctions possible through the AHCA/NCAL National Quality Award Program, which spotlights providers across the nation that have demonstrated their dedication to improving quality of care for residents and patients in long term and post-acute care.
\r\n\r\n\r\n\r\n
The three Genesis affiliated centers receiving the Silver honor are:
\r\n\r\nPineBrook Center, Venice, FL
\r\nCrestview Center, Shelbyville, KY
\r\nHampshire Center, Romney, WV
\r\n\r\n
“Quality improvement has long-been a priority at Genesis HealthCare,” shares Chief Executive Officer George V. Hager, Jr. “These three Genesis centers have demonstrated an exceptional track record of providing quality care and services to our patients and residents. We are extremely proud of the hard work and dedication of each and every employee at these three centers.”
\r\n\r\nBased on the core values and criteria of the Baldrige Performance Excellence Program, AHCA/NCAL’s National Quality Award Program, established in 1996, challenges member providers to achieve performance excellence through three progressive levels—Bronze, Silver, and Gold. At the Silver level, members develop and demonstrate effective approaches that help improve organizational performance and health care outcomes.
\r\n\r\n“As a Silver Quality Award recipient, these centers are well on their way to progress in their quality journey by continuing to achieve better quality results,” said Alana Wolfe, Chair of the AHCA/NCAL National Quality Award Board of Overseers. “I commend them for this outstanding achievement.”
\r\n\r\nAs a 2019 recipient of the Silver award, these centers can now advance in further developing comprehensive approaches that meet the criteria required for the Gold – Excellence in Quality Award.
\r\n\r\nThe awards will be presented during AHCA/NCAL’s 70th Convention & Expo in Orlando, Florida, October 13-16, 2019.
\r\n\r\nABOUT GENESIS HEALTHCARE
\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing facilities and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,200 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. For more information, please visit www.genesishcc.com.
\r\n\r\n
\r\n\r\n
ABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 13,700 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/three-genesis-healthcare-centers-earn-2019-silver-national-quality"}}},{"node":{"field_happening_s_date":"2019-06-10","field_link_to_the_page":null,"title":"33 Genesis HealthCare Centers Earn 2019 Bronze National Quality Awards","body":{"value":"
[Kennett Square, PA] – Genesis HealthCare, one of the largest post-acute care providers in the United States, today announced that 33 of its affiliated skilled nursing / senior living facilities were recognized as a 2019 recipient of the Bronze – Commitment to Quality Award by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) for their commitment to improving the lives of residents through quality care. The distinction is the first of three progressive award levels through the AHCA/NCAL National Quality Award Program. The program, presented by the leading association in long term and post-acute care, honors association members across the country that have demonstrated their dedication to improving quality of care for seniors and persons with disabilities.
\r\n
\r\nThe 33 Genesis affiliated centers receiving the Bronze honor are:
\r\nAmerican River Care Center, Carmichael, CA
\r\nBrackenville Center, Hockessin, DE
\r\nCarbondale Nursing & Rehabilitation Center, Carbondale, PA
Clipper Harbor, Portsmouth, NH
\r\nCypress Cove Center, Muscle Shoals, AL
\r\nEdgehill Nursing and Rehab Center, Glenside, PA
\r\nEstrella Center, Avondale, AZ
\r\nChesapeake Woods Center, Cambridge, MD
\r\nGolden Peaks Center, Fort Collins, CO
\r\nGovernor's House, Simsbury, CT
\r\nGreenville Center, Greenville, RI
\r\nKeene Center, Keene, NH
\r\nKensington Center, Elizabethtown, KY
\r\nKeystone Center, Leominster, MA
\r\nKimberly Hall North, Windsor, CT
\r\nLasell House @ Lasell Village, Auburndale, MA
\r\nLehigh Center, Macungie, PA
\r\nLehigh Commons, Macungie, PA
\r\nLighthouse Nursing Care Center, Revere, MA
\r\nMesa Christian Health & Rehabilitation Center, Mesa, AZ
\r\nNorriton Square Nursing & Rehabilitation Center, Norristown, PA
\r\nPheasant Wood Center, Peterborough, NH
\r\nPowerBack Rehabilitation, Lakewood, CO
\r\nPowerBack Rehabilitation, Lafayette, CO
\r\nPutnam Center, Hurricane, WV
\r\nRaleigh Center, Daniels, WV
\r\nRidgewood Center, Ridgewood, NJ
\r\nSouthern Ocean Center, Manahawkin, NJ
\r\nSpringbrook Center, Westbrook, ME
\r\nSunset Point, Clearwater, FL
\r\nThe Guardian Center, Brockton, MA
\r\nWashington Terrace, Ogden, UT
\r\nWhiting Healthcare Center, Whiting, NJ
\r\n\r\n
“We are proud of our 33 centers that have been honored for their commitment to improving quality,” said George V. Hager, Jr., Chief Executive Officer of Genesis HealthCare. “These centers join more than 200 Genesis centers is reaching this great achievement. Working together to reach this milestone has made our team even better. We will not stop improving.”
\r\n\r\nThe National Quality Award Program, established by AHCA/NCAL in 1996, is based on the core values and criteria of the Baldrige Performance Excellence Program, which also serves as the foundation for the metric-based AHCA/NCAL Quality Initiative. The Baldrige framework helps organizations among different business sectors improve organizational effectiveness and achieve strategy-driven performance.
\r\n\r\nThe Award Program has three levels: Bronze, Silver, and Gold. Providers begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision, mission statement, and key strengths and challenges. Bronze applicants must also demonstrate their ability to implement a performance improvement system. Trained Examiners review each Bronze application to determine if the center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality Award, these centers may now move forward in developing approaches and achieving performance levels that meet the Silver - Achievement in Quality Award criteria.
\r\n\r\n“I applaud Genesis HealthCare’s 33 Centers for taking this important step towards quality improvement,” said the AHCA/NCAL National Quality Award Board of Overseers Chair Alana Wolfe. “I encourage each of them to continue on its path to achieving the highest of quality care.”
\r\n\r\nThe awards will be presented during AHCA/NCAL’s 70th Convention & Expo in Orlando, Florida, October 13-16, 2019.
\r\n\r\n_______________________________________________________________________
\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n\r\n\r\n
ABOUT GENESIS HEALTHCARE
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing facilities and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,200 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. For more information, please visit www.genesishcc.com.
\r\n
\r\nABOUT AHCA/NCAL
The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 13,700 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
\r\n\r\n\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/33-genesis-healthcare-centers-earn-2019-bronze-national-quality"}}},{"node":{"field_happening_s_date":"2019-06-06","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE MAKES 2019 FORBES LIST OF BEST EMPLOYERS IN PENNSYLVANIA","body":{"value":"
Kennett Square, PA – Genesis HealthCare (Genesis), one of the largest post-acute care providers in the United States, today announced Forbes released its annual list of the best employers in America with Genesis taking the 37th spot for the State of Pennsylvania.
\r\n\r\nForbes and Statista selected America’s Best-in-State Employers based on an independent survey from a vast sample of more than 80,000 U.S. employees working for companies employing at least 500 people in their U.S. operations. Employees were asked to rate their willingness to recommend their own employers to friends and family; participants were also prompted to evaluate other employers in their respective industries that stood out either positively or negatively. The surveys were administered in a series of anonymous online panels and provide a representative sample of the U.S. workforce.
\r\n\r\n“We are honored to make Forbes’ 2019 list of Best Employers in the State of Pennsylvania,” stated George V. Hager, Jr, Chief Executive Officer of Genesis. “Genesis is headquartered in Kennett Square, Pennsylvania and operates 38 affiliated skilled nursing/senior living facilities primarily in the eastern portion of the State. I want to thank the more than 6,500 physicians, nurses, aides, therapists and others who are dedicated to serving our seniors each and every day in Pennsylvania.”
\r\n\r\nTo join the Genesis team, visit us at www.genesiscareers.jobs/.
\r\n\r\n___________________________________________________________________________
\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n\r\n\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing centers and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,200 healthcare providers in 46 states, the District of Columbia and China.
\r\n\r\n###
\r\n\r\n\r\n\r\n
\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-makes-2019-forbes-list-best-employers-pennsylvania"}}},{"node":{"field_happening_s_date":"2019-05-15","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE TO PRESENT AT 2019 RBC CAPITAL MARKETS GLOBAL HEALTHCARE CONFERENCE","body":{"value":"
KENNETT SQUARE, PA – (May 14, 2019) – Genesis Healthcare, Inc. (Company) (NYSE:GEN), one of the largest post-acute care providers in the United States, today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, will host a fireside chat at the 2019 RBC Capital Markets Global Healthcare Conference on Wednesday, May 22, 2019 at 9:30 AM Eastern Time. The conference is being held at the InterContinental Barclay Hotel in New York, NY.
\r\n\r\nA live webcast and replay of the Company’s fireside chat will be available on the Company’s website at http://www.genesishcc.com/investor-relations.
\r\n\r\n\r\n\r\nAbout Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing facilities and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation to approximately 1,200 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-2019-rbc-capital-markets-global-healthcare"}}},{"node":{"field_happening_s_date":"2019-02-04","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ENTERS INTO PARTNERSHIP TO BUY BACK REAL ESTATE HISTORICALLY LEASED FROM WELLTOWER INC.","body":{"value":"
Kennett Square, Pa. – Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care services, today announced that it has entered into a real estate partnership (Partnership) with Next Healthcare Capital (Next) involving 15 skilled nursing facilities previously leased from Welltower Inc. (Welltower). Seven additional facilities historically leased from Welltower were sold to a third party. Genesis will no longer operate the seven facilities after the sale.
\r\n\r\n\r\n\r\n
On January 31, 2019, Welltower sold the real estate of 15 facilities to the new Partnership, of which Genesis acquired a 46% ownership interest. Genesis also acquired a fixed price purchase option to acquire the real estate beginning in 2026 at a 10% premium above the original acquisition cost. Genesis will continue to operate these facilities pursuant to a new lease with the Partnership. The remaining interest is held by Next, a privately owned healthcare real estate investment firm. The 15 facilities had been included in the Company’s master lease with Welltower and were subject to 2.0% annual rent escalators. Under the new lease, there are no rent escalators for the first five years.
\r\n\r\n\r\n\r\n
The seven facilities that Genesis will no longer operate had aggregate annual revenue of approximately $73 million. As a result of the transaction, Genesis estimates its annual EBITDAR will decline $2.5 million and annual cash lease obligations will be reduced approximately $3.2 million. In year one, the transaction is accretive to EBITDA by $0.7 million.
\r\n\r\n\r\n\r\n
“I am excited about these win-win transactions for all parties involved,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “This is a great example of the creative things we can accomplish with our partners. For Genesis, the transaction is accretive to earnings and provides us with the opportunity to participate in any upside accretion in the value of the real estate with a mechanism to purchase the real estate in the future.”
\r\n\r\n\r\n\r\n
About Genesis Healthcare, Inc.
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing facilities and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,500 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
Forward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\n\r\n\r\n
These risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses; and
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts.
\r\n\r\n\r\n\r\n
The Company’s Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-enters-partnership-buy-back-real-estate"}}},{"node":{"field_happening_s_date":"2019-01-30","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECOGNIZED AS A WE HONOR VETERANS COMMUNITY PARTNER","body":{"value":"
Kennett Square, PA – Veterans often carry experiences from their military service that present unique healthcare challenges, and unfortunately, many of them may not know about, or have access to, specialized care. To help provide Veteran-centric care and support that reflect the important contributions made by these men and women, Genesis HealthCare has been participating in We Honor Veterans, a pioneering campaign developed by National Hospice and Palliative Care Organization in collaboration with the Department of Veterans Affairs.
\r\n\r\nMore than 220 Genesis HealthCare affiliated Centers have been recognized as We Honor Veterans Community Partners, with many achieving a Level Four recognition, the highest recognition of this exciting program. As a Level Four Community Partner, Centers have:
\r\n\r\n“We congratulate Genesis HealthCare for their ongoing commitment to Veterans through the We Honor Veterans program,” says NHPCO President & CEO Edo Banach. “We Honor Veterans partners are committed to providing quality Veteran-centric care to the Veteran patients they serve. These organizations have achieved advanced training and have demonstrated advanced proficiency in providing the support these patients need. They understand how a Veteran’s military service, combat experience or other traumatic events, could impact their end-of-life experience.”
\r\n\r\nIn addition to the We Honor Veterans program, Genesis HealthCare has a strong commitment to Veterans across the country. The Company has more than 100 VA Contracted facilities, employs more than 1,200 Veterans and cares for more than 16,000 Veterans each and every year.
\r\n\r\nThe resources of We Honor Veterans focus on respectful inquiry, compassionate listening, and grateful acknowledgment, coupled with Veteran-centric education of health care staff caring for Veterans. To learn more about We Honor Veterans or to support this important work via a secure, online donation, please visit www.wehonorveterans.org.
\r\n\r\n___________________________________________________________________________
\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n\r\n\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing centers and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,500 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n###
\r\n\r\n\r\n\r\n
\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-recognized-we-honor-veterans-community-partner"}}},{"node":{"field_happening_s_date":"2019-01-23","field_link_to_the_page":null,"title":"62 GENESIS HEALTHCARE FACILITIES IDENTIFIED BY U.S. NEWS & WORLD REPORT AS BEST NURSING HOMES FOR 2018-2019","body":{"value":"
[Kennett Square, PA] – Genesis HealthCare, one of the largest post-acute care providers in the United States, today announced that 62 of its skilled nursing facilities were identified as Best Nursing Homes for 2018-2019 by U.S. News & World Report (U.S. News). U.S. News evaluated more than 15,000 homes nationwide with 2,975 nursing homes earning the designation of a U.S. News Best Nursing Home.
\r\n\r\nU.S. News & World Report offers comprehensive information about care, safety, health inspections, staffing and more for almost all nursing homes in the country. Individuals can easily conduct a customized search for a highly rated nursing home by location, Medicare and Medicaid coverage, Alzheimer's care and size.
\r\n\r\nU.S. News relies on data from Nursing Home Compare, a program run by the Centers for Medicare & Medicaid Services (CMS), the federal agency that sets and enforces standards for nursing homes. For the 2018-19 ratings, U.S. News introduced a new and first of its kind Short-Stay Rehabilitation rating. This new rating aims to provide patients with a clearer view of the quality of care provided by nursing homes to short-stay patients in need of intensive rehabilitation or nursing services before they return home after a surgery, stroke, accident or illness.
\r\n\r\n“We are proud of the 62 Genesis Centers that have been identified as one of the best skilled nursing facilities in the country,” said George V. Hager, Jr., Chief Executive Officer of Genesis HealthCare. “Congratulations to the interdisciplinary teams at each of these centers for their commitment and dedication to quality and positive outcomes.”
\r\n
Genesis HealthCare Facilities
\r\nOverall Best Nursing Homes and Short-Stay Rehabilitation
Glen Hill Center, Danbury, CT
\r\n
\r\nHarbor Hill Center, Belfast, ME
\r\n
\r\nHathorne Hill, Danvers, MA
\r\n
\r\nLandon Place of Dover, Dover, NH
\r\n
\r\nLighthouse Nursing Care Center, Revere, MA
\r\n
\r\nPine Point Center, Scarborough, Maine
\r\n
\r\nPowerBack Rehabilitation, Lutherville, MD
\r\n
\r\nPowerBack Rehabilitation, Lafayette, CO
PowerBack Rehabilitation, Lakewood, CO
\r\n\r\n
\r\nOverall Best Nursing Homes
Cherry Ridge Center, Emmett, ID
\r\n
\r\nHackett Hill Center, Manchester, NH
\r\n
\r\nJersey Shore Center, Eatontown, NJ
\r\n
\r\nWestwood Center, Keene, NH
\r\nShort-Stay Rehabilitation
Arbor Glen Center, Cedar Grove, NJ
\r\n
\r\nBarn Hill Care Center, Newton, NJ
Brackenville Center, Hockessin, DE
\r\n
\r\nCedar Ridge Center, Skowhegan, ME
Columbia Crest Center, Moses Lake, WA
\r\n\r\nCourtyard Nursing Care Center, Medford, MA
\r\n\r\nCrescent Cities Center, Riverdale, MD
\r\n\r\nFox Hill Center, Rockville, CT
\r\n
\r\nGlade Valley Center, Walkersville, MD
Glendale Center, Naugatuck, CT
\r\n\r\nGolden Peaks Center, Fort Collins, CO
\r\n\r\nGovernor’s House, Simsbury, CT
\r\n\r\nGrand Islander Center, Middletown, RI
\r\n\r\nGreenville Center, Greenville, RI
\r\n\r\nGreenwood Center, Warwick, RI
\r\n\r\nHeritage Hall North, Agawam, MA
\r\n\r\nHillside Center, Wilmington, DE
\r\n\r\nKeller Landing, Tuscumbia, AL
\r\n\r\nKent Regency Center, Warwick, RI
\r\n
\r\nKeystone Center, Leominster, MA
\r\n
\r\nLangdon Place of Keene, Keene, NH
Linden Grove Center, Puyallup, WA
\r\n
\r\nLinwood Nursing and Rehabilitation Center, Scranton, PA
The Madison, Morgantown, WV
\r\n\r\nMagnolia Village, Bowling Green, KY
\r\n
\r\nMaple Glen Center, Fairlawn, NJ
\r\n
\r\nNaamans Creek Country Manor, Garnet Valley, PA
Oak Grove Center, Waterville, ME
\r\n\r\nPalm Center, Chelmsford, MA
\r\n\r\nPark Place Center, Monmouth Junction, NJ
\r\n\r\nPayette Center, Payette, ID
\r\n\r\nPennsburg Manor, Pennsburg, PA
\r\n\r\nPowerBack Rehabilitation, Philadelphia, PA
\r\n\r\nPowerBack Rehabilitation, Moorestown, NJ
\r\n
\r\n PowerBack Rehabilitation, Phoenixville, PA
PowerBack Rehabilitation, Voorhees, NJ
\r\n
\r\nPowerBack Rehabilitation, Hatboro, PA
Prescott House, North Andover, MA
\r\n\r\nRiver Ridge Center, Kennebunk, MA
\r\n\r\nSandy River Center, Farmington, ME
\r\n\r\nSomerset Ridge Center, Somerset, MA
\r\n\r\nSouth Country Nursing and Rehabilitation Center, North Kingston, RI
\r\n
\r\nSpa Creek Center, Annapolis, MD
Willows Center, Woodbridge, CT
\r\n\r\nThe Woodlands, Plainfield, NJ
\r\n\r\nTroy Hills Center, Parsippany, NJ
\r\n\r\nWarren Center, Warren, RI
\r\n\r\nWashington Terrace Center, Ogden, UT
\r\n\r\nWayne Center, Wayne, PA
\r\n\r\nTo learn more about these facilities or to find a Genesis location near you, visit us at www.genesishcc.com.
\r\n\r\n___________________________________________________________________________
\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n\r\n\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing centers and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,500 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/62-genesis-healthcare-facilities-identified-us-news-world-report-best"}}},{"node":{"field_happening_s_date":"2019-01-14","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RAISES OVER $165,000 AS A NATIONAL TEAM FOR ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S®","body":{"value":"
[KENNETT SQUARE, PA] - More than 140 teams from Genesis HealthCare joined the Alzheimer’s Association’s Walk to End Alzheimer’s® in the fight to end Alzheimer’s disease. Participants for the National Team raised more than $165,000 to fund Alzheimer's Association care, support and research programs.
\r\n
\r\n“I was inspired by Genesis HealthCare participants joining in the fight against Alzheimer’s disease at the Walk to End Alzheimer’s,” said Chief Executive Officer George V. Hager, Jr. “With the funds raised, the Alzheimer’s Association will be able to provide much needed education, support services and care to families affected by this devastating disease, as well as fund critically-needed Alzheimer’s research.”
\r\nMore than 5 million Americans are living with Alzheimer's disease – the sixth-leading cause of death in the United States. Additionally, more than 16 million family members and friends provide care to people with Alzheimer’s and other dementias. The dedication of Genesis HealthCare will help the Alzheimer’s Association continue to move forward with its vision of a world without Alzheimer’s.
\r\n_______________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing facilities and assisted/senior living communities in 29 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,500 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\nAlzheimer's Association Walk to End Alzheimer’s®
\r\nThe Alzheimer’s Association Walk to End Alzheimer’s is the world’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in the Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s.
Alzheimer's Association®
\r\nThe Alzheimer’s Association is the leading voluntary health organization in Alzheimer’s care, support and research. Our mission is to eliminate Alzheimer’s disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health. Our vision is a world without Alzheimer’s®. Visit alz.org® or call 800.272.3900.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-raises-over-165000-national-team-alzheimers"}}},{"node":{"field_happening_s_date":"2018-10-03","field_link_to_the_page":"https://leadership.seniorhousingnews.com/george-hager-ceo-genesis-healthcare/","title":"Senior Housing News Leadership Series: George Hager, Jr.","body":{"value":""},"path":{"alias":"/about-us/press/press-releases/senior-housing-news-leadership-series-george-hager-jr"}}},{"node":{"field_happening_s_date":"2018-10-02","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES COMPLETED DIVESTITURE OF 16 FACILITIES IN TEXAS","body":{"value":"
KENNETT SQUARE, PA – Genesis HealthCare (Genesis, or the Company) (NYSE: GEN), one of the largest post-acute care providers in the United States, today announced it completed the sale of 15 owned skilled nursing facilities and exited the operations of one leased skilled nursing facility located in Texas. Genesis previously exited the operations of one additional leased facility, leaving seven remaining skilled nursing facilities under operation in Texas, which are expected to be sold in the fourth quarter of 2018.
\r\n\r\nAggregate annual revenue and EBITDA of all 24 facilities approximates $175 million and $7 million, respectively. Upon the complete exit from the state of Texas, Genesis estimates these transactions will result in the reduction of approximately $94 million of indebtedness.
\r\n\r\n“We are constantly reviewing our portfolio with an emphasis on divesting underperforming assets or assets in non-strategic markets,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “This deleveraging transaction will allow for additional focus on our core markets and will strengthen our overall portfolio,” noted Hager.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 400 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nForward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into a voting agreement, and the voting group’s interests may conflict with the interests of other stockholders;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n\r\n• we are a “controlled company” within the meaning of New York Stock Exchange (NYSE) rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements.
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-completed-divestiture-16-facilities"}}},{"node":{"field_happening_s_date":"2018-06-27","field_link_to_the_page":null,"title":"Eight Genesis HealthCare Centers Earn 2018 Bronze National Quality Awards","body":{"value":"
Kennett Square, PA – Genesis HealthCare, one of the largest post-acute care providers in the United States, today announced that eight of its centers have been recognized as a 2018 recipients of the Bronze – Commitment to Quality Award for their commitment to improving the lives of residents through quality care. The distinction is the first of three progressive award levels through the National Quality Award Program, presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL), the leading association for long term and post-acute care. The program honors association members across the country that have demonstrated their dedication to improving quality of care for seniors and persons with disabilities.
\r\n
\r\nThe eight Genesis centers receiving the Bronze honor are:
\r\n
\r\nChapel Manor, Philadelphia, Pennsylvania
\r\nCourtyard Nursing Care Center, Medford, Massachusetts
\r\nCumberland Village, La Follette, Tennessee
\r\nNaamans Creek Country Manor, Boothwyn, Pennsylvania
\r\nOceanside Center, Hampton, New Hampshire
\r\nPark Place Center, Monmouth Junction, New Jersey
\r\nRiverstreet Manor, Wilkes-Barre, Pennsylvania
\r\nTroy Hills Center, Parsippany, New Jersey
\r\n
\r\n“We are proud of our eight centers that have been honored for their commitment to improving quality,” said George V. Hager, Jr., Chief Executive Officer of Genesis HealthCare. “Working together to reach this milestone has made our team even better. We will not stop improving.”
\r\n
\r\nThe National Quality Award Program, established by AHCA/NCAL in 1996, is based on the core values and criteria of the Baldrige Performance Excellence Program, which also serves as the foundation for the metric-based AHCA/NCAL Quality Initiative. The Baldrige framework helps organizations among different business sectors improve organizational effectiveness and achieve strategy-driven performance.
\r\n
\r\nThe Award Program has three levels: Bronze, Silver, and Gold. Providers begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision, mission statement, and key strengths and challenges. Bronze applicants must also demonstrate their ability to implement a performance improvement system. Trained Examiners review each Bronze application to determine if the center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality Award, Genesis HealthCare’s eight centers may now move forward in developing approaches and achieving performance levels that meet the Silver - Achievement in Quality Award criteria.
\r\n
\r\n“I applaud Genesis HealthCare’s eight centers for taking this important step towards quality improvement,” said the AHCA/NCAL National Quality Award Board of Overseers Chair Alana Wolfe. “I encourage these centers to continue on their path to achieving superior outcomes.”
\r\n
\r\nThe awards will be presented during AHCA/NCAL’s 69th Annual Convention and Exposition in San Diego, California, October 7-10, 2018.
\r\n
\r\n###
\r\n
\r\nABOUT GENESIS HEALTHCARE
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com
\r\n
\r\nABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 13,600 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
\r\n
\r\n
\r\n
\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/eight-genesis-healthcare-centers-earn-2018-bronze-national-quality"}}},{"node":{"field_happening_s_date":"2018-04-23","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE SELLS 51% STAKE IN CHINESE SUBSIDIARY GRS-HS TO RISWEIN HEALTH INDUSTRY INVESTMENT CO., LTD","body":{"value":"
KENNETT SQUARE, PA – (April 23, 2018) – Genesis HealthCare (Genesis, or the Company) (NYSE: GEN), one of the largest post-acute care providers in the United States, today announced that has signed a definitive agreement to sell 51% of its subsidiary in China, referred to as GRS-HS, to Riswein Health Industry Investment Co., Ltd (Riswein) for $30 million. The transaction is expected to close in the first quarter of 2019 and is subject to regulatory and licensing approvals, and other customary conditions.
\r\n\r\nIn the coming weeks, GRS-HS will seek approval for a new, wholly owned foreign entity (WOFE) in China. GRS-HS expects the process to take about 9 months to complete. Upon formation of the WOFE, Riswein will invest $30 million for a 51% stake in the WOFE and GRS-HS will own the remaining 49%. In the interim, Riswein will lend GRS-HS $5 million, which will fund operating expenses during the WOFE approval process. Riswein and GRS-HS will use the $30 million to further fund expansion in China.
\r\n\r\n\r\n\r\n
Genesis first announced its expansion into China in May 2015. Now called GRS-HS, the Company currently provides rehabilitation therapy services in 12 facilities in Hong Kong, Guangzhou, various cities in Zhejiang, Shanghai, Beijing and Qinhuangdao. “We have made significant headway introducing rehabilitation to China,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “We are excited to partner with Riswein, who with their local resources and expertise will help us take GRS-HS to the next level.”
\r\n
\r\n\r\n
“The opportunities for rehabilitation in China are endless,” noted Lucy Han, Chief Executive Officer of Riswein. “As the Chinese population is aging, there is tremendous demand for rehabilitation services. We could not think of a better partner to help us expand rehabilitation services and design healthcare solutions throughout China.”
\r\n\r\n
\r\nAbout Genesis HealthCare
Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nForward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into a voting agreement, and the voting group’s interests may conflict with the interests of other stockholders;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n\r\n• we are a “controlled company” within the meaning of New York Stock Exchange (NYSE) rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements.
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2017, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-sells-51-stake-chinese-subsidiary-grs-hs-riswein"}}},{"node":{"field_happening_s_date":"2018-04-11","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES PLANNED DIVESTITURE OF FACILITIES IN TEXAS","body":{"value":"
KENNETT SQUARE, PA – Genesis HealthCare (Genesis, or the Company) (NYSE: GEN), one of the largest post-acute care providers in the United States, today announced it has signed a definitive agreement to sell 23 Texas skilled nursing facilities (22 buildings owned by Genesis and one leased) to Regency REIT, LLC. The transaction is expected to close on or about July 1, 2018 and is subject to additional due diligence, regulatory and licensing approvals, and other customary conditions.
\r\n\r\nGenesis currently operates or manages a total of 24 facilities in the state of Texas. In addition to the 23 facilities expected to be divested in the Regency transaction, Genesis also plans to exit the operations of an additional leased skilled nursing facility. Aggregate revenue and EBITDA of all 24 facilities totaled approximately $173.7 million and $7.4 million, respectively, in 2017. Genesis estimates these transactions will result in the reduction of approximately $97 million of indebtedness and $1.8 million of annual cash lease expense. Closing of both transactions would mark the Company’s complete exit of its inpatient business in the state of Texas.
\r\n\r\n“We are constantly reviewing our portfolio with an emphasis on divesting underperforming assets or assets in non-strategic markets,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “This deleveraging transaction will allow for additional focus on our core markets and will strengthen our overall portfolio,” noted Hager.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nForward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals. Moreover, annual payment caps that limit the amounts that can be paid for outpatient therapy services rendered to any Medicare beneficiary may negatively affect our results of operations;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into a voting agreement, and the voting group’s interests may conflict with the interests of other stockholders;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n\r\n• we are a “controlled company” within the meaning of NYSE rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements.
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-planned-divestiture-facilities-texas"}}},{"node":{"field_happening_s_date":"2018-03-14","field_link_to_the_page":null,"title":"GENESIS TO PRESENT AT THE BARCLAYS GLOBAL HEALTHCARE CONFERENCE ON MARCH 15, 2018; EXPECTS TO RELEASE FOURTH QUARTER AND YEAR END 2017 RESULTS ON MARCH 16, 2018","body":{"value":"
Kennett Square, PA – March 14, 2017 - Genesis HealthCare (NYSE:GEN) (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced that George V. Hager, Jr., Chief Executive Officer, is scheduled to present at the Barclays Global Healthcare Conference on Thursday, March 15, 2018 at 9:30 a.m. Eastern Time. The conference is being held at the Loews Miami Beach Hotel in Miami Beach, FL. A live webcast and replay of the Company’s presentation will be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n\r\nGenesis also announced that it expects to release its fourth quarter and year end December 31, 2017 results before the market opens on Friday, March 16, 2018. A conference call and webcast will be held on Friday, March 16, 2018 at 8:30 a.m. Eastern Time to discuss the results. To participate in the call, interested parties may dial (855) 849-2198 or listen to a live webcast and replay of the call on the Company’s website at http://www.genesishcc.com/investor-relations.
\r\n\r\n\r\n\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n###
\r\n\r\n\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-present-barclays-global-healthcare-conference-march-15-2018"}}},{"node":{"field_happening_s_date":"2018-03-06","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CLOSES ON PREVIOUSLY ANNOUNCED FINANCING COMMITMENTS","body":{"value":"
Kennett Square, Pa. – Genesis HealthCare (NYSE: GEN) (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced it has closed on its previously announced $555 million asset based lending (ABL) facility and the amended and expanded term loan which includes an additional $40 million tranche.
\r\n\r\nNew Asset Based Lending Facility
\r\n\r\nOn March 6, 2018, Genesis closed on a $555 million ABL facility with MidCap Financial and Apollo Investment Corporation (NASDAQ: AINV). The new ABL credit facility has a five year term and proceeds were used to replace and repay in full the Company’s existing $525 million revolving credit facility that was scheduled to mature on February 2, 2020. With the closing of the new ABL facility, the Company is no longer subject to a forbearance agreement which was set to expire March 21, 2018.
\r\n\r\nTerm Loan
\r\n\r\nOn March 6, 2018, the Company also closed on an agreement with affiliates of Welltower, Inc. and Omega Healthcare Investors, Inc. to amend and expand the Company’s existing $124 million term loan agreement. The amendment provides, among other things, (1) a new $40 million term loan tranche, (2) changes to interest rate margins applicable to the loans, and (3) the elimination of any principal amortization prior to maturity. Proceeds from the new $40 million tranche will be used for general corporate purposes.
\r\n\r\n“Closing the commitments is an important milestone in our restructuring plan,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “Together, the new ABL facility and expanded term loan provide us $70 million of added liquidity, improving our financial flexibility and extending the maturity of our ABL debt capital from 2020 under our previous facility to 2023.”
\r\n
\r\nAbout Genesis HealthCare
Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
About Midcap Financial
\r\n\r\nMidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. We provide a broad array of products intended to finance growth and manage working capital. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles. For more information, visit www.midcapfinancial.com.
\r\n\r\nMidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial Services, LLC employs all personnel and provides sourcing, due diligence and portfolio management services to MidCap FinCo Designated Activity Company pursuant to a services agreement. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management (NYSE: APO), pursuant to an investment management agreement.
\r\n\r\nAbout Apollo Investment Corporation
\r\n\r\nApollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. For more information, please visit www.apolloic.com.
\r\n\r\n\r\n\r\n
Forward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals. Moreover, annual payment caps that limit the amounts that can be paid for outpatient therapy services rendered to any Medicare beneficiary may negatively affect our results of operations;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of medicine laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into a voting agreement, and the voting group’s interests may conflict with the interests of other stockholders;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n\r\n• we are a “controlled company” within the meaning of NYSE rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements.
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-closes-previously-announced-financing-commitments"}}},{"node":{"field_happening_s_date":"2018-03-01","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE REGAINS COMPLIANCE WITH NYSE CONTINUED LISTING STANDARD","body":{"value":"
Kennett Square, Pa. – Genesis HealthCare (NYSE: GEN) (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced that it received written notification from the New York Stock Exchange (the “NYSE”) that it has regained compliance with the NYSE continued listing standard that requires a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period.
\r\n\r\nGenesis regained compliance after its closing share price on February 28, 2018 and its average closing share price for the 30 trading-day period ending February 28, 2018 both exceeded $1.00. Accordingly, Genesis has resumed compliance under this NYSE continued listing standard and the “.BC” indicator following the Company’s symbol “GEN” will be removed by the NYSE.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-regains-compliance-nyse-continued-listing-standard"}}},{"node":{"field_happening_s_date":"2018-02-21","field_link_to_the_page":null,"title":"GENESIS ANNOUNCES NEW FINANCING COMMITMENTS AND PROVIDES UPDATES TO PREVIOUSLY ANNOUNCED RESTRUCTURING PLANS","body":{"value":"
Kennett Square, Pa. – Genesis HealthCare (NYSE: GEN) (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced it has secured new financing commitments including a commitment for a new $555 million asset based lending (ABL) facility and an agreement for an amended and expanded term loan. The Company also provided an update on its previously announced master lease and loan restructurings that will substantially reduce annual cash fixed charges retroactively to January 1, 2018.
\r\n\r\nKey Highlights
\r\n\r\n· The new $555 million ABL facility extends the maturity of the to-be-replaced facility by three years through 2023, ensuring long-term access to working capital financing.
\r\n\r\n· A $40 million expansion of the Company’s existing $124 million term loan.
\r\n\r\n· The new ABL and term loan expansion together provide $70 million of increased liquidity over prior levels.
\r\n\r\n· Effective January 1, 2018, $54 million of permanent annual cash rent reductions are in place, representing an 11% reduction in 2017 cash rents.
\r\n\r\n· Effective February 15, 2018, annual cash interest reduced by over $8 million, representing a 10% reduction in cash interest obligations as compared to prior agreements.
\r\n\r\n· The Company expects to be in compliance with all financial covenants in its material lease and credit agreements as of December 31, 2017, subject to closing of financing commitments and amendments to other significant leases and credit agreements currently underway.
\r\n\r\n“I could not be more pleased with the progress on our financing and restructuring plans over the past three months,” said George V. Hager, Chief Executive Officer of Genesis. “The commitments we have received from new and existing credit partners signal strength and confidence in Genesis’ business plan and positions the Company for sustainable, long-term success. We look forward to providing updates as significant additional milestones are achieved.”
\r\n
\r\nClick here to view the entire release.
KENNETT SQUARE, PA – Genesis HealthCare today announced that George V. Hager, Jr., Chief Executive Officer and Tom DiVittorio, Chief Financial Officer, will present at the 36th Annual J. P. Morgan Healthcare Conference on Thursday, January 11, 2018 at 11:00 A.M. Pacific Time. The conference is being held at the Westin St. Francis Hotel in San Francisco, CA.
\r\nA live webcast and replay of the Company’s presentation will be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing centers and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 46 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n
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\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-36th-annual-j-p-morgan-healthcare"}}},{"node":{"field_happening_s_date":"2017-12-12","field_link_to_the_page":null,"title":"156 GENESIS HEALTHCARE SITES EARN NATIONAL QUALITY IMPROVEMENT RECOGNITION","body":{"value":"
[Kennett Square, PA] – December 11, 2017– Genesis HealthCare, one of the largest post-acute providers in the United States, today announced that 156 of its skilled nursing centers and senior living communities had earned Quality Initiative Goals set in place by the American Healthcare Association (AHCA) and National Center for Assisted Living (NCAL) Quality Initiative Recognition Programs. 153 Genesis-operated skilled nursing center achievers attained four or more of the eight outlined AHCA goals, and three Genesis-operated senior living community achievers attained two or more of the four outlined NCAL goals.
\r\n\r\n“Improving quality care as a profession requires dedication from many organizations,” said Mark Parkinson, President and CEO of AHCA/NCAL. “The program provides an opportunity to shine a spotlight on the progress that our members have made by achieving the Quality Initiative goals and improving care for individuals living in their communities. I commend their hard work.”
\r\n\r\nIn 2012, the Association launched the Quality Initiative as a national effort to build upon the existing work of the long-term and post-acute care profession. The initiative aims to further improve quality of care in skilled nursing centers and assisted living communities by challenging members with specific, measurable targets.
\r\n\r\n“This achievement overall represents not only improvement on a set of quality measures in these centers but also significant improvements in outcomes among the seniors they serve, such as fewer hospitalizations, more discharges back to the community and stopping the use of antipsychotics that can be harmful,” said Dr. David Gifford, AHCA/NCAL Senior Vice President of Quality and Regulatory Affairs. “We applaud these organizations for making a difference in the lives of their patients and residents.”
\r\n\r\n“We are so proud of our 156 Genesis HealthCare locations that have achieved quality improvement recognition by AHCA,” states George V. Hager, Jr., Genesis HealthCare Chief Executive Officer. “Our dedicated caregivers strive to provide high-quality care to our patients and residents every day, and we are thrilled that their efforts are recognized in this national forum.”
\r\n\r\nAHCA members have since made progress on a number of goals, notably, by achieving significant reductions in the use of antipsychotics and in hospital readmissions. Today, more than half of AHCA members nationwide have safely reduced the off-label use of antipsychotics by at least 30 percent, and 22 percent of AHCA members have reduced hospital readmissions by 30 percent.
\r\n\r\nA full list of achievers is available on the AHCA Quality Initiative Recognition Program website: https://www.ahcancal.org/quality_improvement/qualityinitiative/Pages/RecognitionProgram.aspx
\r\nand the NCAL Quality Initiative Recognition Program: https://www.ahcancal.org/ncal/quality/qualityinitiative/Pages/Recognition-Program.aspx
______________________________________________________________
\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n\r\n\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing centers and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/156-genesis-healthcare-sites-earn-national-quality-improvement"}}},{"node":{"field_happening_s_date":"2017-11-29","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE, INC. RECEIVES CONTINUED LISTING STANDARD NOTICE FROM THE NYSE - 11/29/2017","body":{"value":"
KENNETT SQUARE, PA – (November 29, 2017) – Genesis HealthCare (“Genesis”) (NYSE: GEN), one of the largest post-acute care providers in the United States, today announced that it received written notification from the New York Stock Exchange (the “NYSE”) on November 22, 2017 that it is not in compliance with the NYSE continued listing standard that requires a minimum average closing price of Genesis’ common stock of $1.00 per share over a consecutive 30 trading-day period (the “Notice”). The Company is, however, in compliance with the NYSE minimum market capitalization threshold of $50 million over a 30 trading-day period. Currently, Genesis’ market capitalization is more than double this threshold.
\r\n
\r\nReceipt of the Notice by Genesis is not a violation of the terms of, and does not constitute a default or event of default under, any of Genesis’ debt obligations, and will not impact the Company’s ability to finalize its recently announced restructuring plans. The Notice also has no immediate impact on the listing of Genesis’ common stock, which will continue to be listed and traded on the NYSE during the applicable cure period under the symbol “GEN,” subject to Genesis’ compliance with other continued listing requirements set forth in the NYSE Listed Company Manual.
Pursuant to NYSE rules, Genesis can regain compliance with the minimum share price requirement if, during the six-month cure period following receipt of the Notice, on the last trading-day of any calendar month, Genesis’ common stock has a closing share price and a 30 trading-day average closing share price of at least $1.00.
\r\n
\r\nGenesis will notify the NYSE on or before December 7, 2017 that it intends to cure the continued listing standard deficiency. “Reimbursement and occupancy challenges facing our entire industry have negatively impacted the Genesis HealthCare stock price and those of other providers in the industry,” noted George V. Hager Jr., Chief Executive Officer of Genesis. “We recently announced plans to restructure master leases and loans which, if fully consummated, we believe will result in a significantly strengthened capital structure for the Company and play a key role in long-term shareholder value. We are confident in our ability to address the listing standard deficiency.” In addition to previously announced restructuring plans relating to certain master leases and loans, Genesis is considering further options to cure this continued listing standard deficiency.
About Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing facilities and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
Forward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development, anticipated financing activities and anticipated demographic and supply-demand trends facing the industry. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
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These risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions and/or delays in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us and uncertainties regarding potential material changes to such reforms;
\r\n\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n\r\n• our success being dependent upon retaining key executives and personnel;
\r\n\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals. Moreover, annual payment caps that limit the amounts that can be paid for outpatient therapy services rendered to any Medicare beneficiary may negatively affect our results of operations;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of Medicare laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity, financial condition, and reputation;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• our issuance of debt securities that are convertible into our common stock could result in dilution of common stockholders’ percentage ownership of our company, if such debt securities are converted to common stock;
\r\n\r\n• we have entered into preliminary non-binding agreements with certain of our credit parties concerning a proposed long-term restructuring of certain master leases and loans (the Restructuring Plans) in an effort to develop a sustainable capital structure for us. However, there can be no assurance that the conditions necessary to achieve the fixed charge reductions contemplated in the Restructuring Plans will be met. If such fixed charge reductions are not realized it would have a material adverse effect on our liquidity and financial condition;
\r\n\r\n• we are presently operating under waivers of certain of our financial agreements and are engaged in discussions with the counterparties to the Revolving Credit Facilities to secure a 90-day forbearance agreement through late January 2018. There can be no assurance such waivers will be received in future periods, or whether a forbearance agreement will be executed by us and the counterparties to the Revolving Credit Facilities. In the event future waivers or forbearance agreements are not extended and our creditors accelerate our loan and lease obligations, it would have a material adverse effect on our liquidity and financial condition;
\r\n\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into a voting agreement, and the voting group’s interests may conflict with the interests of other stockholders;
\r\n\r\n• exposure to the credit and non-payment risk of our contracted customer relationships, including as a result from bankruptcy, receivership, liquidation, reorganization or insolvency, especially during times of systemic industry pressures, economic conditions, regulatory uncertainty and tight credit markets, which could result in material losses;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts;
\r\n\r\n• we are a “controlled company” within the meaning of NYSE rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements;
\r\n\r\n• no assurance can be given that we will be able to regain compliance with the NYSE continued listing standard regarding the minimum share price requirement or maintain compliance with other continued listing requirements set forth in the NYSE Listed Company Manual; and
\r\n• we could experience adverse consequences if our common stock ultimately were to be suspended from trading on, and delisted from, the NYSE for any reason, which could have an adverse effect on our restructuring plans, liquidity or financial condition, any of which could lead to difficulty maintaining business, financing and operational relationships.
The Company’s Annual Report on Form 10-K for the year ended December 31, 2016, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-inc-receives-continued-listing-standard-notice"}}},{"node":{"field_happening_s_date":"2017-10-20","field_link_to_the_page":null,"title":"AHCA/NCAL Elects New Board of Governors, Directors at Annual Convention in Las Vegas","body":{"value":"Las Vegas — Today, the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) elected AHCA’s Board of Governors and NCAL’s Board of Directors for the 2017/2018 term. Among the new officers, both boards selected new chairs for the coming year: Michael Wylie of Pennsylvania for the AHCA Board and Ashley Blankenship of Arkansas for the NCAL Board.
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“We are so grateful to be adding the passion and wisdom of this distinguished group of leaders to our respective Boards,” said AHCA/NCAL President and CEO Mark Parkinson. “Our mission to improve lives by providing solutions for quality care is more important than ever, and our field will benefit from Michael and Ashley’s guidance.”
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Wylie began serving on AHCA’s Board of Governors in 2012, most recently as Vice Chair. He is the Vice President of Development at Genesis HealthCare and a past chairman of the Board of Directors at the Pennsylvania Health Care Association. Prior to his role as Vice Chair of the AHCA Board of Governors, Michael served as Secretary/Treasurer and an At-Large Representative.
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The remaining members of AHCA’s newly-elected board include:
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• Deborah Meade of Georgia, Vice Chair
\r\n\r\n• Phil Fogg of Oregon, Secretary/Treasurer
\r\n\r\n• Tom Coble of Oklahoma, Immediate Past Chair
\r\n\r\n• Gary Kelso of Utah, Not-For-Profit Representative
\r\n\r\n• Phil Scalo of New Jersey, Independent Owner Representative
\r\n\r\n• Steven Cavanaugh of Virginia, Multifacility Representative
\r\n\r\n• Fred Benjamin of Illinois, Regional Multifacility Representative
\r\n\r\n• Greg Elliot of West Virginia, At-Large Representative
\r\n\r\n• Janet Snipes of Colorado, At-Large Representative
\r\n\r\n• Joseph Mitchell of Florida, At-Large Representative and
\r\n\r\n• Curtis Reese of California At-Large Representative
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The three ex-officio members on the AHCA Board of Governors include:
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• Dirk Anjewierden of Utah, Affiliated State Health Care Association (ASHCAE) Representative
\r\n\r\n• Peter Corless, Associate Business Member (ABM) Representative and
\r\n\r\n• Ashley Blankenship of Arkansas, NCAL Representative.
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NCAL also elected its Board of Directors today, including Blankenship as the new chair. She is the owner and vice president of operations at Southridge Village Assisted Living, which operates four assisted living facilities in Arkansas. She was elected to NCAL’s Board in 2010 and held the roles of Vice Chair, Secretary/Treasurer, and At-Large Representative. She also co-chaired the Independent Owner Assisted Living Council and chaired the Risk Management Work Group.
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The remaining members of NCAL’s Board of Directors include:
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• Helen Crunk of Nebraska, Vice Chair
\r\n\r\n• Gerald Hamilton of New Mexico, Secretary/Treasurer
\r\n\r\n• Chris Mason of Oregon, Immediate Past Chair
\r\n\r\n• Rod Burkett of Illinois, At-Large Representative
\r\n\r\n• David Chensvold of Iowa, At-Large Representative
\r\n\r\n• Lee Field of Washington, At-Large Representative
\r\n\r\n• Denise German of Kansas, At-Large Representative
\r\n\r\n• Steven Heaney of New Jersey, At-Large Representative
\r\n\r\n• Jay Leo of Oregon, At-Large Representative
\r\n\r\n• Mark Maxfield of Idaho, At-Large Representative
\r\n\r\n• Ed McMahon of Virginia, At-Large Representative
\r\n\r\n• Sean Mockbee of Arizona, At-Large Representative
\r\n\r\n• Mike Pochowski of New Jersey, At-Large Representative
\r\n\r\n• Travis Romano of Massachusetts, At-Large Representative
\r\n\r\n• Mary Savoy of Washington, D.C., At-Large Representative
\r\n\r\n• Gail Sheridan of Minnesota, At-Large Representative
\r\n\r\n• Veronica Sharpe of Washington, D.C., ASHCAE Vice President
\r\n\r\n• Heath Boddy of Nebraska, ASHCAE Representative and
\r\n\r\n• Shawn Scott of Medline Industries, ABM Representative.
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As the AHCA Chair, Wylie also serves as an ex-officio member on the NCAL Board.
\r\n\r\n“We are proud of this group of thoughtful leaders who bring their insight and diverse experience to the table at a time of incredible growth and change for assisted living,” said NCAL Executive Director Scott Tittle. “We look forward to our new board leading the assisted living profession successfully forward into the future.”
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Members of the AHCA Board of Governors are elected by the association’s governing body, the Council of States. The NCAL Board of Directors is elected by current members of the NCAL Board and by NCAL State Leaders or the NCAL State Leader’s proxy. Both boards hold elections for their members at the AHCA/NCAL Annual Convention.
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ABOUT AHCA/NCAL
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The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 13,500 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and development disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/ahcancal-elects-new-board-governors-directors-annual-convention-las"}}},{"node":{"field_happening_s_date":"2017-10-04","field_link_to_the_page":null,"title":"Public Announcement Concerning Merrimack Valley Center","body":{"value":"
SunBridge Healthcare, LLC, a subsidiary of Genesis Healthcare, LLC and d/b/a as Merrimack Valley Center, 55 Loon Hill Road, Dracut, MA 01826 intends to file with the Department of Public Health a Determination of Need Application to make a substantial capital expenditure by constructing a new skilled nursing facility consisting of 120 licensed beds at 55 Loon Hill Road, Dracut, MA 01826 with a maximum capital expenditure of $26,348,992. Any Ten Taxpayers of Massachusetts may register in connection with the intended Application no later than November 13, 2017 or thirty (30) days after the filing date by contacting the Department of Public Health Determination of Need Program, 250 Washington Street, 6th Floor, Boston, MA 02108.
\r\n"},"path":{"alias":"/about-us/press/press-releases/public-announcement-concerning-merrimack-valley-center"}}},{"node":{"field_happening_s_date":"2017-09-08","field_link_to_the_page":null,"title":"Genesis HealthCare Applauds Employee Response to Hurricane Harvey","body":{"value":"Genesis HealthCare, one of the nation’s largest providers of post-acute care, would like to thank the thousands of Genesis employees in Texas and around the country for the outpouring of support for fellow employees and residents impacted by Hurricane Harvey.
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Beginning August 24, 2017, Genesis made the difficult decision to evacuate 65 residents in Rockport, TX and 103 residents in Beaumont, TX. Residents were welcomed without incident to eight sister Genesis facilities in Texas, some as far as 200 miles away. Genesis also admitted an additional 35 patients from other skilled nursing providers.
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“The safety of our patients, residents and staff is always of the utmost importance,” said George V. Hager, Jr., CEO of Genesis HealthCare. “While it is never easy to carry out evacuations of this magnitude, hundreds of employees worked around the clock to ensure that everyone was transported safely, despite overwhelming devastation within their own personal lives.”
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Beyond Texas, Genesis employees from around the country stepped in to support their peers. In less than one week, employees donated approximately 10,000 paid time off hours and more than $40,000 through the Genesis Employee Foundation, which supports Genesis employees in need. Genesis will match donations made by employees through September 30, 2017. These valuable resources can be used to rebuild homes, communities, families, and in some cases… their whole lives.
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“In times of trouble, the true heart and soul of an organization can be witnessed,” noted Mr. Hager. “I am humbled by the employee response to Hurricane Harvey. Genesis employees have gone above and beyond in our mission to improve the lives we touch. The generosity, compassion and dedication to serving others – whether it be patients, residents or co-workers - is truly amazing. Thank you.”
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To donate to Genesis employees facing hardship due to Hurricane Harvey, please contact the Genesis Employee Foundation at 610-925-2121.
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About Genesis HealthCare
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Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing centers and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-applauds-employee-response-hurricane-harvey"}}},{"node":{"field_happening_s_date":"2017-06-28","field_link_to_the_page":null,"title":"Six Genesis HealthCare Centers Receive Bronze National Quality Award","body":{"value":"
(Kennett Square, PA) – Genesis HealthCare, one of the nation’s largest providers of post-acute care, today announced that six of its Centers have been recognized as 2017 recipients of the Bronze – Commitment to Quality Award for their dedication to improving the lives of patients and residents through quality care. The award is the first of three distinctions possible through the AHCA/NCAL National Quality Award Program, which honors long-term and post-acute care providers that have demonstrated their commitment to improving the quality of care for seniors and persons with disabilities.
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“Bronze award recipients advance our mission of improving lives by delivering solutions for quality care,” said Mark Parkinson, President and CEO of AHCA/NCAL. “We applaud their efforts to enrich the lives of those in the long term and post-acute care communities we serve.”
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“We are proud of our six centers that have been recognized for the hard work and quality of care their teams provide every day,” said George V. Hager, Jr., CEO of Genesis HealthCare. “Our centers are committed to ongoing quality improvement and to providing high-quality care to all those we care for throughout the United States.”
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The 6 Genesis centers receiving the Bronze honor are:
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Cedar Ridge Center, Sissonville, West Virginia
\r\n\r\nHackett Hill Center – Manchester, New Hampshire
\r\n\r\nHampshire Center, Romney, West Virginia
\r\n\r\nMadison Center, Morgantown, West Virginia
\r\n\r\nLaurel Center, Hamburg, Pennsylvania
\r\n\r\nMifflin Court (Senior Living), Shillington, Pennsylvania
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Implemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program, which is also the foundation of the metric-based AHCA/NCAL Quality Initiative. The Baldrige program helps organizations in different business sectors improve and achieve performance excellence.
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The award program has three levels: Bronze, Silver, and Gold. Providers begin the quality improvement process at the Bronze level, where they develop an organizational profile with fundamental performance elements such as vision and mission statements and key strengths and challenges. Bronze applicants must also demonstrate their ability to implement a performance improvement system. Trained Examiners review each application to determine if the center has met the demands of the criteria. Recipients may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality Award. A full list of the recipients is available on the AHCA/NCAL Quality Awards website here.
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“We congratulate this year’s Bronze award recipients and look forward to offering continued support and guidance on their journey to improve quality care,” said AHCA/NCAL National Quality Award Board of Overseers Chair Alana Wolfe. “The dedication and focus on quality that each organization has shown garners recognition. It will serve their patients and residents well.”
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The National Quality Award Program is sponsored by AHCA/NCAL Associate Business Members: First Quality, National Research Corporation, and Team TSI Corporation. The awards will be presented during AHCA/NCAL’s 68th Annual Convention and Exposition in Las Vegas, Nevada, October 15-18, 2017.
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ABOUT AHCA/NCAL
\r\n\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 13,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing centers and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/six-genesis-healthcare-centers-receive-bronze-national-quality-award"}}},{"node":{"field_happening_s_date":"2017-06-16","field_link_to_the_page":null,"title":"Genesis HealthCare Finalizes Agreement With U.S. Department of Justice","body":{"value":"
Genesis HealthCare, one of the nation’s largest providers of post-acute care, has finalized its previously reported agreement with the U.S. Department of Justice and related government agencies to resolve a legacy Sun Healthcare therapy matter in Georgia, a Skilled Healthcare therapy matter related to certain facilities in the Midwestern United States and a Skilled Healthcare hospice matter related to the Las Vegas Creekside Hospice False Claims Act litigation pending in federal court. A Skilled Healthcare legacy investigation related to staffing in certain California facilities arising from a state court action in 2010 was also resolved.
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Genesis executed the settlement on June 9, 2017 and will pay $53.6 million, including interest.
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Genesis denies the allegations in these legacy matters that arose prior to the acquisition of Sun Healthcare in 2012 and the combination with Skilled Healthcare in 2015. Genesis operates in a heavily regulated industry and is pleased to resolve these legacy matters acquired in the Sun Healthcare and Skilled Healthcare transactions.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 450 skilled nursing centers and assisted/senior living communities in 30 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-finalizes-agreement-us-department-justice"}}},{"node":{"field_happening_s_date":"2017-04-27","field_link_to_the_page":"http://media.mcknights.com/documents/292/mltcn_executivedecisions_0417_72918.pdf","title":"McKnights: When Interest Align","body":{"value":""},"path":{"alias":"/about-us/press/press-releases/mcknights-when-interest-align"}}},{"node":{"field_happening_s_date":"2017-03-08","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the Barclays Global Healthcare Conference on March 16, 2017","body":{"value":"
KENNETT SQUARE, PA – (March 8, 2017) – Genesis HealthCaretoday announced that George V. Hager, Jr., Chief Executive Officer, and TomDiVittorio, Chief Financial Officer, are scheduled to host a fireside chat atthe Barclays Global Healthcare Conference on Thursday, March 16, 2017 at 9:30a.m. Eastern Time. The conference is being held at the Loews Miami BeachHotel in Miami Beach, FL.
\r\n\r\nA live webcast and replay of the Company’s fireside chatwill be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n\r\n\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holdingcompany with subsidiaries that, on a combined basis, comprise one of thenation’s largest post-acute care providers with approximately 500 skillednursing centers and assisted/senior living communities in 34 states nationwide.Genesis subsidiaries also supply rehabilitation and respiratory therapy toapproximately 1,700 healthcare providers in 45 states and the District ofColumbia. References made in this release to “Genesis,” “the Company,”“we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of itswholly-owned companies. Visit our website at www.genesishcc.com.
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###
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-barclays-global-healthcare-conference"}}},{"node":{"field_happening_s_date":"2017-02-27","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RAISES OVER $254,000 AS A GOLD LEVEL NATIONAL TEAM FOR ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S®","body":{"value":"
[KENNETT SQUARE, PA] - More than 280 teams from Genesis HealthCare joined the Alzheimer’s Association’s Walk to End Alzheimer’s®and united in a movement to reclaim the future for millions. Participants for the Gold Level National Team raised more than $254,000 to fund Alzheimer's Association care, support and research programs.
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“I was inspired by Genesis HealthCare participants joining in the fight against Alzheimer’s disease at the Walk to End Alzheimer’s,” said Chief Executive Officer George V. Hager, Jr. “With the funds raised, the Alzheimer’s Association will be able to provide much needed education, support services and care to families affected by this devastating disease, as well as fund critically-needed Alzheimer’s research.”
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Alzheimer’s disease is a growing epidemic and the sixth-leading cause of death. As baby boomers age, the number of individuals living with Alzheimer’s disease will rapidly escalate. The dedication of Genesis HealthCare will help the Alzheimer’s Association continue to move forward with its vision of a world without Alzheimer’s. For more information, visit www.alz.org.
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Alzheimer's Association Walk to End Alzheimer’s®
\r\n\r\nThe Alzheimer’s Association Walk to End Alzheimer’s is the world’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in the Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s – the nation’s sixth-leading cause of death.
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\r\n\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
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About Genesis HealthCare
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Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at genesishcc.com.
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\r\n\r\nThe Alzheimer’s Association is the leading voluntary health organization in Alzheimer’s care, support and research. Our mission is to eliminate Alzheimer’s disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health. Our vision is a world without Alzheimer’s. Visit alz.org® or call 800.272.3900.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-raises-over-254000-gold-level-national-team"}}},{"node":{"field_happening_s_date":"2017-02-15","field_link_to_the_page":null,"title":"Sandia Ridge Center Launches New Mental Health and Recovery Unit","body":{"value":"
(Albuquerque, NM) – Sandia Ridge Center, a 136-bed skilled nursing center operated by Genesis HealthCare, is opening a new Mental Health Recovery unit in an important clinical collaboration with the University of New Mexico Health System.
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Over the past year, Genesis and UNM have developed a variety of new clinical programs across New Mexico aimed at improving patient care and making the transition from the hospital to a post-acute care facility more efficient.
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The new 26-bed Mental Health and Recovery Unit at Sandia Ridge offers patients with mental health conditions a robust, recovery-based program of services provided by a highly trained, knowledgeable team working together with UNM mental health specialists.
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“We are thrilled to collaborate with UNM specialists to bring the first Mental Health and Recovery Unit to New Mexico,” said Dave Almquist, Genesis executive vice president and president of the company’s West Division.
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“This specialized program addresses an unmet need in the Albuquerque community,” he added. “Patients with mental health conditions often are discharged unsuccessfully from the hospital or other care setting to the community and require re-hospitalization. Our Mental Health and Recovery program is focused on helping our patients manage their disease and live in a physically and emotionally healthy manner.”
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Paul B. Roth, MD, MS, Chancellor for Health Sciences and CEO of the UNM Health System, said the new unit will enhance the ability of UNM clinicians to meet the mental health needs of New Mexico residents.
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“This new collaboration with Genesis focused on mental health is a unique and innovative care model,” Roth said. “This is a great opportunity to leverage the expertise of our physicians and providers with a national leader in skilled nursing to create a new level of care in our community.”
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Genesis is New Mexico’s largest post-acute care provider, operating 19 skilled nursing centers throughout the state. Ten of its skilled nursing centers are located in the Albuquerque metropolitan area.
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The new unit will tailor services to each person’s unique needs. The focus is on wellness and recovery, based on the premise that people with mental health conditions can – and do – recover from the effects of their illnesses.
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UNM psychiatrist Davin Quinn, MD, will serve as the Mental Health Recovery Unit’s medical director. Quinn received his medical degree from Harvard Medical School and was fellowship trained in psychosomatic medicine at Massachusetts General Hospital. He is an associate professor and chief of the Division of Behavioral Health Consultation and Integration in UNM’s Department of Psychiatry & Behavioral Sciences.
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Quinn will be on-site at the unit each week to review care plans, perform evaluations and conduct educational rounding with unit staff.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that comprise one of the nation’s largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 health care providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nAbout UNM Health System
\r\n\r\nUNM Health System is the clinical arm of the UNM Health Sciences Center, New Mexico’s only academic health center. The Health System, which includes UNM Hospitals, UNM Comprehensive Cancer Center, UNM Sandoval Regional Medical Center and UNM Medical Group, Inc., is home to the state’s only Level I trauma center and offers a broad range of tertiary and quaternary care for patients with high-acuity needs. It also operates adult and child psychiatric programs. The Health System handles approximately 900,000 patient visits a year.
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Kennett Square, Pa. and Louisville, Ky. – Genesis HealthCare (Genesis) (NYSE:GEN) and Kindred Healthcare, Inc. (Kindred) (NYSE:KND), two of the largest providers of post-acute care in the nation, today announced a strategic clinical collaboration to improve quality, outcomes and care transitions across the post-acute continuum. This clinical collaboration brings together Genesis as the nation’s top skilled nursing facility provider and Kindred as one of the leading providers of rehabilitation and post-acute care in the United States with services that include home health, hospice, long-term acute care (LTAC) hospitals, inpatient rehabilitation hospitals and contract rehabilitation in acute and skilled facilities.
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“I am excited to embark on this new groundbreaking clinical relationship with Kindred,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “Under the new world of value-based purchasing, providers across the continuum need to collaborate to identify ways to provide the best care possible. Our relationship marks the first time the two largest providers of post-acute care are working together to pave the future for patients, payers and the healthcare system.”
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“Through this collaborative relationship, Kindred and Genesis will build upon our abilities to deliver quality, share best practices and improve care transitions in local markets across all post-acute settings in order to meet patients where and when they need care,” said Benjamin A. Breier, Kindred’s President and Chief Executive Officer. “Our future will be driven by collaborative efforts to deliver coordinated post-acute care with other providers, enabled by technology and data-driven care management capabilities. We believe that working with Genesis is an important step in driving effective patient-centered care solutions and proactively addressing the changing healthcare marketplace.”
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Genesis and Kindred will collaborate in order to develop and implement healthcare initiatives across the healthcare continuum with the specific goals to improve quality care, patient safety, efficiency and availability of healthcare services in the community. The collaboration will utilize the clinical expertise of both entities to align patient care across the continuum, but it does not limit each company’s relationships with other providers. A high priority will be placed on timely, efficient and safe care transitions for patients across post-acute care settings. The new relationship will include comprehensive data tracking and analysis on discharges, readmissions, length of stay, and other key quality and episode of care statistical information in order to develop evidence-based clinical protocols, quality standards and benchmarks to benefit patients.
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Genesis and Kindred also plan to work together to:
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Promote physician collaboration and integration to improve patient outcomes and the patient experience across the continuum of care;
\r\n\tSupport the development of post-acute care networks based on assessments of different patient populations and services in order to better meet evolving patient needs in the community;
\r\n\tIdentify ways to improve care and outcomes for specific patient populations, including sharing data, developing shared protocols and establishing best practices to care for these patients, in compliance with all applicable laws, including the Health Insurance Portability and Accountability Act;
\r\n\tIdentify ways to better understand population health and track patients’ episodes of care post-discharge, through improved information technology capabilities or otherwise; and
\r\n\tDevelop processes, guidelines and tools for post-acute care discharge planning and care transitions for patients and their families.
\r\n\tBoth Genesis and Kindred also offer unique non-core businesses that improve outcomes and further patient care which the other does not offer. For example, Genesis wholly owns CareerStaff Unlimited, a staffing firm, and Vitality to You, which provides in-home services through its Outpatient Therapy agencies, while Kindred offers AfterCare for post-discharge telephonic follow-up for LTAC hospitals and hundreds of home health and hospice operations. Both companies will look to leverage the others’ capabilities as needed.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE:GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to approximately 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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About Kindred Healthcare
\r\n\r\nKindred Healthcare, Inc., a top-90 private employer in the United States, is a FORTUNE 500 healthcare services company based in Louisville, Kentucky with annual revenues of approximately $7.2 billion(1). As of October 1, 2016, Kindred through its subsidiaries had approximately 102,200 employees providing healthcare services in 2,702 locations in 46 states, including 82 LTAC hospitals, 19 inpatient rehabilitation hospitals, 91 nursing centers, 19 sub-acute units, 647 Kindred at Home home health, hospice and non-medical home care sites of service, 104 inpatient rehabilitation units (hospital-based) and contract rehabilitation service businesses which served 1,740 non-affiliated sites of service. Ranked as one of Fortune magazine’s Most Admired Healthcare Companies for seven years, Kindred’s mission is to promote healing, provide hope, preserve dignity and produce value for each patient, resident, family member, customer, employee and shareholder we serve. For more information, go to www.kindredhealthcare.com. You can also follow Kindred on Twitter and Facebook.
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Revenues based upon Kindred consolidated revenues for the twelve months ended September 30, 2016.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-and-kindred-form-strategic-clinical-collaboration"}}},{"node":{"field_happening_s_date":"2017-01-09","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the J.P. Morgan Healthcare Conference on January 12, 2017","body":{"value":"Genesis HealthCare today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at the J.P. Morgan Healthcare Conference on Thursday, January 12, 2017 at 9:00 a.m. Pacific Time. The conference is being held at the Westin St. Francis Hotel in San Francisco, CA.
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A live webcast and replay of the Company’s presentation will be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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Kennett Square, Pa. – Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced that Robert A. “Mike” Reitz, Executive Vice President and Chief Operating Officer of the Company, will retire effective January 1, 2017. The Company also announced the appointment of Paul D. Bach as Chief Operating Officer – Genesis HealthCare effective January 1, 2017 to succeed Mr. Reitz.
\r\n\r\nFrom now until January 1, 2017, Mr. Reitz will remain in his current position. Beginning January 1, 2017, Mr. Reitz will support the Company on a limited project basis focused on the leadership transition and other strategic initiatives such as relationship development with acute care systems and performance improvement projects.
\r\n\r\n“Mike has spent over 40 years working in the long-term care industry, the last 25 years in service to Genesis,” notes George V. Hager, Jr., Chief Executive Officer of Genesis. “I’d like to thank Mike for his unparalleled commitment and dedication to Genesis. His leadership and wisdom have been a part of every major initiative we’ve undertaken in nearly three decades, and his influence on Genesis is far-reaching. In Mike’s own words, he ‘has chosen to make Genesis his life’s work.’ I am thrilled to say that we will continue to benefit from Mike’s involvement in key strategic opportunities for a period of time.”
\r\n\r\nMr. Bach, who has served the Company in various roles, including Executive Vice President, Senior Vice President, Regional Vice President, Regional Director and Nursing Home Administrator, has been a valuable member of the Genesis management team for more than 32 years. Most recently, Mr. Bach served as the Company’s Executive Vice President of the Mid-Atlantic/Southeast Division since 2009 and Senior Vice President of the Capital Region from 1997 to 2009.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE:GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-retirement-mike-reitz-executive-vice"}}},{"node":{"field_happening_s_date":"2016-11-07","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the Stephens Fall Investment Conference on November 8, 2016","body":{"value":"KENNETT SQUARE, PA – Genesis HealthCare (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at the Stephens Fall Investment Conference on Tuesday, November 8, 2016 at 10:00 a.m. Eastern Time. The conference is being held at the Lotte New York Palace Hotel in New York, NY.
\r\n\r\nA live webcast and replay of the Company’s fire-side chat will be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n\r\n\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-stephens-fall-investment-conference"}}},{"node":{"field_happening_s_date":"2016-11-02","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES NEW LEASES FOR 92 FACILITIES HISTORICALLY LEASED FROM WELLTOWER INC.","body":{"value":"Kennett Square, Pa. – Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced that it has entered into a lease with a new landlord for 64 of its skilled nursing facilities previously leased from Welltower Inc. (Welltower). The Company also plans to enter into a lease with another landlord for an additional 28 facilities currently leased from Welltower.
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\r\nOn November 1, 2016, Welltower sold the real estate of the 64 facilities to Second Spring Healthcare Investments (Second Spring), a joint venture formed by affiliates of Lindsay Goldberg LLC, a private investment firm, and affiliates of Omega Healthcare Investors, Inc., a real estate investment trust (REIT). Genesis will continue to operate the facilities pursuant to its new lease with affiliates of Second Spring effective November 1, 2016 and there will be no change in the operations of these facilities.
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\r\nThe 64 facilities had been included in the Company’s master lease with Welltower and were historically subject to 3.4% annual escalators, which were scheduled to decrease to 2.9% annual escalators effective April 1, 2017. Under the new lease with Second Spring, initial annual rent for the 64 properties is reduced approximately 5% to $103.9 million and annual escalators will decrease to 1.0% after year 1, 1.5% after year 2, and 2.0% thereafter. The more favorable lease terms are expected to reduce Genesis’ cumulative rent obligations through January 2032 by $297 million. As part of the transaction, Genesis issued a note totaling $51.2 million to Welltower, maturing in October 2020.
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\r\nOn November 2, 2016, in a separate transaction, Welltower announced that that it had entered into an agreement to sell the real estate of 28 additional facilities to a joint venture among Welltower, Cindat Capital Management Ltd., and Union Life Insurance Co., Ltd. Similar to the new lease with Second Spring, as part of the Welltower sale, Genesis expects to enter into a lease at closing of the sale, which is expected in the fourth quarter of 2016. Genesis will continue to operate the facilities pursuant to its new lease and there will be no change in the operations of these facilities.
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\r\nThe 28 facilities are currently included in the Company’s master lease with Welltower and have been subject to 3.4% annual escalators, which are scheduled to decrease to 2.9% annual escalators effective April 1, 2017. Under the new lease, the 28 properties’ initial annual rent is expected to be reduced by approximately 5% to $54.5 million and the annual escalators are expected to decrease to 2.0%. The more favorable lease terms are expected to reduce Genesis’ cumulative rent obligations by $143 million through January 2032. As part of the transaction, Genesis expects to issue a five-year note totaling $23.7 million to Welltower, a portion of which is expected to be convertible to common stock at approximately $4 per share. Upon completion of this transaction, Welltower would still lease to Genesis 114 skilled nursing and assisted/senior living facilities.
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\r\n“I am excited about these win-win transactions for all parties involved,” noted George V. Hager, Jr., Chief Executive Officer of Genesis. “This is a great example of the creative things we can accomplish with our partners to further strengthen our capital structure. For Genesis, the new leases lower year-one rent payments and fixed charges by $10.5 million and $8.1 million, respectively, reduce the burden of rent escalators and are significantly accretive in both the near and long term.”
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\r\nLindsay Goldberg is a private investment firm that manages approximately $13 billion of equity capital and focuses on partnering with family-owned and entrepreneur-led companies seeking a partner to help them actively build their businesses. Lindsay Goldberg has significant experience in the skilled nursing industry through its previous investment in Aviv REIT (Aviv). Lindsay Goldberg initially invested in Aviv in 2010 and, through a series of accretive follow-on investments, grew the business alongside management into one of the largest owners of skilled nursing and other healthcare related facilities in the United States. Aviv was taken public in March 2013 and merged with Omega in April 2015.
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\r\nOmega (NYSE: OHI) is a REIT providing financing and capital to the long-term healthcare industry with a particular focus on skilled nursing facilities located in the United States and United Kingdom. Omega owns over 900 facilities leased to over 80 operators.
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\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE:GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with approximately 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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\r\nForward-Looking Statements
\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue,” “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated business development and anticipated financing activities. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
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\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n• reductions in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n• reforms to the U.S. healthcare system that have imposed new requirements on us;
\r\n• revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;
\r\n• our success being dependent upon retaining key executives and personnel;
\r\n• it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n• recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals. Moreover, payment annual caps that limit the amounts that can be paid for outpatient therapy services rendered to any Medicare beneficiary may negatively affect our results of operations;
\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n• our physician services operations are subject to corporate practice of Medicare laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice, and contracts. These investigations and audits could result in adverse findings that may negatively affect our business, including our results of operations, liquidity and financial condition;
\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which could materially and adversely affect our results of operations, liquidity and financial condition;
\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses timely and completely;
\r\n• completed and future acquisitions may consume significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n• our potential issuance of debt securities that are convertible into our common stock could result in dilution of your percentage ownership of our company, if such debt securities are converted to common stock;
\r\n• we are subject to numerous covenants and requirements under our various credit and leasing agreements and a breach of any such covenants or requirements could, unless timely and effectively remediated, lead to default and potential cross default under such agreements;
\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into an extended voting agreement, and the voting group’s interests may conflict with the interests of other holders;
\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n• we are a “controlled company” within the meaning of NYSE rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements.
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\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2015, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016 when it is filed, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
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(Albuquerque, NM) – The University of New Mexico Health System (UNM) is teaming up with Genesis HealthCare (Genesis), one of the nation’s largest post-acute care providers, to improve local access to skilled nursing facilities, improve clinical outcomes and reduce hospital readmissions.
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\r\nUNM and Genesis announced an initiative to develop new clinical programs here in Albuquerque and across the state aimed at improving patient care and making the transition from the hospital to a post-acute care facility more efficient. The collaboration reflects a shift nationwide to value-based care focused on better health care outcomes and efficiencies, according to Dave Almquist, Genesis executive vice president and president of the company’s West Division.
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\r\n“After discharge from UNM Hospital, an acute care hospital, many of our patients are admitted to follow up health care facilities, like Genesis, for continued care” said Michael Richards, MD, executive physician-in-chief of the UNM Health System.
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\r\n“This collaboration will better coordinate patient access to post-acute treatment and ultimately improve patient outcomes through increased clinical coordination and physician oversight as patients transition to our centers,” Almquist said, adding that Genesis has been working closely with UNM over the last 12 months.
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\r\n“We are confident that by collaborating with UNM specialists, we will further improve patient outcomes and prevent unnecessary re-hospitalizations,” Almquist said.
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\r\nGenesis is the leading post-acute care provider in the state of New Mexico, operating 19 skilled nursing centers throughout the state. Ten of its skilled nursing centers are located in the Albuquerque metropolitan area.
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\r\nThrough the partnership, patients in the UNM Health System will have access to beds at Genesis locations 24/7, and Genesis will provide a customized and streamlined admissions process for UNM, officials said.
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\r\n“With this partnership, we will be able to build new clinical programs and improve access to care,” according to Richards. Genesis and UNM are working together to develop and offer post-acute clinical pathways and programs in the areas of orthopedics, pulmonary care, cardiac care, neurology, mental health and recovery at select Genesis centers throughout the state.
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\r\nUNM physicians will support these programs and assist Genesis in improving clinical outcomes for its patients and residents, Almquist said.
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\r\nThe first clinical collaboration will include the opening of a 26-bed behavioral health unit located in St. John Healthcare and Rehabilitation Center in Albuquerque. UNM physicians will provide psychiatric services to the new unit, which is expected to open later this year.
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\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation’s largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to “Genesis,” “the Company,” “we,” “us” and “our” refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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Kennett Square, Pa. – Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care, today announced it has successfully completed the refinancing of its term loan facility and entered into a series of amendments to its significant loan and lease agreements. The Company also announced an agreement in principle on terms of a settlement with the Department of Justice (the DOJ) and an extension of the lock-up for a majority of the shares of the Company’s common stock.
\r\n\r\nNew Term Loan Facility
\r\nOn July 29, 2016, Genesis entered into a new four year term loan agreement with HCRI Tucson Properties, Inc. (an affiliate of Welltower Inc.) / OHI Mezz Lender, LLC (an affiliate of Omega Healthcare Investors, Inc.) and Welltower Inc. as the administrative agent and collateral agent, respectively. The net proceeds of the new term loan, along with cash on hand, were used to repay in full the $156.5 million obligation, including a 2% prepayment penalty, under the prior term loan agreement dated December 3, 2012.
Borrowings under the new term loan agreement bear interest at a rate equal to the LIBOR rate (subject to a LIBOR floor of 1.00%) or an ABR rate (subject to a floor of 2.0%), plus in each case a specified applicable margin. The initial applicable margin for LIBOR rate loans is 13.0% per annum and the initial applicable margin for ABR rate loans is 12.0% per annum. At the Company’s election, with respect to either LIBOR or ABR rate loans, up to 2.0% of the interest may be paid either in cash or paid-in-kind. The new term loan contains no pre-payment penalty provision.
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\r\nRevolving Credit Facility Amendment
On July 29, 2016, Genesis also entered into an amendment regarding its Third Amended and Restated Credit Agreement dated February 2, 2015. The amendment modifies financial covenants to provide additional flexibility to the Company and its subsidiaries and increases the interest rate margin applicable to the revolving loans under the ABL credit agreement.
\r\n\r\nThe new margin for LIBOR loans increased (i) for Tranche A-1 loans, from a range of 2.75% to 3.25% to a range of 3.00% to 3.50%, (ii) for Tranche A-2 loans, from a range of 2.50% to 3.00% to a range of 3.00% to 3.50% and (iii) for FILO Tranche, from 5.00% to 6.00%. The new margin for base rate (calculated as the highest of the (i) prime rate, (ii) the federal funds rate plus 3.00%, or (iii) LIBOR plus the excess of the applicable margin between LIBOR loans and base rate loans) loans increased (i) for Tranche A-1 loans, from a range of 1.75% to 2.25% to a range of 2.00% to 2.50%, (ii) for Tranche A-2 loans, from a range of 1.50% to 2.00% to a range of 2.00% to 2.50% and (iii) for FILO Tranche, from 4.00% to 5.00%.
\r\n\r\nAmendment of Financial Covenants in Leases and Debt Agreements
\r\n\r\nCertain of the Company’s leases and debt agreements contain financial covenants. As previously reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, the Company anticipated it was likely to breach certain financial covenants in future periods. The Company has entered into amendments to its master leases with Welltower, Sabra Healthcare REIT, Inc., and Omega Healthcare Investors, Inc. and its bridge loan agreements with Welltower to reset the financial covenants under such agreements to current operating levels. All of these amendments reset financial covenants effective June 30, 2016 to levels with approximately a 20% to 25% cushion to current and projected EBITDA.
\r\n\r\n“We are very happy to close on these important agreements with our long-term credit partners, improving balance sheet strength and liquidity,” said George V. Hager, Jr., Chief Executive Officer of Genesis.
\r\n\r\nAgreement in Principle on Financial Terms of a Settlement with DOJ
\r\n\r\nIn July 2016, the Company and the DOJ reached an agreement in principle on the financial terms of a settlement regarding certain matters under investigation as well as matters that are the subject of pending litigation. Such matters pertain to allegations concerning federal and state healthcare fraud and abuse laws and regulations and are described more fully in the Company's Form 10-Q for the quarter ended March 31, 2016. The Company has agreed to the settlement in principle in order to resolve the allegations underlying these successor matters and to avoid the uncertainty and expense of litigation.
\r\n\r\nBased on the agreement in principle and in anticipation of the execution of final agreements and payment of a settlement amount of $52.7 million, the Company will record an additional loss contingency expense in the amount of $13.6 million in the second quarter of 2016, to increase its previously estimated and recorded liability. The Company expects to remit the settlement amount to the government over a period of five (5) years, once the agreement has been fully documented.
\r\n\r\nThe agreement in principle is subject to negotiation, completion and execution of appropriate implementing agreements, including a settlement agreement or agreements, which are expected to be finalized in the second half of 2016, and the final approval of the respective parties. There can be no assurance that the Company will enter into a final settlement agreement with the DOJ.
\r\n\r\nVoting Agreement
\r\n\r\nOn July 29, 2016, the holders of a majority of the voting power of the Company’s common stock entered into a Second Amended and Restated Voting Agreement pursuant to which they agreed to enter into an extended “lock-up” through July 31, 2017. Additional details can be found in the Company’s Form 8-K filed with the SEC on August 1, 2016.
\r\n\r\nSecond Quarter 2016 Earnings Announcement
\r\nGenesis will release results for the second quarter ended June 30, 2016 after the market closes on Thursday, August 4, 2016. A conference call and webcast will be held Friday, August 5, 2016 at 8:30 a.m. Eastern Time to discuss the results.
To participate in the call, interested parties may dial (855) 849-2198. Alternatively, interested parties may access the call in listen-only mode at http://www.genesishcc.com/investor-relations. A replay of the conference call will also be available after 11:00 a.m. Eastern Time at http://www.genesishcc.com/investor-relations.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nForward-Looking Statements
\r\n\r\nThis release includes “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as “may,” “will,” “project,” “might,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “continue,” “pursue”, “plans,” or “prospect,” or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, anticipated cost management, anticipated acquisitions, anticipated divestitures, anticipated business development, anticipated refinancing opportunities and other financing activities, anticipated synergies, the anticipated resolution of government investigations and litigation and anticipated compliance with covenants. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to, the following:
\r\n\r\n• reductions in Medicare or Medicaid reimbursement rates, or changes in the rules governing the Medicare or Medicaid programs could have a material adverse effect on our revenues, financial condition and results of operations;
\r\n\r\n• reforms to the U.S. healthcare system have imposed new requirements on us;
\r\n\r\n• revenue we receive from Medicare and Medicaid is subject to potential retroactive reduction;
\r\n\r\n• our success is dependent upon retaining key executives and personnel;
\r\n\r\n· it can be difficult to attract and retain qualified nurses, therapists, healthcare professionals and other key personnel, which, along with a growing number of minimum wage and compensation related regulations, can increase our costs related to these employees;
\r\n\r\n· recently enacted changes in Medicare reimbursements for physician and non-physician services could impact reimbursement for medical professionals. Moreover, payment annual caps that limit the amounts that can be paid for outpatient therapy services rendered to any Medicare beneficiary may negatively affect our results of operations;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• our physician services operations are subject to corporate practice of Medicare laws and regulations. Our failure to comply with these laws and regulations could have a material adverse effect on our business and operations;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs, such as the Department of Justice, and contracts. These investigations and audits could have adverse findings that may negatively affect our business, including our results of operations, liquidity and financial condition;
\r\n\r\n• significant legal actions, which are commonplace in our industry, could subject us to increased operating costs, which would materially and adversely affect our results of operations, liquidity and financial condition;
\r\n\r\n• insurance coverages, including professional liability coverage, may become increasingly expensive and difficult to obtain for health care companies, and our self-insurance may expose us to significant losses;
\r\n\r\n• failure to maintain effective internal control over financial reporting could have an adverse effect on our ability to report on our financial results on a timely and accurate basis;
\r\n\r\n• we may be unable to reduce costs to offset decreases in our patient census levels or other expenses completely;
\r\n\r\n• completed and future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities and integration risks;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease expense escalators, lease extensions, special charges and leases that are not economically efficient in the current business environment;
\r\n\r\n• our substantial indebtedness, scheduled maturities and disruptions in the financial markets could affect our ability to obtain financing or to extend or refinance debt as it matures, which could negatively impact our results of operations, liquidity, financial condition and the market price of our common stock;
\r\n\r\n• we are subject to numerous covenants and requirements under our various credit and leasing agreements and a breach of any such covenants or requirements could, unless timely and effectively remediated, lead to default and potential cross default under such agreements;
\r\n\r\n• the holders of a majority of the voting power of Genesis’ common stock have entered into an extended voting agreement, and the voting group’s interests may conflict with the interests of other holders;
\r\n\r\n• some of our directors are significant stockholders or representatives of significant stockholders, which may present issues regarding diversion of corporate opportunities and other potential conflicts; and
\r\n\r\n• we are a “controlled company” within the meaning of NYSE rules and, as a result, qualify for and rely on exemptions from certain corporate governance requirements.
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2015, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016 when it is filed, discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update its forward-looking statements or any of the information contained in this release. Investors are cautioned not to place undue reliance on these forward-looking statements.
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Kennett Square, PA – Genesis HealthCare, one of the nation’s largest post-acute care providers, announced today that it has named Stephen Saville as President of CareerStaff Unlimited, a subsidiary of Genesis HealthCare and a leading provider of healthcare staffing and workforce solutions for hospital systems, healthcare organizations and school systems across the United States.
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\r\nMr. Saville recently served as Executive Vice President and General Counsel for OGH, LLC, a holding company sponsored by Welsh Carson Anderson and Stowe, comprised of Onward Healthcare, Locum Leaders and Medefis. Mr. Saville also previously served as the President and CEO of Medefis, Senior Vice President of Onward Healthcare and was responsible for the organization’s mergers and acquisition activities.
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\r\n“Steve has a distinguished history in the healthcare staffing industry, having recently led Medefis and certain Onward operations,” said George Hager, Chief Executive Officer of Genesis HealthCare. “We are delighted that Steve will be leading CareerStaff now that we have decided to grow this business segment. I am confident that he will make significant contributions to the Company’s success.”
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\r\nMr. Saville has over twenty years of healthcare staffing experience. In addition to working at OGH, Medefis, and Onward Healthcare, he spent over nine years building HealthStaff Professionals as its Chief Operating Officer and General Counsel. Mr. Saville earned a BS in Business Administration and BA in Political Science from Cabrini College and a JD from Widener University School of Law. Mr. Saville is licensed to practice law in Pennsylvania and New Jersey. He currently serves as a Board member of the Delaware Health Information Network and the Delaware College Investment Plan.
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\r\n“I am extremely pleased to have been chosen for this opportunity,” commented Mr. Saville. “CareerStaff Unlimited has a rich tradition in the healthcare staffing industry and I look forward to working with the executive team to accelerate CareerStaff’s growth and create meaningful shareholder value.”
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\r\nAbout CareerStaff
\r\nCareerStaff Unlimited, one of the largest healthcare staffing companies in the United States, is an established leader in the professional nurse staffing industry. We connect hundreds of quality healthcare facilities across the country with the talented, experienced nursing professionals they need. With more than 15 years of nurse staffing leadership, we know you and we understand your needs. Our mission is to be the leading provider of nurse staffing solutions with focus on quality patient care and superior customer service. Visit our website at: http://www.careerstaffunlimited.com.
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\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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(Kennett Square, PA) - Genesis HealthCare, one of the nation’s largest providers of post-acute care, today announced that 12 of its Centers have been recognized as 2016 recipients of the Bronze – Commitment to Quality Award for their dedication to improving the lives of patients and residents through quality care. The award is the first of three distinctions possible through the National Quality Award Program, presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL), the leading association for long term and post-acute care. The program honors providers across the nation that have demonstrated their commitment to improving quality of care for seniors and persons with disabilities.
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\r\n“It’s an honor for these 12 centers to have been recognized for the hard work and quality of care their teams provides every day,” said George V. Hager, Jr., CEO of Genesis HealthCare. “We are committed to providing high-quality, person-centered care to our patients, residents and their families. We will never stop improving.”
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\r\nThe 12 Genesis centers receiving the Bronze honor are:
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\r\nAnsted Center - Ansted, WV
\r\nCrestview Center - Shelbyville, KY
\r\nDawnview Center - Fort Ashby, WV
\r\nFolkston Center - Folkston, GA
\r\nHighgate at Paoli Point - Paoli, PA
\r\nLofland Park Center - Seaford, DE
\r\nMaple Glen Center - Fair Lawn, NJ
\r\nPennsburg Manor – Pennsburg, PA
\r\nPhillipsburg Center - Phillipsburg, NJ
\r\nRenaissance Terrace - Harriman, TN
\r\nSummit Ridge – West Orange, NJ
\r\nTwin Oaks Center – Danvers, MA
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\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program, which is the foundation of the metric-based AHCA/NCAL Quality Initiative. The program assists providers of long term and post-acute care services in achieving their performance excellence goals.
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\r\nThe program has three levels: Bronze, Silver, and Gold. Providers begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision and mission statements and an assessment of customers’ expectations. Bronze applicants must also demonstrate their ability to implement a performance improvement system. Trained Examiners review each Bronze application to determine if the center has met the demands of the criteria. As a recipients of the Bronze - Commitment to Quality Award, these 12 Genesis centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality Award.
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\r\n“I applaud the women and men of these 12 Genesis centers for their commitment to improve quality care,” said the AHCA/NCAL National Quality Award Board of Overseers Chair Christine Boldt. “This award is the first step in a program that serves as an essential guide to performance excellence. I encourage them to continue their quality journey.”
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\r\nThe awards will be presented during AHCA/NCAL’s 67th Annual Convention and Exposition in Nashville, Tennessee, October 16-19, 2016.
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\r\nABOUT AHCA/NCAL
\r\nThe American Health Care Association and National Center for Assisted Living (AHCA/NCAL) represent more than 13,000 non-profit and proprietary skilled nursing centers, assisted living communities, sub-acute centers and homes for individuals with intellectual and developmental disabilities. By delivering solutions for quality care, AHCA/NCAL aims to improve the lives of the millions of frail, elderly and individuals with disabilities who receive long term or post-acute care in our member facilities each day. For more information, please visit www.ahca.org or www.ncal.org.
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\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com
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Kennett Square, Pa. – Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has completed the previously announced divestiture of the majority of its home health and hospice operations. The operations were sold to Compassus, a nationwide network of community-based hospice and palliative care programs, for $72.0 million in cash and a short-term $12.0 million promissory note.
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\r\nThe hospice and home health operations, which were acquired via its February 2015 combination with Skilled Healthcare, are located in California, Idaho, Montana, and New Mexico. In 2015, Genesis’ home health and hospice businesses had aggregate revenue and EBITDA totaling approximately $70 million and $9 million, respectively.
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\r\nGenesis intends to use the sale proceeds to repay indebtedness.
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\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies.
\r\n
\r\nVisit our website at www.genesishcc.com.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-completes-divestiture-home-health-and-hospice"}}},{"node":{"field_happening_s_date":"2016-04-07","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE NAMES RICHARD A. FEIFER, MD, MPH, FACP AS CHIEF MEDICAL OFFICER OF ITS PHYSICIAN SUBSIDIARY","body":{"value":"
Genesis HealthCare, one of the nation’s largest providers of post-acute rehabilitation, announced today that it has named Richard A. Feifer, MD, MPH, FACP as Chief Medical Officer of Genesis Physician Services (GPS). In this newly created position, Dr. Feifer will lead a team of nearly 400 full- and part-time physicians and nurse practitioners who provide more than 600,000 visits annually to residents and patients of Genesis HealthCare.
\r\n
\r\nPrior to joining Genesis, Dr. Feifer served as Aetna’s Chief Medical Officer of National Accounts. He led Clinical Consulting, Strategy, and Analysis, which helped our nation’s largest employers improve the health and productivity of their members. Before Aetna, Dr. Feifer served as Vice President of Clinical Program Innovation and Evaluation at Medco, where he was responsible for the organization’s portfolio of care enhancement programs.
\r\n
\r\nA graduate of Brown University and the University of Pennsylvania School of Medicine, Dr. Feifer is a board-certified internist with experience in primary care, geriatrics, and urgent care medicine at the Fallon Clinic. He received his MPH in Health Services Management from Columbia University, and is currently an Assistant Clinical Professor at the University of Connecticut.
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\r\n“We are thrilled to have Dr. Feifer join the management team at Genesis,” states Chief Executive Officer, George V. Hager, Jr. “Dr. Feifer’s professional focus and passion is in the design, implementation, evaluation, and communication of strategies to optimize population health, and to improve the quality and efficiency of healthcare. Given his area of expertise, he will be integral to our efforts to actively transition from volume-based, fee for service to value-based care and reimbursement.”
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\r\n“Genesis is already participating in multiple value-based purchasing initiatives including the Bundled Payment for Care Improvement and the Medicare Shared Savings Program under GPS,” continues Mr. Hager. “Dr. Feifer’s addition to our team further differentiates us in our ability to lead this value-based evolution as innovative solutions and collaborations will be vitality important to the success of these value-based initiatives.”
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\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
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\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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KENNETT SQUARE, PA – Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at the Barclays Global Healthcare Conference on Wednesday, March 16, 2016, at 4:20 p.m. Eastern Time. The conference is being held at the Loews Miami Beach Hotel in Miami, FL.
\r\n\r\nA copy of the presentation will be made available on the Company’s web site at www.genesishcc.com/investor-relations prior to Genesis HealthCare’s scheduled appearance. A live webcast and replay will also be available on the Company’s website at www.genesishcc.com/investor-relations.
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About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 locations in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-barclays-global-healthcare-conference-0"}}},{"node":{"field_happening_s_date":"2016-03-09","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE SIGNS AGREEMENT TO SELL HOME HEALTH AND HOSPICE OPERATIONS","body":{"value":"
Kennett Square, Pa. – March 9, 2016 - Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has signed an agreement with Compassus, a nationwide network of community-based hospice and palliative care programs, to sell the majority of Genesis’ home health and hospice operations for $84 million. The transaction is expected to close within the next 90 days, subject to regulatory approvals and other customary closing conditions.
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\r\nGenesis’ home health and hospice operations, which were acquired via its February 2015 combination with Skilled Healthcare, are located in California, Idaho, Montana, and New Mexico. In 2015, Genesis’ home health and hospice businesses had aggregate revenue and EBITDA totaling approximately $70 million and $9 million, respectively. Any remaining hospice operations in Arizona and Nevada will be closed.
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\r\n“Home health and hospice services are non-strategic businesses for Genesis to operate at this time, and we believe we can better allocate the capital by de-levering our balance sheet,” stated George V. Hager, Jr., Chief Executive Officer of Genesis. “We are pleased that our home health and hospice businesses will join a respected, quality provider like Compassus.”
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\r\nGenesis continues to look strategically to monetize other non-strategic assets, that including the home health and hospice businesses, are expected to generate $100 million to $150 million of after tax cash proceeds. Genesis intends to use the sale proceeds to repay indebtedness.
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“We are excited to welcome Genesis’ home health and hospice businesses to the Compassus family as we share very similar missions and values,” said James Deal, Compassus CEO. “As Compassus continues to grow, this further strengthens our ability and desire to provide greater access to a continuum of high-quality post-acute care, including hospice, palliative, and home health care services to even more patients, families and the health care professionals who serve them.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
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About Compassus
\r\nCompassus is a nationwide network of community-based post-acute care services primarily focused on hospice, palliative and home health care. Based in Nashville, Tenn., the company opened its first hospice in 1979 and will operate more than 165 programs in 30 states across the U.S. The mission of Compassus is to honor life and offer hope to individuals facing serious or terminal illness by supporting them with a common culture focused on three core values: Compassion, Integrity, and Excellence. Compassus employs more than 4,000 colleagues. Our primary goals are to provide the highest quality post-acute home health, hospice and palliative care in every community we serve, and to be both the provider and employer of choice. For more information please visit compassus.com, follow the company on Facebook or call (877) 377-1607.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-signs-agreement-sell-home-health-and-hospice"}}},{"node":{"field_happening_s_date":"2016-02-10","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RAISES NEARLY $255,000 AS GOLD NATIONAL TEAM FOR ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S®","body":{"value":"
[Kennett Square, PA] – Genesis HealthCare, one of the largest post-acute care providers in the United States, announced today that the company raised nearly $255,000 in 2015 to support the Alzheimer’s Association Walk to End Alzheimer’s® as a Gold National Team. The Walk to End Alzheimer’s is the nation’s largest event to raise awareness and funds for Alzheimer’s Association care, support and research programs. Last year, Genesis HealthCare employees from 265 of its more than 500 centers across the country, as well as the regional and corporate offices, came together to raise funds for this important cause.
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\r\nThe Walk to End Alzheimer’s is more than a walk. It is an inspiring experience that calls on participants to unite in a movement to reclaim the future for millions. Participants learn about Alzheimer’s disease and how to get involved with this critical cause, from advocacy opportunities, the latest in Alzheimer’s research and clinical trials and support programs and services.
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\r\n“I was inspired by all of the Genesis HealthCare participants who joined in the fight against Alzheimer’s disease through the Walk to End Alzheimer’s,” shares Chief Executive Officer George V. Hager, Jr. “With nearly $255,000 raised by Genesis, the Alzheimer’s Association will be able to provide much needed education, support services and care to families affected by this devastating disease, as well as fund critically-needed Alzheimer’s research.”
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\r\nAlzheimer’s disease is a growing epidemic and the nation’s sixth-leading cause of death. As baby boomers age, the number of individuals living with Alzheimer’s disease will rapidly escalate. The dedication of Genesis HealthCare will help the Alzheimer’s Association continue to move forward with its vision of a world without Alzheimer’s.
\r\n
\r\nAbout the Alzheimer's Association Walk to End Alzheimer’s:
\r\nThe Alzheimer’s Association Walk to End Alzheimer’s is the nation’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in the Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s – the nation’s sixth-leading cause of death.
\r\n
\r\n___________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states, the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n
\r\nAbout the Alzheimer’s Association®
\r\nThe Alzheimer’s Association is the world’s leading voluntary health organization in Alzheimer's care, support and research. Our mission is to eliminate Alzheimer’s disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health. Our vision is a world without Alzheimer’s. For more information, visit alz.org.
\r\n
The Centers for Medicare & Medicaid Services (CMS) announced 121 new participants – representing 49 states and the District of Columbia – in an innovative initiative – Medicare Accountable Care Organizations (ACOs) – designed to improve the care patients receive in the health care system and lowers costs.
\r\n
\r\nKennett Square, Pennsylvania-based Genesis HealthCare ACO (affiliated with Genesis HealthCare (NYSE: GEN)) was selected as one of 100 new Medicare Shared Savings Program Accountable Care Organizations (ACOs), providing Medicare beneficiaries with access to high-quality, coordinated care across the United States, the Centers for Medicare & Medicaid Services (CMS) announced. That brings the total to 434 Shared Savings Program ACOs serving over 7.7 million beneficiaries.
\r\n
\r\nDoctors, hospitals and health care providers establish ACOs in order to work together to provide higher-quality coordinated care to their patients, while helping to slow health care cost growth. Genesis HealthCare ACO will be one of 434 ACOs participating in the Shared Savings Program as of January 1, 2016. Beneficiaries seeing health care providers in ACOs always have the freedom to choose doctors inside or outside of the ACO. ACOs receive a portion of the Medicare savings generated from lowering the growth in health care costs as long as they also meet standards for high quality care.
“People across America are going to be better cared for when they go to their health care providers, because these hospitals and providers have made a commitment to innovation, a commitment to change how they do business and care for patients,” HHS Secretary Sylvia Matthews Burwell said. “Medicare, and the health care system as a whole, is moving toward paying providers based on the quality, rather than just the quantity of care they give patients. The three new ACO initiatives that are being launched today mark an important step forward in this effort.”
\r\n\r\nSince ACOs first began participating in the program in early 2012, thousands of health care providers have signed on to participate in the program, working together to provide better care to Medicare’s seniors and people with disabilities. The new and renewing ACOs will bring approximately 15,000 additional physicians into the ACO program starting January 1, 2016.
\r\n
ACOs are delivering better care, and they continue to show promising results on cost savings. In 2014, they had a combined total net program savings of $411 million for 333 Medicare Shared Savings Program (Shared Savings Program) ACOs and 20 Pioneer ACOs. Based on 2014 quality and financial performance results for Shared Savings Program ACOs who started the program in 2012, 2013, and 2014, ACOs that reported in both 2013 and 2014 improved on 27 of the 33 quality measures, including patients’ ratings of clinicians’ communication, beneficiaries’ rating of their doctors, screening for tobacco use and cessation, screening for high blood pressure, and Electronic Health Record use. Shared Savings Program ACOs also outperformed group practices reporting quality on 18 out of 22 measures.
\r\n\r\nUltimately, this announcement is about delivering better care, spending dollars more wisely, and having healthier people and communities. ACOs drive progress in the way care is provided by improving the coordination and integration of health care, and improving the health of patients with a priority placed on prevention and wellness. More information about the Shared Savings Program is available at https://www.cms.gov/Medicare/Medicare-Fee-for-Service-Payment/sharedsavingsprogram/index.html?redirect=/sharedsavingsprogram/.
\r\n
\r\nFor a list of the new and renewing ACOs announced today, visit the Shared Savings Program News and Updates webpage: https://www.cms.gov/Medicare/Medicare-Fee-for-Service-Payment/sharedsavingsprogram/News-and-Updates.html.
####
\r\n"},"path":{"alias":"/about-us/press/press-releases/new-hospitals-and-health-care-providers-join-successful-cutting-edge"}}},{"node":{"field_happening_s_date":"2016-01-11","field_link_to_the_page":null,"title":"GENESIS REHAB SERVICES AND APOLLO EDUCATION GROUP TO ACCELERATE HEALTH CARE WORKFORCE TRAINING IN CHINA","body":{"value":"KENNETT SQUARE, Pa., and PHOENIX, Genesis Rehab Services (GRS), one of the nation’s largest providers of rehabilitation services and a division of Genesis HealthCare (NYSE:GEN), today announced it has joined forces with Apollo Education Group, Inc. (NASDAQ: APOL) to develop scalable rehabilitation therapy training programs in China. The programs are designed to prepare aspiring health care professionals to meet China’s growing therapy needs as the second largest health care market in the world.
\r\n
\r\n“China’s health care needs are expanding at an astonishing rate, and workforce training opportunities must keep pace with that growth,” states George V. Hager Jr., chief executive officer of Genesis HealthCare. “Apollo Education Group develops quality training programs that meet employer needs and leverages technology to innovate, which improves teaching and learning for employees. We believe their support in executing our talent development programs in China will allow GRS to excel at training the next generation of preventive health care leaders.”
\r\n
\r\nIn 2012, the Chinese Ministry of Health identified a significant shortage of rehab therapists to meet the needs of Chinese families and communities across the nation. They cited a deficit of at least 300,000 professionals compared to international standards[1]. GRS and Apollo Education Group look forward to helping narrow that gap with professional, trained therapists across the country.
\r\n
\r\nTo address China’s growing health care need, GRS opened a first-of-its-kind GRS Health Services Vitality Center in 2014 in Guangzhou, China, and introduced the people of China to the Western model of disease prevention, disease management, wellness, and rehabilitation care—including physical, occupational, speech and respiratory therapy. Its second Vitality Center opened in December in Hong Kong, and a third opening is planned for March. GRS has future Vitality Centers in various stages of planning and development.
\r\n
\r\n“GRS is leading a global charge to deliver world class health services to the people of China, and Apollo Education Group is uniquely positioned to support the training programs that will train their future workforce,” said Mitch Bowling, chief operating officer of Apollo Education Group, Inc. “Our expertise is in developing professional development and training programs that meet the needs of major employers. Our innovative approach to delivering curriculum through digital platforms allows Apollo Education Group to seamlessly complement GRS’ work to develop a highly-skilled health care workforce in China.”
\r\n
\r\nGRS will work with Apollo Education Group to convert existing rigorous content and traditional classroom-delivered lectures and activities into engaging online training experiences and inter-professional content. The newly created comprehensive training will reduce the amount of time participants spend in training and increase how quickly they become proficient with the content.
\r\n
\r\nIn addition to its online learning academy and its Vitality Centers, GRS-HS has expanded its other business lines over the past year to include hospital-based inpatient and outpatient rehabilitation services as well as facility-based transitional care rehab hospitals called Spring of Power Centers.
\r\n
\r\nIn May 2015, the GRS hospital division entered into a joint venture with Zhejiang Bang Er Medical Investment Management Co, LTD to provide inpatient and outpatient rehab services in their current 14 Zhejiang Bang Er orthopedic hospitals. This venture, the GRS-Bang Er Rehab Services Limited Company (GRS-Bang Er), opened its first location on Oct. 1, 2015, in the 150-bed Yuhang hospital. GRS-Bang Er plans to open hospital-based locations in Jiaxing and Jiangshan in January 2016; in Wuhu in February 2016; and in Yuyao in May 2016. The other existing nine Zhejiang Bang Er orthopedic hospitals are in various stages of planning and development for integrating rehabilitation locations, and GRS-Bang Er will open in these hospitals by the end of the third quarter 2016.
\r\n
\r\nGRS is also in negotiations with other private and government hospitals to bring additional inpatient and outpatient rehabilitation services to patients. These hospitals range in size from 150 to 1,000 beds.
\r\n
\r\nFor more information about GRS and Apollo Education Group, please visit www.genesisrehab.com and www.apollo.edu.
About Genesis Rehab Services
\r\nGenesis Rehab Services (GRS), a subsidiary of Genesis HealthCare (NYSE: GEN), is a leading provider of physical therapy, occupational therapy, speech therapy, respiratory therapy and wellness services. As one of the largest and strongest rehab organizations in the country, GRS partners with skilled nursing centers, assisted living facilities, independent living facilities, hospitals, home health companies, adult day care programs and outpatient clinics to provide comprehensive therapy services. GRS currently operates and staffs rehab gyms in 45 states and the District of Columbia. For more information about Genesis Rehab Services, visit www.genesisrehab.com. For more information about Genesis HealthCare, visit www.genesishcc.com.
\r\n
\r\nAbout Apollo Education Group, Inc.
Apollo Education Group, Inc. is one of the world’s largest private education providers, serving students since 1973. Through its subsidiaries, Apollo Education Group offers undergraduate, graduate, professional development and other nondegree educational programs and services, online and on-campus principally to working learners. Its educational programs and services are offered throughout the United States and in Europe, Australia, Latin America, Africa and Asia, as well as online throughout the world. For more information about Apollo Education Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company’s website at www.apollo.edu.
\r\n\r\n# # #
\r\n\r\n\r\n\r\n
[1] http://www.moh.gov.cn/mohzcfgs/s7857/201204/54504.shtml
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-rehab-services-and-apollo-education-group-accelerate-health"}}},{"node":{"field_happening_s_date":"2016-01-04","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE DIVESTS VINTAGE PARK ASSISTED LIVING PROPERTIES IN KANSAS","body":{"value":"Kennett Square, PA – Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that, effective January 1, 2016, it has divested of its eighteen (18) Vintage Park Assisted Living assets located in Kansas.
\r\n
\r\nGenesis used the sale proceeds to repay $54.2 million of its existing real estate bridge loan with Welltower, Inc. with residual proceeds used to repay other indebtedness.
\r\n
\r\n“Genesis acquired the Vintage Park Assisted Living assets in conjunction with the February 2015 Skilled Healthcare transaction,” stated George V. Hager, Jr., Chief Executive Officer of Genesis. “Assisted living has never been our core competency and we believe we can better allocate the capital by delevering our balance sheet.”
\r\n
\r\nThe 18 Vintage Park Assisted Living assets have 807 beds and employ approximately 372 full and part-time employees. Aggregate revenue and EBITDAR totaled approximately $22.7 million and $6.5 million, respectively, in 2014.
About Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-divests-vintage-park-assisted-living-properties"}}},{"node":{"field_happening_s_date":"2015-12-03","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at Oppenheimer’s 26th Annual Healthcare Conference","body":{"value":"
Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at Oppenheimer’s 26th Annual Healthcare Conference on Tuesday, December 8, 2015 at 1:35 p.m. Eastern Time.
\r\n\r\nA live webcast of the presentation and a replay will be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 locations in 45 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-oppenheimers-26th-annual-healthcare"}}},{"node":{"field_happening_s_date":"2015-12-01","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE COMPLETES PREVIOUSLY ANNOUNCED TRANSACTION WITH REVERA INC.","body":{"value":"Kennett Square, PA – Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that, effective December 1, 2015, it has completed its previously announced transaction with Revera Inc. (Revera), a leading owner, operator and investor in the senior living sector. Genesis now operates or manages 24 of Revera’s facilities across nine states and Premier Therapy, Revera’s contract rehabilitation business.
\r\n
\r\nEffective December 1, 2015, Genesis acquired the real estate of 15 Revera facilities across eight states and added four properties into its master lease with Welltower Inc. Genesis awaits regulatory approval on five facilities in the state of Vermont and has entered into separate agreements to manage these facilities in the interim. If Genesis receives regulatory approval from the state of Vermont, Genesis expects to complete the acquisition of the Vermont real estate.
\r\n
\r\nGenesis financed the transaction utilizing funding from the master lease and a bridge loan from Welltower Inc. and expects to subsequently refinance the bridge loan utilizing HUD guaranteed mortgage financing. The acquisition is expected to contribute $34.0 million in annual EBITDAR, including the operations of the Vermont facilities.
\r\n
\r\n“We are excited to further expand the services we provide to patients and residents in our core markets,” stated George V. Hager, Jr., Chief Executive Officer of Genesis. “Revera has a very strong history of operational performance, well-cared for buildings and extraordinary, talented people. We are thrilled to welcome the Revera team to the Genesis family.”
\r\n
\r\nThe 24 centers are located in the following states: eight in New Jersey, five in Vermont, three in Washington, two in Connecticut, two in Massachusetts and one in each of Maryland, Virginia, New Hampshire and Rhode Island. The 24 centers employ approximately 3,800 full and part-time employees and had aggregate revenue totaling approximately $280 million in 2014.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-completes-previously-announced-transaction-revera"}}},{"node":{"field_happening_s_date":"2015-11-12","field_link_to_the_page":null,"title":"Genesis HealthCare Announces Value-Based Initiatives","body":{"value":"
(Kennett Square, PA) – Genesis HealthCare, one of the nation’s largest providers of post-acute care, today announced the Company’s planned involvement in two Medicare initiatives: Bundled Payments for Care Improvement (“BPCI”) and the Medicare Shared Savings Program (“MSSP”). In addition, Genesis HealthCare is seeking ways to work with acute care providers in affected markets relative to the recently proposed Comprehensive Care for Joint Replacement mandatory episodic model. Genesis HealthCare’s commitment to, and involvement in these initiatives reflects a shift to value-based care and the alignment of incentives critical to obtaining better quality outcomes and improved healthcare efficiency.
\r\n
\r\nGenesis HealthCare subsidiaries operate more than 500 skilled nursing facilities, with approximately 50,000 beds nationwide and nearly 100,000 employees. Genesis Rehabilitation Services is one of the nation’s largest rehabilitation service providers in the US, providing rehabilitation therapy in more than 1,700 locations in 45 states, the District of Columbia, and China.
\r\n
\r\nOver the past decade, Genesis has built several unique capabilities that better support its patients, partners and improve quality outcomes, while at the same time favorably positioning Genesis as a leader in the value-based delivery transition. First, Genesis Physician Services (“GPS”), an in-house physician company, has grown to over 350 physicians and nurse practitioners who practice exclusively in select Genesis centers nationwide. Second, Genesis Care Transitions utilizes teams of nurses and social workers to follow patients home after discharge to prevent unnecessary readmissions and help ensure a safe and successful return to the community. If there is a change in condition, the team facilitates the patient’s return to a center, not the hospital, if necessary. Finally, Vitality to You extends Genesis Rehabilitation Services into the community to allow patients to continue therapy in their homes under their Medicare Part B benefit.
\r\n
\r\n“Participation in value-based delivery models expands our knowledge base and skill sets, drives closer collaboration with our partners in both the public and private sectors in better models of care, and is driving us to become a more data- and outcomes-driven organization,” states George V. Hager, Jr., Genesis HealthCare Chief Executive Officer. “Participation also positions us well to respond quickly with post-acute solutions to better support our hospital partners’ objectives as they participate in new Medicare, value-based models.”
\r\n
\r\nBundled Payments for Care Improvement
\r\nIn April 2015, Genesis HealthCare entered the BPCI initiative as the Model 3 Awardee Convener of 32 episode-initiating entities. BPCI Model 3 represents the only Medicare alternative payment model that allows post-acute providers to lead care delivery redesign and share in cost savings achieved. By October 2015, Genesis managed nearly 6,000 episodes annually with total Medicare claims of approximately $128 million, favorably positioning the company to leverage its skills and capabilities in Medicare alternative payment models. The 32 participating Genesis facilities are located in Connecticut, Delaware, Maryland, New Jersey, North Carolina, Pennsylvania, Kentucky and Rhode Island.
\r\n
\r\n“Waivers for gainsharing with other providers create the platform for advanced discussions around clinical collaboration and improved care coordination and outcomes and introduces opportunities for joint participation in a new and innovative payment environment,” states Jason Feuerman, Genesis Senior Vice President, Strategic Development and Managed Care.
\r\n
\r\nMedicare Shared Savings Program
\r\nLast month, Genesis HealthCare applied to CMS for its Genesis Physicians Services (“GPS”) physicians to begin participating, based on final CMS approval, in the Medicare Shared Savings Program (“MSSP”) effective January 2016. GPS providers make nearly half a million visits annually to both short-stay and long-term patients, helping to reduce unnecessary hospital readmissions by providing after-hours and weekend coverage supplemented by the use of state-of-the-art telemedicine technology. Their services help to create both healthcare efficiencies and better quality outcomes.
\r\n
\r\nThe application calls for GPS providers in Pennsylvania, New Jersey, Maryland and West Virginia to oversee approximately 16,000 beneficiaries, long-term care residents, in 2016. The cost of care per beneficiary is risk-adjusted based on acuity.
\r\n
\r\n“GPS providers have experience in caring for highly complex and costly patient populations. We plan to build upon our Company’s successful experience supporting other institutional managed care programs, such as United Healthcare’s Evercare program, to achieve better outcomes at a lower cost for our long-term care patients in our own program,” continues Feuerman.
\r\n\r\n
Comprehensive Care for Joint Replacement
\r\nOn July 9, 2015, the Center for Medicare and Medicaid Innovation (“CMMI”) proposed an episode-based payment model for major joint replacements with mandatory participation for hospitals in 75 markets throughout the United States. This program, Comprehensive Care for Joint Replacement, puts hospitals at risk for all Medicare Part A and Part B costs associated with acute care, post-acute care, physician services, durable medical equipment, home health and hospice services, and other Part B service costs for a period of 90 days for Medicare beneficiaries following joint replacement surgery.
\r\n
\r\nGenesis operates more than 100 facilities across several of the 75 markets proposed for this initiative and is partnering with hospitals to help mitigate the risk they assume. In addition, a number of proposed markets overlap with those in which Genesis centers are participating in the BPCI Model 3 initiative. In these markets, Genesis is already assuming the risk for major lower joint replacements which takes precedence relative to the proposed rule for the Comprehensive Care for Joint Replacement model.
\r\n
\r\n“We believe that our collaborative approach make Genesis an effective, preferred post-acute partner who can share in the risk through gain share/loss share arrangements under the types of advanced payment models CMMI has introduced,” shares Feuerman.
\r\n
\r\n“All of these initiatives are designed to deliver higher quality outcomes in the most cost-effective setting, to improve the coordination of services and to reduce unnecessary readmissions and the total costs of an episode of care,” shares Hager. “We believe our participation in these initiatives is essential to succeed in a healthcare delivery market with increasing managed care penetration, and where networks of preferred providers are being narrowed by both traditional payers and at-risk provider-based organizations.”
\r\n
\r\nWebinar
\r\nGenesis HealthCare will host an educational webinar to share more about the Company’s value-based initiatives at 9:00 a.m. Eastern Time on Friday, November 13, 2015. Investors can access the webinar by calling (855) 849-2198 or via a listen-only webcast through the Genesis web site at http://www.genesishcc.com/investor-relations/, where a replay of the call will also be posted for one year.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n
\r\nThe statements contained in this document are solely those of the authors and do not necessarily reflect the views or policies of CMS. The authors assume responsibility for the accuracy and completeness of the information contained in this document.
\r\n\r\n
\r\n\r\n
#
\r\n\r\n\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-value-based-initiatives"}}},{"node":{"field_happening_s_date":"2015-11-09","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the Stephens Fall Investment Conference","body":{"value":"
KENNETT SQUARE, PA – Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to conduct a fireside chat at the Stephens Fall Investment Conference on Tuesday, November 10, 2015, at 10:00 a.m. Eastern Time.
\r\n\r\nA live webcast and replay will also be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 locations in 45 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-stephens-fall-investment-conference-0"}}},{"node":{"field_happening_s_date":"2015-10-22","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECEIVES HUD CORPORATE PORTFOLIO CREDIT APPROVAL","body":{"value":"Kennett Square, PA – Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has received formal portfolio credit approval from the U.S. Department of Housing and Urban Development Program (HUD).
\r\n\r\nHUD approval is segmented into two components: 1) $360 million in HUD insured loans secured by certain facilities previously owned by Skilled Healthcare, Inc. and 2) $400 million of additional HUD insured loans conditioned upon the submission to and acceptance by HUD of additional qualifying assets. Proceeds from the initial $360 million of HUD insured loan borrowings will be used to refinance a real estate bridge loan at an estimated 4% per annum savings. The Company intends to utilize the additional $400 million of HUD insured loan capacity to refinance 20 properties to be acquired in the previously announced Revera transaction, 20 facility buybacks with its REIT partners and future unidentified transactions.
\r\n\r\n“We greatly appreciate HUD’s approval and feel privileged to participate in the program,” states Genesis Chief Executive Officer, George V. Hager, Jr. “Reducing our cost of capital will improve free cash flow, allowing us to further invest in our assets, our people and our clinical programs.”
\r\n\r\nGenesis expects to refinance the $360 million bridge loan utilizing individual HUD guaranteed mortgages closing over the course of the first and second quarters of 2016. Following completion of the bridge loan refinancing, Genesis intends to utilize additional HUD guaranteed mortgages to refinance the 20 Revera properties, the facility buybacks with its REIT partners, and other transactions.
\r\n\r\n“Our ability to access HUD financing is a key element of our balance sheet repositioning strategy,” notes Genesis Chief Financial Officer, Tom DiVittorio. “The bridge refinancing and completion of the announced transactions with our REIT partners alone will increase our annual after-tax free cash flow between $25 million and $30 million, a nearly 40% increase off the midpoint of our 2015 guidance.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
Forward-Looking Statements
\r\nThis release includes \"forward-looking statements\" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as \"may,\" \"will,\" \"project,\" \"might,\" \"expect,\" \"believe,\" \"anticipate,\" \"intend,\" \"could,\" \"would,\" \"estimate,\" \"continue,\" \"pursue, \"plans\" or \"prospect,\" or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, its anticipated synergy cost savings from the Skilled Healthcare combination, anticipated operating expense reductions, anticipated acquisitions, divestitures, joint ventures and development opportunities, anticipated deleveraging opportunities. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to the following:
\r\n\r\n• reductions in Medicare reimbursement rates, or changes in the rules governing the Medicare program could have a material adverse effect on our revenue, financial condition and results of operations;
\r\n\r\n• continued efforts of federal and state governments to contain growth in Medicaid expenditures could adversely affect our revenue and profitability;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs and contracts. These audits could have adverse findings that may negatively affect our business;
\r\n\r\n• significant legal actions, which are commonplace in our professions, could subject us to increased operating costs and substantial uninsured liabilities, which would materially and adversely affect our results of operations, liquidity and financial condition;
\r\n\r\n• future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease extensions and special charges;
\r\n\r\n• our substantial indebtedness could adversely affect our financial health and prevent us from fulfilling our financial obligations;
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2014, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-receives-hud-corporate-portfolio-credit-approval"}}},{"node":{"field_happening_s_date":"2015-07-24","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE FILES SHELF REGISTRATION STATEMENT ON FORM S-3","body":{"value":"Kennett Square, PA - Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has filed a shelf registration statement on Form S-3 with the United States Securities and Exchange Commission (\"SEC\"). The registration statement will allow for the resale to the public from time to time of up to $300,000,000 of shares of our Class A Common Stock by certain stockholders who hold registration rights. Genesis will not receive any of the proceeds from the sale of shares of our common stock by the selling stockholders.
\r\n\r\nIn addition, under the shelf registration, Genesis will be able to offer and sell to the public from time to time up to $100,000,000 of shares Class A Common Stock, preferred stock, warrants or depositary shares. Although the Company currently does not plan to raise additional capital, the shelf registration statement enhances the Company’s financial flexibility in the event appropriate opportunities present themselves and market conditions are favorable.
\r\n\r\nThe terms of any securities offered under the registration statement, and the intended use of the net proceeds resulting therefrom, will be established at the times of the offerings, if any, and will be described in prospectus supplements filed with the SEC at the times of the offerings.
\r\n\r\nAlthough the registration statement relating to these securities has been filed with the SEC, it has not yet become effective and, at the present time, Genesis and the selling stockholders do not have any commitments to sell securities under the shelf registration statement.
\r\n\r\nThese securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release is not an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
\r\n
\r\nA copy of the shelf registration statement on Form S-3 and copies of the prospectus supplements relating to any offerings under the registration statement, when available, can be obtained by contacting Investor Relations at 610-925-2000 or InvestorRelations@genesishcc.com.
\r\n\r\n
About Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
Forward-Looking Statements
\r\nThis release includes \"forward-looking statements\" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as \"may,\" \"will,\" \"project,\" \"might,\" \"expect,\" \"believe,\" \"anticipate,\" \"intend,\" \"could,\" \"would,\" \"estimate,\" \"continue,\" \"pursue, \"plans\" or \"prospect,\" or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, its anticipated synergy cost savings from the Skilled Healthcare combination, anticipated operating expense reductions, anticipated acquisitions, divestitures, joint ventures and development opportunities, anticipated deleveraging opportunities. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to the following:
\r\n\r\n• reductions in Medicare reimbursement rates, or changes in the rules governing the Medicare program could have a material adverse effect on our revenue, financial condition and results of operations;
\r\n\r\n• continued efforts of federal and state governments to contain growth in Medicaid expenditures could adversely affect our revenue and profitability;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs and contracts. These audits could have adverse findings that may negatively affect our business;
\r\n\r\n• significant legal actions, which are commonplace in our professions, could subject us to increased operating costs and substantial uninsured liabilities, which would materially and adversely affect our results of operations, liquidity and financial condition;
\r\n\r\n• future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease extensions and special charges;
\r\n\r\n• our substantial indebtedness could adversely affect our financial health and prevent us from fulfilling our financial obligations;
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2014, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-files-shelf-registration-statement-form-s-3"}}},{"node":{"field_happening_s_date":"2015-07-23","field_link_to_the_page":null,"title":"Ten Genesis HealthCare Centers Receive Silver National Quality Award","body":{"value":"Genesis HealthCare, one of the nation’s largest providers of post-acute care, today announced that 10 of its Centers have been recognized as 2015 recipients of the Silver – Commitment to Quality Award for dedication to improving the lives of patients and residents through quality care. The award is the second of three distinct awards possible through the National Quality Award Program, presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The program honors centers across the nation that serve as models of excellence in providing high-quality long term and post-acute care.
\r\n
\r\n“We are extremely proud to have 10 centers recognized by AHCA/NCAL with a National Silver Quality Award,” said George V. Hager, Jr., CEO of Genesis HealthCare. “The Silver Award recognizes the commitment to ongoing quality improvement at these centers and their dedication to improving the lives of the patients, residents and families they care for every day.”
\r\n
\r\nThe 10 Genesis facilities receiving the Silver honor are:
\r\n
\r\nCedar Ridge Center, Skowhegan, ME
\r\nClovis Healthcare and Rehabilitation Center, Clovis, NM
\r\nCottage of the Shoals, Tuscumbia, AL
\r\nLangdon Place of Exeter, Exeter, NH
\r\nNew Lebanon Center, New Lebanon, OH
\r\nRio Rancho Center, Rio Rancho, NM
\r\nVintage Park at Eureka, Eureka, KS
\r\nVintage Park at Osawatomie, Osawatomie, KS
\r\nWestwood Center, Keene, NH
\r\nWillows Center, Parkersburg, WV
\r\n
\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long term and post-acute care services in achieving their performance excellence goals.
\r\n
\r\nThe program has three levels: Bronze, Silver, and Gold. As a recipient of the Silver - Achievement in Quality Award, these centers and their staff have demonstrated systematic advancements in quality, plans for continual improvement, and sustainable organizational goals. These centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Gold - Achievement in Quality Award.
\r\n
\r\n“At this level, recipients demonstrate an understanding of critical management areas and how they lead to improved outcomes,” said Christine Boldt, Chair of the AHCA/NCAL National Quality Award Board of Overseers. “All of these recipients are on an important path to quality excellence. I applaud them all for this achievement.”
\r\n
\r\nThe awards are sponsored by AHCA/NCAL Associate Business Members My InnerView, by National Research Corporation and PointRight. My InnerView represents the true voice of nursing home and assisted living residents, families, and employees with the most insightful quality measurement solutions and satisfaction surveys in the healthcare continuum. PointRight is the recognized leader in data-driven analytics for health care and insurance. Each Genesis HealthCare Center was one of 128 centers to receive the Silver level award. The award will be presented to each Center during AHCA/NCAL’s 66th Annual Convention and Exposition, October 4-7, 2015, in San Antonio, Texas.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 healthcare providers in 46 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n
\r\n##
\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/ten-genesis-healthcare-centers-receive-silver-national-quality-award"}}},{"node":{"field_happening_s_date":"2015-06-23","field_link_to_the_page":null,"title":"Sixteen Genesis HealthCare Centers Receive Bronze National Quality Award","body":{"value":"
(Kennett Square, PA) – Genesis HealthCare, one of the nation’s largest providers of post-acute care, today announced that 16 of its Centers have been recognized as 2015 recipients of the Bronze – Commitment to Quality Award for dedication to improving the lives of patients and residents through quality care. The award is the first of three distinctions possible through the National Quality Award Program, presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The program honors centers across the nation that have demonstrated their commitment to improving quality care for seniors and individuals with disabilities.
\r\n\r\n“It is a great honor to have 16 centers recognized by AHCA/NCAL with a National Quality Award,” said George V. Hager, Jr., CEO of Genesis HealthCare. “Improving the lives of the patients, residents and families we care for every day is what brings us joy. This award symbolizes the dedication and commitment we have to the quality journey.”
\r\n\r\nThe 16 Genesis facilities receiving the Bronze honor are:
\r\n\r\nAbington Manor, Clarks Summit, PA
\r\n\r\nBrightwood Center, Follansbee, WV
\r\n\r\nGlenwood Center and Hilltop at Glenwood I & II, Florence, AL
\r\n\r\nHilltop Center, Hilltop, WV
\r\n\r\nInglemoor Center, Englewood, NJ
\r\n\r\nLayhill Center, Silver Spring, MD
\r\n\r\nMagnolia Center, Lanham, MD
\r\n\r\nMagnolia Village Center, Bowling Green, KY
\r\n\r\nOwensboro Center, Owensboro, KY
\r\n\r\nPine Point Center, Scarborough, ME
\r\n\r\nRavenswood Village, Ravenswood, WV
\r\n\r\nTeays Valley Center, Hurricane, WV
\r\n\r\nThe Summit at Hidden Valley, Oak Hill, WV
\r\n\r\nVintage Park at Tonganoxie, Tonganoxie, KS
\r\n\r\nWolfeboro Bay Center, Wolfeboro, NH
\r\n\r\nWoodside Center, Silver Spring, MD
\r\n\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long term and post-acute care services in achieving their performance excellence goals.
\r\n\r\nThe program has three levels: Bronze, Silver, and Gold. Centers begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision and mission statements and an assessment of customers’ expectations. Bronze applicants must also demonstrate their ability to implement a performance improvement system. Trained Examiners review each Bronze application to determine if the center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality Award, these centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality Award.
\r\n\r\n“Genesis HealthCare’s 16 Centers demonstrated commitment to providing quality care and I commend them all for that,” said the AHCA/NCAL National Quality Award Board of Overseers Chair Christine Boldt. “I encourage each of them to continue their quality journey by striving for the Silver and Gold levels.”
\r\n\r\nThe awards are sponsored by AHCA/NCAL Associate Business Members My InnerView, by National Research Corporation and PointRight. My InnerView represents the true voice of nursing home and assisted living residents, families, and employees with the most insightful quality measurement solutions and satisfaction surveys in the healthcare continuum. PointRight is the recognized leader in data-driven analytics for health care and insurance. Each Genesis HealthCare Center was one of 545 centers to receive the Bronze level award. The award will be presented to each Center during AHCA/NCAL’s 66th Annual Convention and Exposition, October 4-7, 2015, in San Antonio, Texas.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,800 healthcare providers in 47 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n#
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/sixteen-genesis-healthcare-centers-receive-bronze-national-quality"}}},{"node":{"field_happening_s_date":"2015-06-15","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE TO ACQUIRE 24 SKILLED NURSING FACILITIES FROM REVERA INC.","body":{"value":"
Kennett Square, PA – Genesis HealthCare (Genesis), one of the nation’s largest providers of post-acute care, today announced that it has signed an asset purchase agreement with Revera Inc. (Revera), a leading owner, operator and investor in the senior living sector, to acquire 24 of its skilled nursing facilities along with its contract rehabilitation business for $240 million. The transaction is expected to close by this calendar year-end, subject to additional due diligence, regulatory and licensing approvals, and other customary conditions.
\r\n\r\nUnder the agreement, Genesis will acquire the real estate of 20 of the 24 facilities and will enter into a long-term lease agreement with Health Care REIT, Inc. (HCN) for the remaining properties. Genesis will also acquire the operations of Premier Therapy, Revera’s contract rehabilitation business. Genesis expects to finance the transaction utilizing a bridge loan from HCN and will subsequently refinance the bridge loan utilizing the HUD financing program or other traditional mortgage financing. Genesis expects the transaction will be accretive to 2016 earnings.
\r\n\r\nThe 24 centers are located in the following states: eight in New Jersey, five in Vermont, three in Washington, two in Connecticut, two in Massachusetts and one in each of Maryland, Virginia, New Hampshire and Rhode Island. The 24 centers encompass an aggregate of 3,056 beds, employ approximately 3,800 full and part-time employees and had aggregate revenue totaling approximately $280 million in 2014.
\r\n\r\n“The transaction is a good geographic fit for us, adding high-quality assets and density to our core markets in the northeast, New Jersey and the state of Washington,” states George V. Hager, Jr., Genesis’ Chief Executive Officer. “The transaction also aligns nicely with our growth and deleveraging objectives, as it will be accretive to earnings, increase our fixed charge coverage and expand facility ownership to 23% of our inpatient sites.”
\r\n\r\n“This transaction supports Revera’s new strategic direction to focus the company on its core strengths in senior living, enabling investment in growth and innovation in its private pay portfolio across Canada, the United States and the United Kingdom,” said Thomas G. Wellner, President and CEO of Revera. “We are pleased that our Nursing and Rehab team will continue to serve seniors under new ownership that shares our focus on quality care.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,800 healthcare providers in 47 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
Forward-Looking Statements
\r\nThis release includes \"forward-looking statements\" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as \"may,\" \"will,\" \"project,\" \"might,\" \"expect,\" \"believe,\" \"anticipate,\" \"intend,\" \"could,\" \"would,\" \"estimate,\" \"continue,\" \"pursue, \"plans\" or \"prospect,\" or the negative or other variations thereof or comparable terminology. They include, but are not limited to, statements about Genesis’ expectations and beliefs regarding its future financial performance, its anticipated synergy cost savings from the Skilled Healthcare combination, anticipated operating expense reductions, anticipated acquisitions, divestitures, joint ventures and development opportunities, anticipated deleveraging opportunities. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release, and there can be no assurance that they will be achieved or occur, in whole or in part, in the timeframes anticipated by the Company or at all.
Investors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nThese risks and uncertainties include, but are not limited to the following:
\r\n\r\n• reductions in Medicare reimbursement rates, or changes in the rules governing the Medicare program could have a material adverse effect on our revenue, financial condition and results of operations;
\r\n\r\n• continued efforts of federal and state governments to contain growth in Medicaid expenditures could adversely affect our revenue and profitability;
\r\n\r\n• we are subject to extensive and complex laws and government regulations. If we are not operating in compliance with these laws and regulations or if these laws and regulations change, we could be required to make significant expenditures or change our operations in order to bring our facilities and operations into compliance;
\r\n\r\n• we face inspections, reviews, audits and investigations under federal and state government programs and contracts. These audits could have adverse findings that may negatively affect our business;
\r\n\r\n• significant legal actions, which are commonplace in our professions, could subject us to increased operating costs and substantial uninsured liabilities, which would materially and adversely affect our results of operations, liquidity and financial condition;
\r\n\r\n• future acquisitions may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities;
\r\n\r\n• we lease a significant number of our facilities and may experience risks relating to lease termination, lease extensions and special charges;
\r\n\r\n• our substantial indebtedness could adversely affect our financial health and prevent us from fulfilling our financial obligations;
\r\n\r\nThe Company’s Annual Report on Form 10-K for the year ended December 31, 2014, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the U.S. Securities and Exchange Commission discuss the foregoing risks as well as other important risks and uncertainties of which investors should be aware. Any forward-looking statements contained herein are made only as of the date of this release. Genesis disclaims any obligation to update the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-acquire-24-skilled-nursing-facilities-revera-inc"}}},{"node":{"field_happening_s_date":"2015-05-28","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the Jefferies Global Healthcare Conference on June 1, 2015","body":{"value":"
Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at the Jefferies Global Healthcare Conference on Monday, June 1, 2015, at 11:00 a.m. Eastern Time.
\r\n\r\nA copy of the presentation will be made available on the Company’s web site at www.genesishcc.com/investor-relations prior to Genesis HealthCare’s scheduled appearance. In addition, a live webcast and replay will also be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-jefferies-global-healthcare-conference"}}},{"node":{"field_happening_s_date":"2015-05-14","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the UBS Global Healthcare Conference on May 18, 2015","body":{"value":"KENNETT SQUARE, PA – (May 14, 2015) – Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at the UBS Global Healthcare Conference on Monday, May 18, 2015, at 10:00 a.m. Eastern Time. The conference is being held at The Sheraton New York Hotel in New York, NY.
\r\n\r\nA copy of the presentation will be made available on the Company’s web site at www.genesishcc.com/investor-relations prior to Genesis HealthCare’s scheduled appearance. In addition, a live webcast and replay will also be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia and China. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-ubs-global-healthcare-conference-may-18"}}},{"node":{"field_happening_s_date":"2015-05-12","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE TO PROVIDE NADONA/LTC MEMBERSHIP TO ALL DIRECTORS OF NURSING","body":{"value":"Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, announced today that the company will provide membership in The National Association of Directors of Nursing Administration in Long Term Care, Inc. (NADONA/LTC) to all the Directors of Nursing in each of its more than 500 skilled nursing centers nationwide.
\r\n\r\nNADONA/LTC is the largest organization in the country representing nurses who work in the long term care setting. As members of NADONA/LTC, Directors of Nursing at Genesis HealthCare will now have access to: four separate Nurse Leader certifications, a DON/ADON Field Guide, an annual journal subscription valued at $300, a monthly e-newsletter, an annual conference, and access to a member hotline to provide assistance with policies and procedures for DONs managing an inspection process.
\r\n\r\n“We know that our most valuable resource is our dedicated employees,” states JoAnne Reifsnyder, Genesis Senior Vice President and Chief Nursing Officer. “The Directors of Nursing at our skilled nursing centers have an enormous amount of responsibility to lead our nursing staff in providing exceptional care to our patients and residents. Providing NADONA/LTC membership is just one way that Genesis can acknowledge the achievement of our nurses and also provide them with free access to expert professional development resources.”
\r\n\r\n“NADONA/LTC is thrilled to have the Genesis Directors of Nurses as part of our Nurse Leader membership,” states Sherrie Dornberger, NADONA/LTC Executive Director. “Now more than ever, nurse leaders in long term and post-acute care need the support of their companies. By providing NADONA membership to their nurse leaders, Genesis has demonstrated that they have their company’s unwavering support!” By utilizing the resources and certifications which are some of the many benefits NADONA provides, it will enable Genesis nurse leaders to grow and flourish. “NADONA understands all that nurse leaders go through in one day; we want to assure they succeed while providing the best quality of care possible to those under their leadership and care,” says Dornberger.
\r\n\r\nAbout NADONA/LTC
\r\nNADONA/LTC has been the leading advocate and educational organization for DONs, ADONs and nurses in long-term care since 1986. With 30 state chapters, it continues to be the largest organization representing nurses working in long-term care settings. NADONA/LTC offers a wide array of services to its members, including educational materials; conferences; scholarships; Director of Nursing, Licensed Practical Nurse and Assisted Living certification programs; a mentoring program; and a quarterly journal, The Director. Through its publications and programs, NADONA/LTC reaches approximately 20,000 nurses who are employed in long-term care.
For more information regarding NADONA/LTC, please contact their offices at 800-222-0539 or visit their website at www.nadona.org.
\r\n\r\n___________________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-provide-nadonaltc-membership-all-directors-nursing"}}},{"node":{"field_happening_s_date":"2015-04-30","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at Bank of America Merrill Lynch’s HealthCare Conference on May 13, 2015","body":{"value":"Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at Bank of America Merrill Lynch’s 2015 Health Care Conference on Wednesday, May 13, 2015, at 3:40 pm Pacific Time (6:40 pm Eastern Time). The conference is being held at the Encore at the Wynn, Las Vegas, NV.
\r\n\r\nA copy of the combined slide presentation will be filed with the Securities and Exchange Commission on Form 8-K and made available on the Company’s web site at www.genesishcc.com/investor-relations prior to Genesis HealthCare’s scheduled appearance. A live webcast and replay will also be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-bank-america-merrill-lynchs-healthcare"}}},{"node":{"field_happening_s_date":"2015-03-09","field_link_to_the_page":null,"title":"Genesis HealthCare to Present at the Barclays Global Healthcare Conference on March 11, 2015","body":{"value":"Genesis HealthCare, Inc. (NYSE: GEN) today announced that George V. Hager, Jr., Chief Executive Officer, and Tom DiVittorio, Chief Financial Officer, are scheduled to present at the Barclays Global Healthcare Conference on Wednesday, March 11, 2015, at 10:15 am Eastern Time. The conference is being held at the Loews Miami Beach Hotel in Miami, FL.
\r\n\r\nA copy of the combined slide presentation will be filed with the Securities and Exchange Commission on Form 8-K and made available on the Company’s web site at www.genesishcc.com/investor-relations prior to Genesis HealthCare’s scheduled appearance. A live webcast and replay will also be available on the Company’s website at www.genesishcc.com/investor-relations.
\r\n
\r\n
About Genesis HealthCare
\r\n\r\nGenesis HealthCare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis HealthCare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-present-barclays-global-healthcare-conference-1"}}},{"node":{"field_happening_s_date":"2015-03-04","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RAISED $250,000 FOR ALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S","body":{"value":"FOR IMMEDIATE RELEASE
\r\nContact: Jeanne Moore, Genesis HealthCare
\r\n484-949-5647
\r\n
\r\nGENESIS HEALTHCARE RAISED $250,000 FOR
\r\nALZHEIMER’S ASSOCIATION WALK TO END ALZHEIMER’S®
Genesis Raised Funds and Awareness for Alzheimer’s Disease as Gold National Team in 2014
\r\n\r\n[Kennett Square, PA, March 4, 2015] – Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, announced today that the company raised more than $250,000 in 2014 to support the Alzheimer’s Association Walk to End Alzheimer’s® as a Gold National Team. Walk to End Alzheimer’s is the nation’s largest event to raise awareness and funds for Alzheimer’s Association care, support and research programs. Last year, Genesis HealthCare employees from more than 200 of its 400 centers across the country, as well as the regional and corporate offices, came together to raise funds for this important cause.
\r\n\r\nWalk to End Alzheimer’s is more than a walk. It is an inspiring experience that calls participants to unite in a movement to reclaim the future for millions. Participants learn about Alzheimer’s disease and how to get involved with this critical cause, from advocacy opportunities, the latest in Alzheimer’s research and clinical trials and support programs and services.
\r\n\r\n“Genesis is proud to have been a Gold National Team supporter of Walk to End Alzheimer’s and the Alzheimer’s Association last year and we are thrilled to have raised more than $250,000,” shares Chief Executive Officer George V. Hager, Jr. “The Alzheimer’s Association continues to provide valuable support services to individuals living with Alzheimer’s and their caregivers, while also supporting critically need research. In our work every day, we are aware of the dramatic impact Alzheimer’s has on individuals, families and companies, so we are committed to support the Alzheimer’s Association.”
\r\n\r\nAccording to Alzheimer’s Association Alzheimer’s Disease Facts & Figures disease is a growing epidemic and the nation’s sixth-leading cause of death. In the United States alone, more than 5 million people are living with the disease. As the baby boomers get older, those numbers will rise dramatically. By 2050, as many as 16 million will have Alzheimer’s. The dedication of Genesis HealthCare helps fuel the Association’s care, support and research initiatives and is crucial to increasing Alzheimer’s awareness in communities nationwide.
\r\n\r\nAbout the Alzheimer's Association Walk to End Alzheimer’s:
\r\nThe Alzheimer’s Association Walk to End Alzheimer’s is the nation’s largest event to raise awareness and funds for Alzheimer care, support and research. Since 1989, the Alzheimer’s Association mobilized millions of Americans in Alzheimer’s Association Memory Walk®; now the Alzheimer’s Association is continuing to lead the way with Walk to End Alzheimer’s. Together, we can end Alzheimer’s – the nation’s sixth-leading cause of death.
____________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,600 locations in 46 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
About the Alzheimer’s Association®
\r\nThe Alzheimer’s Association is the world’s leading voluntary health organization in Alzheimer's care, support and research. Our mission is to eliminate Alzheimer’s disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health. Our vision is a world without Alzheimer’s. For more information, visit alz.org.
Results to Include Both Genesis HealthCare and Skilled HealthCare
\r\n
\r\nKennett Square, PA – February 16, 2015 - Genesis HealthCare, Inc. (NYSE:GEN) one of the nation’s largest providers of post-acute care, today announced that it expects to release Genesis HealthCare and Skilled Healthcare’s year and fourth quarter ended December 31, 2014 results after the market closes on Thursday, February 19, 2015. A conference call and webcast will be held Friday, February 20, 2015 at 8:30 a.m. Eastern Time to discuss the results for both Genesis HealthCare and Skilled Healthcare.
\r\n
\r\nTo participate in the call, interested parties may dial (855) 849-2198. Alternatively, interested parties may access the call in listen-only mode at http://www.genesishcc.com/investor-relations. A replay of the conference call will also be available after 11:00 a.m. Eastern Time at http://www.genesishcc.com/investor-relations.
\r\n
\r\nAbout Genesis Healthcare
\r\n
\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,800 healthcare providers in 47 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
For Immediate Release:
\r\n\r\nCONTACT:
\r\nMedia Relations
\r\nJeanne Moore, Genesis Healthcare
\r\n484-949-5647
\r\n
\r\nInvestor Relations
\r\nLori Mayer, Genesis Healthcare
\r\n 610-925-2000
\r\n\r\n
\r\n\r\n
GENESIS HEALTHCARE COMBINES WITH
\r\nSKILLED HEALTHCARE GROUP, INC.
\r\nThe Combined Company Will Trade on the NYSE With a
\r\nNew Ticker Symbol of GEN
Kennett Square, PA – February 2, 2015 - Genesis HealthCare, LLC, one of the nation’s largest providers of skilled nursing and rehabilitation care, today announced that, effective February 2, 2015, it has completed its previously announced combination with Skilled Healthcare Group, Inc. (Skilled Healthcare) (NYSE: SKH). The newly combined company will operate under the name Genesis Healthcare, Inc. (Genesis). The combination adds the skilled nursing facilities, assisted and independent living centers, and hospice and home health agencies operated by Skilled Healthcare’s subsidiaries, as well as Skilled Healthcare’s Hallmark Rehabilitation business, to the Genesis family.
\r\n\r\nUnder the terms of the agreement, Skilled Healthcare shareholders will collectively own 25.75% of the vote and value of the fully-diluted equity of the combined company. Shareholders who held interests in Genesis will own the other 74.25%. The combined company will be traded on the NYSE with a new ticker symbol of GEN. Headquarters for the combined company will remain in Kennett Square, PA, and George V. Hager, Jr. will be the Chief Executive Officer of the newly-combined company.
\r\n\r\nThe company’s post-combination Board of Directors consists of representative directors from both companies, as well as independent directors. We believe this creates a governance structure that will facilitate and help to build strategic value. The post-combination board members consist of: Steven Fishman, Chairman of the Board of Directors, co-founder of Formation Capital; Arnold Whitman, co-founder of Formation Capital; David Reis, Chief Executive Officer of Senior Care Development, LLC; George Hager, Chief Executive Officer of Genesis; Glenn S. Schafer, former President and Vice Chairman of Pacific Life Insurance Company; James V. McKeon, President of Valentine Associates LLC; Jim Bloem, former Chief Financial Officer of Humana Inc.; John F. DePodesta, co-founder of Primus Telecommunications Group, Inc.; Joshua Hausman, Managing Director of Onex Corporation; Robert H. Fish, former Chief Executive Officer of Skilled Healthcare; and Robert Hartman, Chairman of NuCare Services Corp.
\r\n\r\nThe combination of the two companies has created one of the largest post-acute care providers in the country, with more than 500 skilled nursing and assisted/senior living communities in 34 states. It has also expanded Genesis’ rehabilitation therapy business, Genesis Rehab Services, to more than 1,800 service locations in 47 states and the District of Columbia. The new company will have nearly 95,000 employees and had combined annual revenue of approximately $5.5 billion on a trailing twelve month basis as of September 30, 2014.
\r\n\r\n“This is an exciting time for Genesis as we become a publicly-traded company and further expand the services we provide to patients and residents nationwide,” stated Mr. George Hager. “We believe the opportunities of scale created by this combination better position Genesis to meet the challenges facing the post-acute industry and enhance the company’s ability to successfully partner with payors and providers across the country.”
\r\n\r\nBarclays and Bank of America Merrill Lynch served as Genesis’ financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP, Williams Mullen and Arnall Golden Gregory LLP acted as its legal advisors.
\r\n\r\nMTS Health Partners, L.P. served as Skilled’s exclusive financial advisor, and Kaye Scholer LLP acted as its legal advisor.
\r\n\r\nAbout Genesis Healthcare
\r\n\r\nGenesis Healthcare, Inc. (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation''s largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,800 healthcare providers in 47 states and the District of Columbia. References made in this release to \"Genesis,\" \"the Company,\" \"we,\" \"us\" and \"our\" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.
\r\n\r\nForward-Looking Statements
\r\n\r\nThis release includes \"forward-looking statements.\" You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements contain words such as \"may,\" \"will,\" \"project,\" \"might,\" \"expect,\" \"believe,\" \"anticipate,\" \"intend,\" \"could,\" \"would,\" \"estimate,\" \"continue\" or \"pursue,\" or the negative or other variations thereof or comparable terminology. They include statements about Genesis’ beliefs regarding its governance structure and its opportunities for the future. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release. These forward-looking statements are based on current expectations and projections about future events, including the assumptions stated in this release.
\r\n\r\nInvestors are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance of Genesis may differ materially from that expressed or implied by such forward-looking statements.
\r\n\r\nAdditionally, we face a number of other risks and uncertainties, including, but not limited to, the factors described in Genesis Healthcare’s (formerly Skilled Healthcare’s) Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (including the sections entitled \"Risk Factors\" and \"Management''s Discussion and Analysis of Financial Condition and Results of Operations\" contained therein) and in its subsequent reports on Form 10-Q and Form 8-K.
\r\n\r\nAny forward-looking statements contained herein are made only as of the date of this release. Genesis Healthcare disclaims any obligation to update the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements.
\r\n\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-combines-skilled-healthcare-group-inc"}}},{"node":{"field_happening_s_date":"2014-07-14","field_link_to_the_page":null,"title":"Three Genesis HealthCare Centers Earn Prestigious Silver Award for Significant Commitment To Quality Care","body":{"value":"CONTACT: Jeanne Moore
\r\nJeanne.moore@genesishcc.com
\r\n484-949-5647
Three Genesis HealthCare Centers Earn
\r\nPrestigious Silver Award for
\r\nSignificant Commitment To Quality Care
Centers Honored in National Program for Best Practices in Quality Care
\r\n\r\n[Kennett Square, PA] – July 10, 2014– Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announced that three of its Centers have been recognized as recipients of the Silver – Achievement in Quality Award presented by the American Health Care Association and the National Center for Assisted Living (AHCA/NCAL). The program honors facilities across the nation that have demonstrated their commitment to improving quality care for seniors and individuals with disabilities. Only 77 facilities nationwide received the Silver level award this year.
\r\n\r\n“These recipients have demonstrated strong approaches that will lead them to improved performance,” said Ed McMahon, Ph.D., Chair of the AHCA/NCAL National Quality Award Board of Overseers. “I congratulate all of them for being on this quality improvement path.”
\r\n\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long term and post-acute care services in achieving their performance excellence goals.
\r\n\r\nThe program has three levels: Bronze, Silver, and Gold. As a recipient of the Silver – Achievement in Quality Award, these centers and their staff have demonstrated systematic advancements in quality, plans for continual improvement, and sustainable organizational goals. Recipients of the Silver-Award may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Gold-Excellence in Quality Award, which requires them to address the Baldrige Health Care Criteria for Performance Excellence.
\r\n\r\nThe three Genesis facilities receiving the Silver honor are:
\r\n\r\n• Cartersville Heights, Cartersville, GA
\r\n• Holly Manor Center, Mendham, NJ
\r\n• Prescott House, North Andover, MA
\r\n
\r\n“Quality improvement has long-been a priority at Genesis HealthCare,” shares Chief Executive Officer George V. Hager, Jr. “These three Genesis centers have demonstrated an exceptional track record of providing quality care and services to our patients and residents. We are extremely proud of the hard work and dedication of each and every employee at these three centers.”
\r\n_______________________________________________________________
\r\n
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to over 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/three-genesis-healthcare-centers-earn-prestigious-silver-award"}}},{"node":{"field_happening_s_date":"2014-06-25","field_link_to_the_page":null,"title":"Twenty-four Genesis HealthCare Centers Earn Prestigious Bronze Award for Significant Commitment To Quality Care","body":{"value":"Twenty-four Genesis HealthCare Centers Earn
\r\nPrestigious Bronze Award for
\r\nSignificant Commitment To Quality Care
[Kennett Square, PA] – June 25, 2014– Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announced that 24 of its Centers have been recognized as recipients of the Bronze National Quality Award presented by the American Health Care Association and the National Center for Assisted Living (AHCA/NCAL). The program honors facilities across the nation that have demonstrated their commitment to improving quality care for seniors and individuals with disabilities.
\r\nOnly 390 facilities nationwide received the Bronze level award this year.
“These centers have not only successfully applied the criteria of the National Quality Award program, but have demonstrated a true commitment for improving lives through quality care,” said Ed McMahon, Ph.D., Chair of the AHCA/NCAL National Quality Award Board of Overseers. “I applaud and encourage this year’s recipients to continue their quality journeys.”
\r\n\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long term and post-acute care services in achieving their performance excellence goals. The program has three levels: Bronze, Silver, and Gold. Centers begin the quality improvement process at the Bronze level, where they develop an organizational profile with fundamental performance elements such as vision and mission statements and an assessment of customers’ expectations. Bronze applicants must also demonstrate their ability to implement a performance improvement system. Trained Examiners review each Bronze application to determine if the center has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality Award, these 24 Genesis centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality Award.
\r\n\r\nThe twenty-four Genesis facilities receiving the Bronze honor are:
\r\n\r\n• Washington Center, San Leandro, CA
\r\n• Eagle Crest (f.k.a. Carmichael Care Center and Rehabilitation), Carmichael, CA
\r\n• Laurel Park Behavioral Health Center, Pomona, CA
\r\n• Elms Haven Center, Thornton, CO
\r\n• Golden Peaks Center, Fort Collins, CO
\r\n• Pueblo Center, Pueblo, CO
\r\n• St. Camillus Center, Stamford, CT
\r\n• Etowah Landing, Rome, GA
\r\n• Riverdale Center, Atlanta, GA
\r\n• Twin Falls Center, Twin Falls, ID
\r\n• Rexburg Care and Rehab Center, Rexberg, ID
\r\n• Decatur Township Center, Indianapolis, IN
\r\n• Partridge House, Hampton, NH
\r\n• Casa De Oro Center, Las Cruces, NM
\r\n• Las Palomas Center, Albuquerque, NM
\r\n• Mission Arch Center, Roswell NM
\r\n• Rio Rancho Center, Rio Rancho, NM
\r\n• Casa Del Sol Center, Las Cruces, NM
\r\n• Marietta Center, Marietta, OH
\r\n• Pawtucket Center, Pawtucket, RI
\r\n• Columbia Crest Center, Moses Lake, WA
\r\n• Lake Ridge Center, Moses Lake, WA
\r\n• Monroe House, A Senior Living Community, Moses Lake, WA
\r\n• Everett Center, Everett, WA
\r\n
\r\n“At Genesis HealthCare, we are dedicated to ongoing quality improvement at each and every skilled nursing center and senior living community we operate,” notes Chief Executive Officer George V. Hager, Jr. “We are proud of the 24 facilities that earned a Bronze Award this year and encourage them to continue to strive for performance excellence.”
\r\n_______________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to over 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/twenty-four-genesis-healthcare-centers-earn-prestigious-bronze-award"}}},{"node":{"field_happening_s_date":"2014-06-05","field_link_to_the_page":null,"title":"Genesis HealthCare Sponsors Dr. Bill Thomas’ Second Wind Tour In Philadelphia","body":{"value":"Genesis HealthCare Sponsors
\r\n Dr. Bill Thomas’ Second Wind Tour
\r\n In Philadelphia
Offers audiences powerful insights into more deliberate, deeper, and connected ways of living and working.
\r\n\r\nKennett Square, PA, June 5, 2014 – Genesis HealthCare, one of the nation’s largest skilled nursing providers, announced today that it is a regional sponsor of the “Second Wind Tour” to be held in Philadelphia on Friday, June 6, 2014. Dr. Bill Thomas, one of the most innovative and creative thinkers in medicine today, brings a radical new approach to growth and aging through a national non-fiction theatrical tour. Inspired by Thomas’ new book, “Second Wind: Navigating the Passage to a Slower, Deeper and More Connected Life”, the Second Wind tour is visiting 25 cities across the U.S. and will be in Philadelphia tomorrow from 1-5 p.m. at The Arts Bank at 601 South Broad Street. Genesis is one of the sponsors of the visit.
\r\n
\r\nThe half-day performance features theatrical monologues with a cast of speakers, including Dr. Thomas, consumer health expert Dr. Janet Taylor and Sarah H. Kagan, the Lucy Walker Honorary Term Professor of Gerontological Nursing at the University of Pennsylvania.
\r\n
\r\nThe second act of the performance features 2014 Sundance Audience Choice documentary film Alive Inside followed by a live musical performance by Musicians for World Harmony Founder Samite Mulondo. The goal of the tour is to start a new conversation that reframes “life after adulthood” as an exciting stage of human growth and development—a time for challenging received attitudes toward aging.
“The Tour challenges the conventional narrative of decline in mid-life and beyond,” says Dr. Thomas. “I want people to connect to the power that arises from finding a ‘second wind’ in life.”
\r\n
\r\n“Since its inception, Genesis HealthCare has been committed to changing the way healthcare is delivered to individuals as they age,” states Paul Bach, Executive Vice President. “We are honored to sponsor an innovative forum that hopes to help Americans redefine aging. Genesis employees from our corporate office and from skilled nursing centers, personal care, and assisted living communities that we operate throughout the Philadelphia area will attend this important and exciting forum.”
\r\n
\r\nThe Philadelphia performance is sponsored by Genesis HealthCare. Genesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to nearly 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-sponsors-dr-bill-thomas-second-wind-tour"}}},{"node":{"field_happening_s_date":"2014-05-02","field_link_to_the_page":null,"title":"Genesis HealthCare’s Robert A. “Mike” Reitz Receives 2014 Helen S. Schulze Award","body":{"value":"Genesis HealthCare’s Robert A. “Mike” Reitz Receives 2014 Helen S. Schulze Award
\r\n\r\nKennett Square, PA (May 1, 2014) –Genesis HealthCare, one of the nation’s largest skilled nursing care providers, today announced that on Friday, April 25, 2014, Robert A. “Mike” Reitz received the 2014 Helen S. Schulze Award at the Maryland Alzheimer's Association’s Annual Dementia Conference in Towson, Maryland.
\r\n\r\nMike Reitz is the Executive Vice President and Chief Operating Officer of Genesis HealthCare. With over 35 years of experience in operations, Mike began his career with Meridian Healthcare, first as a Nursing Center Administrator and later as Regional Director and Vice President of Operations. When Meridian was acquired by Genesis in 1993, Mike was named President of Genesis’ Mid-Atlantic Region and became responsible for operations in Pennsylvania and New Jersey. He was named Chief Operating Officer of Genesis HealthCare in 2003.
\r\n\r\nIn 1988, Mike joined the board of the Maryland Alzheimer’s Association when the organization was only eight years old, and his extensive management experience was invaluable to the young and growing organization. He was instrumental in developing most of the governance and finance policies which continue to guide the Alzheimer’s Association today. In addition, as Nominating Chair and then Board President, he recruited and developed strong board leaders. Mike left the board in 1994, having served the maximum of three terms as a board member. Mike re- joined the board in 2005, when he served as the Alzheimer’s Association’s Treasurer and Finance Chair, providing prudent leadership over the organization’s finances during the challenging years of the recession.
\r\n\r\nThrough all the years of his involvement and continuing today, Genesis HealthCare has been one of the Alzheimer’s Association’s most generous corporate sponsors. In addition, Genesis HealthCare employees from facilities across the country and in Maryland have been enduring and enthusiastic fundraisers for the Walk to End Alzheimer’s. In 2013, Genesis HealthCare raised $275,000 for the Walk to End Alzheimer’s campaign.
\r\n_______________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to nearly 1,500 healthcare providers in 46 states and the District of Columbia. Visit our website at www.genesishcc.com.
\r\n###
GENESIS HEALTHCARE NAMES JASON H. FEUERMAN SENIOR VICE PRESIDENT FOR STRATEGIC DEVELOPMENT AND MANAGED CARE
\r\n\r\n[Kennett Square, PA, April 24, 2014] – Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, announced today that it has named Jason H. Feuerman Senior Vice President for Strategic Development and Managed Care. In this newly created position, Feuerman will be responsible for leading strategic development efforts at Genesis that provide innovative, effective solutions to the challenges presented in the constantly evolving healthcare industry today.
\r\n
\r\nA twenty-year veteran of the healthcare industry, Mr. Feuerman most recently served as Senior Vice President and President, Public Sector and Health Plan Division of ValueOptions, Inc. In that role, he managed ValueOptions public sector portfolio of state-sponsored programs that administer mental health and substance abuse benefits as well as ancillary services to Medicaid and indigent populations. In addition, he oversaw the management of key health plans throughout the country.
\r\n
\r\nPrior to joining ValueOptions, Mr. Feuerman served as President of Bravo Health, a subsidiary of Cigna, Inc, and as President of Senior Care Centers of America, a leading provider of adult day health services. He holds a Bachelor of Science in Finance and Economics from the University of Maryland.
\r\n
\r\n“We are thrilled to have Jason join the management team at Genesis HealthCare,” states Chief Executive Officer George V. Hager, Jr. “Jason’s breadth of experience across many facets of the healthcare industry makes him uniquely qualified to assist Genesis in developing strategic partnerships with hospital systems, managed care organizations and other healthcare providers across the nation that meet the economic and delivery challenges facing our industry today.”
_____________________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to nearly 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-names-jason-h-feuerman-senior-vice-president"}}},{"node":{"field_happening_s_date":"2013-09-27","field_link_to_the_page":null,"title":"Genesis HealthCare Unveils Name Of New Western Headquarters","body":{"value":"[Albuquerque, NM] – September 27, 2013– Genesis HealthCare, one of the nation’s largest skilled nursing providers in the United States, today held an official ceremony to unveil the new name of its Western headquarters. “Albuquerque Square, Western Headquarters” is the new name of the headquarters located at 501 Sun Avenue, N.E. in Albuquerque.
\r\nGenesis HealthCare acquired Sun Healthcare on December 1, 2012. Genesis is committed to maintaining a presence in the Albuquerque market, so the company chose to locate its Western headquarters in the city. Approximately 100 individuals work in the building and another 300 more individuals are employed by Genesis in the greater Albuquerque metropolitan area.
\r\n
\r\n“We are so honored to have Mayor Richard J. Berry with us on this special day,” states Paxton Wiffler, Senior Vice President of Operations. “Genesis is pleased to remain a strong business partner in Albuquerque. Today we celebrate our new western headquarters which honors the connection to our corporate headquarters in Kennett Square, Pennsylvania and also acknowledges this thriving city.”
\r\n
\r\n“We’re very excited that Genesis HealthCare has made such a strong commitment to our community by keeping Albuquerque as their Western Headquarters,” said Mayor Richard J. Berry. “In economic development, it is just as important to retain business as it is to attract new business.”
\r\n__________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to nearly 1,500 healthcare providers in 45 states. Visit our website at www.genesishcc.com.
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-unveils-name-new-western-headquarters"}}},{"node":{"field_happening_s_date":"2013-06-28","field_link_to_the_page":null,"title":"Twenty-two Genesis HealthCare Centers Receive Prestigious National Award for Significant Commitment To Quality Care","body":{"value":"
For Immediate Release:
\r\n\r\nCONTACT: Jeanne Moore
\r\nJeanne.moore@genesishcc.com
\r\n484-949-5647
Twenty-two Genesis HealthCare Centers Receive Prestigious National Award for Significant Commitment To Quality Care
\r\n\r\n7 Genesis Centers Earn Silver Awards
\r\n15 Genesis Centers Earn Bronze Awards
[Kennett Square, PA] – June 28, 2013 – Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announced that 22 of its Centers have been recognized as recipients of National Quality Awards presented by the American Health Care Association and the National Center for Assisted Living (AHCA/NCAL). The program honors facilities across the nation that have demonstrated their commitment to improving quality care for seniors and individuals with disabilities. Only 358 facilities nationwide received the Bronze level award and 59 centers nationwide received the Silver level award.
\r\n\r\nThe seven (7) Genesis Centers receiving the Silver honor include:
\r\n\r\n• Cypress Cove Care and Rehabilitation Center, Muscle Shoals, AL
\r\n• Courtyard Nursing Care Center, Medford, MA
\r\n• Granite Ledges of Concord, Concord, NH
\r\n• Groton Regency Center, Groton, CT
\r\n• Oak Grove Center, Waterville, ME
\r\n• The Village at Northrise, Las Cruces, NM
\r\n• Troy Center, Troy, OH
Two of the Silver recipients received their awards after last year’s 2012 convention, The Village at Northrise and Granite Ledges of Concord. These two centers will be joining the five 2013 winners at this year’s convention, for a total of 7 Silver Genesis recipients.
\r\n\r\nThe fifteen (15) Genesis Centers receiving the Bronze honor include:
\r\n
\r\n• Estrella Care & Rehabilitation, Avondale, AZ
\r\n• Playa del Rey Care and Rehabilitation Center, Playa del Rey, CA
\r\n• Willows Care Center, Willows, CA
\r\n• Pine View Center, Paradise, CA
\r\n• Olive Vista, Center for Problems of Living, Ponoma, CA
\r\n• Mesa Manor Care and Rehabilitation Center, Grand Junction, CO
\r\n• Cheyenne Mountain Care and Rehabilitation Center, Colorado Springs, CO
\r\n• Capitol Care and Rehabilitation Center, Boise, ID
\r\n• Payette Care and Rehabilitation Center, Payette, ID
\r\n• Colonial Heights, Lawrence, MA
\r\n• The Guardian Center, Brockton, MA
\r\n• Milford Center, Milford, MA
\r\n• Westfield Center, Westfield, MA
\r\n• Spring Valley Center, Worcester, MA
\r\n• Forest View Center, Dayton, OH
\r\n
\r\n“In an age of changing health care, Genesis HealthCare remains committed to prioritizing quality care above all else,” said Mark Parkinson, President and CEO of AHCA/NCAL. “These 22 Genesis centers are examples of the great things that can be accomplished when we commit to person-centered care.”
\r\n
\r\n“We have a strong and ongoing commitment to quality care at Genesis HealthCare,” notes Chief Executive Officer George V. Hager, Jr. “We are proud of these 22 centers that have demonstrated world-class performance excellence. They set the standard for all Genesis centers nationwide.”
\r\n
\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long term and post-acute care services in achieving their performance excellence goals.
The program has three levels: Bronze, Silver, and Gold. Facilities begin the quality improvement process at the Bronze level, and must receive an award at each level before proceeding on to the next. Bronze applicants must demonstrate their ability to implement a performance improvement system. A team of trained Examiners reviews each Bronze application to determine if the facility has met the demands of the criteria. As recipients of the Bronze - Commitment to Quality award, these 15 Genesis centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality award.
\r\n\r\nAs a recipient of the Silver – Achievement in Quality award, the seven Genesis centers have demonstrated systematic advancements in quality, plans for continual improvement, and sustainable organizational goals. They may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Gold – Excellence in Quality award, which requires them to address the Baldrige Health Care Criteria for Performance Excellence in its entirety.
\r\n\r\n“This award is not simply a plaque that facilities hang on the wall and forget,” said Ed McMahon, Chair, AHCA/NCAL National Quality Award Board of Overseers. “Facilities receive this award because they’re committed to the constant journey of improving quality care.”
\r\n\r\nThe awards are sponsored by AHCA/NCAL Associate Business Member My InnerView, by National Research Corporation. My InnerView represents the true voice of nursing home and assisted living residents, families, and employees with the most insightful quality measurement solutions and satisfaction surveys in the healthcare continuum. The awards will be presented during AHCA/NCAL’s 64th Annual Convention and Exposition, October 6-9, 2013, in Phoenix, AZ.
\r\n\r\n_______________________________________________________________
\r\n
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to over 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/twenty-two-genesis-healthcare-centers-receive-prestigious-national"}}},{"node":{"field_happening_s_date":"2013-06-25","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE BUILDING NEW SKILLED NURSING CENTER IN GAMBRILLS","body":{"value":"FOR IMMEDIATE RELEASE
\r\n\r\nCONTACT: Jeanne Moore
\r\nJeanne.moore@genesishcc.com
\r\nPhone: 484-949-5647
GENESIS HEALTHCARE BUILDING
\r\nNEW SKILLED NURSING CENTER IN GAMBRILLS
‘Under Roof’ Ceremony Held to Celebrate Construction Progress
\r\n\r\nGambrills, MD -- (June 25, 2013) – Genesis HealthCare, one of the leading providers of short-term, post-acute rehabilitation and skilled nursing services in the United States, today held an “Under Roof” ceremony to celebrate construction progress at the site of its newest center, Waugh Chapel Center. Senator Ed Reilly joined Genesis HealthCare executives and center management to celebrate the county’s newest healthcare service option.
\r\n\r\nThe new Waugh Chapel Center is a 110-bed skilled nursing center located at 1219 Waugh Chapel Road in Gambrills, Maryland. The 73,869 square foot building will feature a combination of faux stone and trowel stucco finishes when complete. Burris Construction is the developer. It is expected to be complete in November 2013.
\r\n\r\nWaugh Chapel Center will offer a 54-bed short-term transitional care unit (TCU) across three wings. Each wing will offer private and semi-private rooms, separate dining rooms, intimate lounges and two solariums. The transitional care unit is designed for those patients who will come to Waugh Chapel Center following a hospital stay for surgery, injury or illness but require additional rehabilitation therapy before returning home. Patients will benefit from state-of-the-art equipment in the new 3,700 square foot therapy gym.
\r\n\r\n“We are excited to be able to offer a brand new Genesis HealthCare center to Anne Arundel County residents,” shares Dave Almquist, Executive Vice President/President of East Division. “This center incorporates features based on direct feedback from our past patients. For example, our TCU offers more private rooms than any other center in the county and each private room includes a private shower. In addition, professional chefs in the cafes offer patients a restaurant-quality dining experience for the duration of their stay with us.”
\r\n\r\nIn addition, Waugh Chapel Center will offer long-term care services in a separate wing of the building. This wing will also include private and semi-private rooms, a separate dining area, intimate lounges and two solariums.
\r\n\r\nWaugh Chapel Center is a replacement center for Knollwood Center, a Genesis HealthCare skilled nursing center located on Cecil Avenue in Millersville, Maryland. Knollwood Center patients and residents will move to Waugh Chapel Center after the official opening in late 2013.
\r\n\r\n_______________________________________________________________
\r\n
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to over 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-building-new-skilled-nursing-center-gambrills"}}},{"node":{"field_happening_s_date":"2013-02-11","field_link_to_the_page":null,"title":"Genesis HealthCare receives Viverae’s 2012 Vanguard Award for developing a healthier workplace culture","body":{"value":"For Immediate Release
\r\nFebruary 11, 2013
\r\n
\r\nMedia Contact:
\r\nMeghna Gupta
\r\n972-677-1614
\r\nmeghna.gupta@viverae.com
\r\n
\r\nGenesis HealthCare receives Viverae’s 2012 Vanguard Award for developing a healthier workplace culture
\r\n
\r\nDallas, February 11, 2013 – Viverae presented Genesis HealthCare with the 2012 Vanguard Award for developing an exemplary culture of health within its workforce.
\r\n
\r\nAwarded annually since 2009, the Viverae Vanguard Award honors an organization that has successfully implemented Viverae’s best practice guidelines in developing their health management strategy.
\r\n
\r\nGenesis' Living Well program succeeded by rewarding enrolled employees with a health plan premium differential credit. Viverae’s best practices show that premium reductions are consistently the most effective incentive when it comes to getting employees to join the program. Genesis HealthCare went above and beyond the program’s framework by designating Wellness Champions; a group of employees who helped their co-workers achieve their goals, while acting as health advocates on behalf of the workforce.
\r\n
\r\nKaren Halsted, Genesis’ Vice President of Corporate Human Resources, accepted the award from Michael Nadeau, Viverae’s CEO. During the ceremony, Nadeau said, “Genesis HealthCare’s population is an example of notable success across Viverae’s entire product platform. They have embraced performance-based, total-population health management, and their employees have seen the results.” He added, “this makes me extremely proud. It’s why we do this. This is why we get up in the morning.”
\r\n
\r\n\"Feedback has been overwhelmingly positive and many Genesis locations hold regular activities in support of the Living Well program,\" Halsted said. \"Employees who are striving to adopt a healthier lifestyle and save on medical premiums receive encouragement and support from Viverae health coaches, their management team and fellow co-workers. As a result, we are finding that our Living Well program helps employees improve their health and creates camaraderie and fun in the work place, which translates into happier and more productive employees.\"
\r\n
\r\nTo learn more about Viverae’s best practices and to develop a healthy workplace culture at your organization, contact us at 214-827-4400 or visit www.viverae.com.
\r\n
\r\n###
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 28 states nationwide. Genesis also supplies rehabilitation therapy to over 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
\r\n
\r\nAbout Viverae
\r\nFounded in 2003, Viverae (viv-AIR-a) is a national leader in health management solutions. Dallas-based Viverae provides partners a platform to tie health behaviors to health insurance premiums, and support members with the tools and resources needed to create a healthy lifestyle. Designed to manage client programs from beginning to end, Viverae’s solutions are a unique combination of comprehensive health assessments, employee incentives, creative engagement strategies and proprietary software. To learn more, visit www.viverae.com.
For Immediate Release:
\r\n\r\nCONTACT: Jeanne Moore, Genesis HealthCare
\r\n 484-949-5647
GENESIS HEALTHCARE ACQUIRES SUN HEALTHCARE GROUP, INC.
\r\n\r\n[Kennett Square, PA] December 3, 2012- Genesis HealthCare (Genesis), one of the nation’s largest providers of skilled nursing and rehabilitation care, today announced that effective December 1, 2012 it completed the acquisition of Sun Healthcare Group, Inc. (Sun) (NASDAQ GS: SUNH). Based in Irvine, California, Sun is a healthcare services company serving primarily the senior population. Sun owns SunBridge Healthcare, LLC, which, directly and through affiliates, operates skilled nursing facilities, assisted and independent living centers, and behavioral health centers in 23 states. Sun also owns SunDance Rehabilitation, CareerStaff Unlimited, and SolAmor Hospice.
\r\n\r\nUnder the terms of the agreement, Genesis acquired Sun for $8.50 per share of common stock in cash. The aggregate amount of the merger consideration was approximately $215 million, excluding closing costs and the repayment of approximately $89 million of Sun indebtedness. Genesis financed the transaction using borrowings under a term loan and available cash.
\r\n
The merger of the two companies has created one of the largest skilled nursing providers in the country, with 422 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. The new company will have nearly 80,000 employees and combined annual revenue of approximately $4.6 billion. The Genesis HealthCare headquarters will remain in Kennett Square, Pennsylvania.
\r\n\r\nSimultaneous with the Genesis / Sun merger, Sun’s SolAmor Hospice segment was sold to Life Choice Hospice, a provider of in-home hospice care, for approximately $85 million. Net cash sale proceeds of $75 million were used to repay Genesis senior indebtedness. Genesis owns an approximate one-third interest in Life Choice Hospice.
\r\n\r\n“This is an exciting time for Genesis HealthCare,” states Genesis Chief Executive Officer George V. Hager, Jr. “The addition of Sun’s portfolio enables us to expand the breadth of services we provide nationwide and creates economies of scale that better position Genesis for the challenges facing the post-acute care industry in years to come. We have an exceptional leadership team in the new combined company, and we look forward to providing our expanded portfolio the same exceptional care our patients and residents have come to know and trust. We are also excited to partner with healthcare leaders across the country to create solutions to today’s healthcare challenges.”
\r\n\r\nBarclays served as Genesis’ exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP, Williams Mullen and Arnall Golden Gregory LLP acted as its legal advisors.
\r\n\r\nMTS Health Partners, L.P. served as Sun’s exclusive financial advisor, and O’Melveny & Myers LLP acted as its legal advisor.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with more than 400 skilled nursing centers and assisted living residences in 29 states nationwide. Genesis also supplies rehabilitation therapy to over 1,500 healthcare providers in 46 states. Visit our website at www.genesishcc.com.
\r\n\r\n\r\n\r\n
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-acquires-sun-healthcare-group-inc"}}},{"node":{"field_happening_s_date":"2012-08-27","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECOGNIZED AS ONE OF THE ACHIEVERS 50 MOST ENGAGED WORKPLACES™ IN THE UNITED STATES","body":{"value":"For Immediate Release:
\r\n\r\nCONTACT: Jeanne Moore, Genesis HealthCare
\r\n 484-949-5647
Allison Barrett, Public Relations Specialist
\r\nallisonb@achievers.com
\r\n888-622-3343 x3566
\r\nAfter Hours: 530-713-6655
GENESIS HEALTHCARE RECOGNIZED AS ONE OF THE ACHIEVERS 50 MOST ENGAGED WORKPLACES™ IN THE UNITED STATES
\r\n
\r\n[Kennett Square, PA] August 27, 2012- Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announces its recognition as one of the Achievers 50 Most Engaged Workplaces™ in the United States. This annual award recognizes top employers that display leadership and innovation towards engaging their employees.
\r\n
\r\n“The Achievers 50 Most Engaged Workplaces™ understand these practices are not only good for employees but also the bottom line. Companies that focus on employee engagement tend to perform better financially, attract and retain the best talent and enjoy improved customer service and client retention,” said Razor Suleman, Founder and Chairman of Achievers. “These companies serve as role models for other businesses to engage their own employees and build success.”
The Achievers 50 Most Engaged Workplaces™ Awards panel of judges evaluated each applicant based on the Eight Elements of Employee Engagement™: Communication, Leadership, Culture, Rewards & Recognition, Professional & Personal Growth, Accountability & Performance, Vision & Values and Corporate Social Responsibility.
\r\n\r\nThe panel of judges included Bruce Bolger, Managing Director of Enterprise Engagement Alliance, Stacia Garr, Principal Analyst of Bersin & Associates, Debbie McGrath, Founder and Chief Instigator of HR.com and Razor Suleman, Founder and Chairman of Achievers.
\r\n
\r\n“Our employees are our most valuable resource and are the heart of our organization,” notes Chief Executive Officer George V. Hager, Jr. “We understand that engaging our employees in meaningful ways strengthens our team and enables us to better provide quality care to our patients every day. We are so proud to have been honored with this distinction.”
\r\n
\r\nGenesis HealthCare will be honored alongside other recipients of the Achievers 50 Most Engaged Workplaces™ Award at the awards gala on October 25, 2012 at the Julia Morgan Ballroom in San Francisco, California.
About Achievers
\r\nThe Achievers mission is to Change the Way the World Works. We are accomplishing this by helping companies around the world recognize and reward positive employee behaviors on a daily basis resulting in higher employee engagement and better business results. With our award-winning technology, unmatched customer service and industry-leading expertise we have powered the world’s most successful rewards and recognition programs. Check us out on the web at www.achievers.com.
About Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-recognized-one-achievers-50-most-engaged"}}},{"node":{"field_happening_s_date":"2012-08-09","field_link_to_the_page":null,"title":"Sun Healthcare Group, Inc. Announces Expiration of Hart-Scott-Rodino Waiting Period in Connection With Proposed Transaction With Genesis HealthCare, LLC","body":{"value":"IRVINE, CA -- (Marketwire) -- 08/09/12 -- Sun Healthcare Group, Inc. (NASDAQ: SUNH) today announced that, in connection with the previously announced transaction with Genesis HealthCare, LLC, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on Aug. 8, 2012. The closing of the transaction remains subject to other customary conditions, including approval by Sun stockholders and other regulatory approvals. The special meeting of Sun stockholders to approve the transaction will be held on Sept. 5, 2012. Sun continues to expect that the transaction will close in the fall of 2012.
\r\n
\r\nClick here to view the entire press release
Kennett Square, PA (July 17, 2012) – Genesis HealthCareSM , one of the nation’s largest providers of skilled nursing and assisted living care, today announced that JoAnne Reifsnyder, PhD, ACHPN, has been appointed the Company’s Chief Nursing Officer. Dr. Reifsnyder assumes the position from Nancy Grimes who retired in July 2012 after 17 years with Genesis HealthCare.
\r\nJoAnne Reifsnyder completed a postdoctoral fellowship in psychosocial oncology at the University of Pennsylvania School of Nursing, and holds a PhD in nursing from the University of Maryland, a Master’s Degree in nursing from Thomas Jefferson University, and a BSN from Holy Family College.
In 2002, Dr. Reifsnyder co-developed and was the coordinator of a palliative care minor at the University of Pennsylvania School of Nursing, and taught both core courses to nursing, social work and medical students. In 2009, she led the development of the first Masters’ program in Chronic Care Management at Jefferson School of Population Health (JSPH), Thomas Jefferson University in Philadelphia, PA.
\r\n\r\nDr. Reifsnyder has held executive and leadership roles in both for profit and not for profit health care settings. Prior to joining Genesis, she was Senior Vice President, Care Transitions, with Moorestown, NJ-based Care Kinesis, LLC. In this role, she served as a consultant to Genesis HealthCare and to Bayada Nurses, working with executives and clinical team members to develop a skilled nursing facility to home transitional care model for vulnerable older adults. Dr. Reifsnyder was formerly Chief Quality Outcomes officer for excelleRx, Inc., a Philadelphia-based medication management therapy company. She was also co-founder and partner in Ethos Consulting Group, LLC, a company focused on program development, education/training and research/evaluation to advance end of life care. She was formerly the Director of the Hospice Program for the VNA of Greater Philadelphia and was Director of Patient Services for Samaritan Hospice in Marlton, NJ.
\r\n\r\nDr. Reifsnyder is President of the Board of Directors for the Hospice and Palliative Nurses Association, and serves on the Boards of Hospice Foundation of America, Pennsylvania Hospice Network, and LifeChoice Hospice. She is a member of American Organization of Nurse Executives (AONE), the National Gerontological Nurses Association (NGNA) and Sigma Theta Tau International, the Honor Society of Nursing. She is certified as an advanced practice nurse in hospice and palliative care.
\r\n“First, I want to thank Nancy Grimes for her dedication and commitment to Genesis and all of our clinical employees over the last 17 years and I wish her well in her retirement,” notes George V. Hager, Jr., Genesis HealthCare’s Chief Executive Officer. “Second, I would like to welcome JoAnne. JoAnne is a seasoned nurse executive with more than 30 years experience in clinical practice, administration, consulting, education and research level. I cannot think of a better person to lead this company in the next generation of clinical expertise and performance.” _______________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
About Genesis HealthCare LLC
\r\nGenesis HealthCare LLC is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia.
Visit our website at www.genesishcc.com.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-appoints-new-chief-nursing-officer"}}},{"node":{"field_happening_s_date":"2012-07-12","field_link_to_the_page":null,"title":"Three Genesis HealthCare Centers Receive Prestigious National Award for Providing High-Quality Long-Term Care","body":{"value":"Silver-Level Quality Award Honors Best Practices in Long-Term Care
\r\n
\r\n[Kennett Square, PA] – July 12, 2012 – Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announced that three of its Centers have been recognized as 2012 recipients of the Silver – Achievement in Quality presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The award highlights select facilities across the nation that serve as models of excellence in providing high-quality long-term care.
Genesis Centers receiving the Silver honor include:
\r\n
\r\n• Kimberly Hall South, Windsor, CT
\r\n• Lebanon Center, Lebanon, NH
\r\n• Springbrook Center, Westbrook, ME
“This award is a benchmark of distinction in the journey to providing high quality care,” said Governor Mark Parkinson, President and CEO of AHCA/NCAL. “The long term and post-acute care community applauds the Genesis HealthCare centers on this great achievement.”
\r\n\r\nIn an indication of a strengthening commitment to quality care in skilled nursing and post-acute care centers, the AHCA/NCAL National Quality Award Program saw success rates of applicants for the Silver award double from 8% to 17%. The Genesis centers were 3 of only 52 facilities nationwide to receive the Silver-level award this year.
\r\n“It is a tremendous honor for these three centers to achieve this distinction,” notes Chief Executive Officer George V. Hager, Jr. “The award recognizes the exceptional dedication and quality care that the employees of these centers provide to our patients every day.”
\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the criteria of the Baldrige Performance Excellence Program. The program assists providers of long-term and post-acute care services in achieving their performance excellence goals.
The program has three levels: Bronze, Silver, and Gold. Facilities begin the quality improvement process at the Bronze level and must receive an award at each level before proceeding to the next. As recipients of the Silver – Achievement in Quality award, these Genesis centers have demonstrated systematic advancements in quality, plans for continual improvement, and sustainable organizational goals. These centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Gold – Excellence in Quality award, which requires them to address the Baldrige Health Care Criteria for Performance Excellence in its entirety.
\r\n\r\n“Receiving this award is evidence of the staff commitment and successful leadership at these three Genesis centers and their ability to apply rigorous standards to operation and service,” says Chick Stepahin, Chair, AHCA/NCAL National Quality Award Board of Overseers. “These Genesis centers have been consistent in their performance and dedication to providing high quality care.”
\r\n\r\nThe awards are sponsored by AHCA/NCAL Associate Business Member My InnerView, a Web-based applied research and quality-management company that supports leaders across the entire assisted living, senior housing and skilled nursing profession with tools to measure, benchmark and improve performance. These awards will be presented during AHCA/NCAL’s 63rd Annual Convention and Exposition, October 7-10, 2012 in Tampa, Florida.
\r\n______________________________________________________________________________
Genesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia. Visit our website at www.genesishcc.com.
###
\r\n"},"path":{"alias":"/about-us/press/press-releases/three-genesis-healthcare-centers-receive-prestigious-national-award"}}},{"node":{"field_happening_s_date":"2012-07-11","field_link_to_the_page":null,"title":"AHCA/NCAL Honors Long Term Care Providers","body":{"value":"– Joe Warner Patient Advocacy Award recipients praised for commitment to improving quality of care and life for America’s seniors –
\r\n\r\nWashington, DC – The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) this week proudly announced the 2012 Joe Warner Patient Advocacy Award recipients: John Barber of White Oak Manor; Fran Kirley of Nexion Health, Inc.; Ted LeNeave of American HealthCare L.L.C.; and Richard Pell of Genesis HealthCare.
\r\n\r\nAHCA/NCAL bestows this award on association members who have worked directly to educate Members of Congress about the needs of long term care patients and residents and to advance quality long term care. The annual award recognizes caregivers who possess the same compassion for, and commitment to, the country’s elderly and individuals with disabilities that exemplified the work of former president and CEO of Illinois-based Heritage Enterprises, Joe Warner.
\r\n\r\n“This year’s recipients are not only leaders in the long term and post-acute care profession,” said Mark Parkinson, President and CEO of AHCA/NCAL. “They are individuals who have turned their personal passions into a lifelong commitment of working on behalf of our nation’s seniors and individuals with disabilities. I am honored to celebrate them.”
\r\n\r\nThis year’s honorees are outstanding individuals and community leaders. John Barber is the Executive Vice President/Chief Financial Officer of White Oak Manor in Spartansburg, SC. Fran Kirley is the founder, president, and CEO of Nexion Health, Inc., a company based in Sykesville, MD, that operates skilled nursing and rehabilitation centers in Texas, Louisiana, and Colorado. Ted LeNeave is the President and CEO of American HealthCare L.L.C., which manages 16 long term and post-acute care properties across Virginia. Rich Pell is Senior Vice President of Administration for Genesis HealthCare, which is headquartered in Kennett Square, PA. Each of this year’s award recipients has demonstrated dedication to protecting the rights of seniors and advocating for long term and post-acute care.
\r\n\r\n“As members of the long term and post-acute care community, we understand that families depend on us to provide quality care and compassion for their family members,” said Neil Pruitt, Jr., AHCA Chair. “These individuals – like our former colleague and friend, Joe Warner – not only care for the elderly and individuals with disabilities, but they constantly push the bar higher and encourage facilities to strive for even better care.”
\r\n"},"path":{"alias":"/about-us/press/press-releases/ahcancal-honors-long-term-care-providers"}}},{"node":{"field_happening_s_date":"2012-07-02","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE EXPANDS IN THE SEAFORD COMMUNITY WITH ACQUISITION OF LIFECARE AT LOFLAND PARK","body":{"value":"Seaford, DE (July 2, 2012) – On July 1, 2012, Genesis HealthCareSM expanded in the Seaford community with the acquisition of LifeCare at Lofland Park (now called Lofland Park Center), a 110-bed skilled nursing facility located in Seaford, DE. With the addition of Lofland Park Center, which offers ShortStay, Rehabilitation and LongTerm Care, Genesis HealthCare now operates eight facilities in the state of Delaware, including Seaford Center in Seaford, DE.
\r\n
\r\nGenesis HealthCare is one the nation's largest skilled nursing providers operating over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also offers a wide range of services from ShortStay and short-term orthopedic rehabilitation to other specialty services including ventilator, dialysis, wound care and Alzheimer’s dementia care. Genesis’ dedicated team of healthcare professionals works tirelessly to provide high-quality care regardless of the setting. It is our mission to: improve the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\n“As we strive to fulfill our mission, we are dedicated to meeting the needs of the Seaford community,” states Tawnya Dennis, the Administrator of Lofland Park Center. “We are always available to answer your questions or to provide you and your family with a personal tour of our facility or explain the services we offer. Also, for your convenience, our Genesis CareLine, 1-866-745-CARE, can accept referrals and admissions 24 Hours/Day – 7 Days/Week. Ultimately, we are dedicated to providing individualized care in a welcoming and home-like environment.”
\r\n
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nFor More Information
\r\nFor more information about Lofland Park Center, please call Tawnya Dennis at (302) 628-3000. Lofland Park Center is located 715 King Street in Seaford, DE.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia.
\r\n
\r\nVisit our website at www.genesishcc.com.
\r\n
\r\n###
[Kennett Square, PA] – June 25, 2012 – Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announced that five of its Centers have been recognized as 2011 recipients of the Bronze – Commitment to Quality National Quality Award presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The award highlights facilities across the nation that have demonstrated their intention to pursue a rigorous quality improvement system.
\r\n
\r\nGenesis Centers receiving the Bronze honor include:
“Quality is an ongoing commitment at Genesis HealthCare,” notes Chief Executive Officer George V. Hager, Jr. “Centers throughout our company strive to meet stringent quality standards. We are proud of the achievement of these centers and the exceptional quality care they provide to our patients every day.”
\r\n
\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long term and post-acute care services in achieving their performance excellence goals.
\r\n
\r\nThe program has three levels: Bronze, Silver, and Gold. Facilities begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision and mission statements and an assessment of customers’ expectations. Bronze applicants must demonstrate their ability to implement a performance improvement system. A team of trained Examiners reviews each Bronze application to determine if the facility has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality award, these Genesis centers may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality award.
\r\n
\r\n“The commitment these facilities have made to quality care does not stop with this benchmark award” says Chick Stepahin, Chair, AHCA/NCAL National Quality Award Board of Overseers. “The journey to quality care requires dedication, and these five Genesis HealthCare centers have risen to the challenge.”
\r\n
\r\nThe awards are sponsored by AHCA/NCAL Associate Business Member My InnerView, a Web-based applied research and quality-management company that supports leaders across the entire assisted living, senior housing and skilled nursing profession with tools to measure, benchmark and improve performance. The awards will be presented during AHCA/NCAL’s 63 Annual Convention and Exposition, October 7-10, 2012 in Tampa, FL.
\r\n
\r\n______________________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare LLC
\r\nGenesis HealthCare LLC is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia. Visit our website at www.genesishcc.com.
\r\n
\r\n
\r\n###
\r\n
Irvine, Calif. (Wednesday June 20, 2012) - Sun Healthcare Group, Inc. (NASDAQ GS: SUNH) today announced that it has signed a definitive agreement for the acquisition of Sun Healthcare (Sun) by Genesis HealthCare (Genesis). The combined company will be able to strengthen its core business lines and enhance its collective ability to provide the highest quality patient care while meeting the current challenges facing the healthcare industry.
\r\n
\r\nUnder the terms of the merger agreement, Genesis will acquire Sun for $8.50 per share of common stock in cash, resulting in a transaction value of approximately $273.3 million net of cash and debt acquired. Sun Healthcare’s Board of Directors unanimously approved the transaction. The closing of the transaction is subject to customary conditions, including approval by Sun stockholders, expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as well as regulatory approvals. The closing is expected to occur in the fall.
\r\n
\r\nThe transaction price represents a 43.1% premium over the closing sale price of Sun shares on Tuesday, June 19, 2012 and a 55.6% premium to the volume-weighted average closing sale price of approximately $5.46 during the 30 trading days prior to that date.
\r\n
\r\nRegarding the transaction, William A. Mathies, Sun’s Chairman and Chief Executive Officer, stated, “The combined entity will have broad geographic reach and the scale necessary to remain competitive in the post-acute sector. On a combined basis, the two companies generated roughly $4 billion in revenue in 2011 and will have more than 420 facilities and 65,000 employees.”
\r\n
\r\n“This transaction brings together two companies with similar operating structures, experienced and deep management teams, and cultures committed to quality patient care,” Mathies continued. “Like Sun, Genesis operates a predominantly leased portfolio of skilled nursing and assisted living facilities as well as a fully integrated rehabilitation company. Together, the combined company will be able to use its strengths on a broader scale, which will be advantageous as the post-acute care industry continues to evolve.”
\r\n
\r\n“This is a tremendous opportunity to grow our business with an established industry operator,” notes Genesis Chief Executive Officer George V. Hager, Jr. “Strategically, we will be able to improve economies of scale while enhancing our footprint and breadth of services. We look forward to welcoming Sun employees to the Genesis family and working together to build a stronger company.”
\r\n
\r\nBarclays is acting as Genesis’ exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP, Williams Mullen and Arnall Golden Gregory LLP are acting as its legal advisors.
\r\n
\r\nMTS Health Partners, L.P. is acting as Sun’s exclusive financial advisor, and O’Melveny & Myers LLP is acting as its legal advisor.
\r\n
\r\nAdditional Information and Where to Find It
\r\nIn connection with the acquisition, Sun will file a proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission (“SEC”). The definitive proxy statement will be mailed to stockholders of Sun. Investors and stockholders of Sun are urged to read the definitive proxy statement and other relevant documents when they become available because they will contain important information about the transaction. Copies of these documents (when they become available) may be obtained free of charge by making a request to Sun’s Investor Relations Department either in writing to Sun Healthcare Group, Inc., 101 Sun Avenue, N.E., Albuquerque, New Mexico 87109, or by telephone to (505) 468-2341. In addition, documents filed with the SEC by Sun may be obtained free of charge at the SEC’s website at www.sec.gov or by clicking on “SEC Filings” on Sun’s website at www.sunh.com.
\r\n
\r\nSun and its directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from Sun’s stockholders in respect of the transaction. Information concerning the ownership of Sun’s securities by Sun’s directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, and additional information is also available in Sun’s proxy statement for its 2012 Annual Meeting of Stockholders filed with the SEC on April 30, 2012. Information regarding Sun’s directors, executive officers and other persons who may, under rules of the SEC, be considered participants in the solicitation of proxies in connection with the transaction, including their respective interests in the transaction by security holdings or otherwise, will be set forth in the definitive proxy statement concerning the transaction when it is filed with the SEC. Each of these documents is, or will be, available as described above.
\r\n
\r\nAbout Sun Healthcare Group, Inc.
\r\nSun Healthcare Group, Inc. (NASDAQ: SUNH) is a healthcare services company, serving principally the senior population, with consolidated annual revenues in excess of $1.9 billion and approximately 28,000 employees in 46 states. Sun's services are provided through its subsidiaries: as of Mar. 31, 2012, SunBridge Healthcare and its subsidiaries operate 158 skilled nursing centers, 13 combined skilled nursing, assisted and independent living centers, 10 assisted living centers, two independent living centers and seven mental health centers with an aggregate of 21,444 licensed beds in 23 states; SunDance Rehabilitation provides rehabilitation therapy services to affiliated and non-affiliated centers in 36 states; CareerStaff Unlimited provides medical staffing services in 40 states; and SolAmor Hospice provides hospice services in 11 states. For more information, go to www.sunh.com.
\r\n
\r\nAbout Genesis HealthCare, LLC
\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 35 states and the District of Columbia. For more information, go to www.genesishcc.com.
\r\n
\r\nForward-Looking Statements
\r\nStatements made in this release that are not historical facts are \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"hope,\" \"intend,\" \"may\" and similar expressions. Forward-looking statements in this release include all statements regarding the expected benefits and timing of the proposed transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, delays in or failure to satisfy required closing conditions, including the receipt of required regulatory approvals with respect to the transaction; failure to consummate or delay in consummating the transaction for other reasons; the possibility that the expected benefits may not materialize as expected; and failure to successfully integrate the infrastructure and employees of Genesis and Sun. More information on factors that could affect Sun's business and financial results are included in Sun's filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which are available on Sun's web site, www.sunh.com. There may be additional risks of which Sun is presently unaware or that it currently deems immaterial.
\r\n
\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Sun’s control. Sun cautions investors that any forward-looking statements made by Sun are not guarantees of future performance and are only made as of the date of this release. Sun disclaims any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
Kennett Square, PA – (February 6, 2012) – Genesis HealthCare, a leading provider of short-term post-acute, rehabilitation and skilled nursing care services, today introduced a new product offering, PowerBack Rehabilitation. In response to the market demand for shorter post-hospital patient recovery periods and fewer post-discharge setbacks, PowerBack’s goal is to help patients get back home as quickly and safely as possible.
\r\n\r\nIn describing the philosophy behind PowerBack Rehabilitation, Genesis HealthCare’s CEO George Hager said, “Research proves that most people who require rehabilitation therapy after surgery or illness are completely caught off guard with no plan in place. Without a plan, patients and families can become emotional and make rushed decisions. We believe in the importance of planning ahead and PowerBack should be the plan if the patient’s goal is a safe and speedy recovery.”
\r\n\r\nDesigned for short-term care, most PowerBack Rehabilitation patients typically recover and return home within a few weeks. By calling the PowerBack CareLine, patients can pre-book their stay at PowerBack to allow for a smooth transition from hospital to rehabilitation. PowerBack also encourages people, particularly those 50 and older, to order their own personalized PowerBack Card. “You never know when you will end up in the hospital and in need of rehabilitation,” notes Mr. Hager. “It is best to have a plan.”
\r\n\r\nThe first PowerBack Rehabilitation location officially opened on January 23rd: PowerBack Rehabilitation, Brightwood Campus. The totally renovated building, formerly known as Brightwood Center, is located north of Baltimore in Lutherville, MD. The facility underwent significant renovations and is the first center within Genesis to offer this new model of care.
\r\n\r\nExecutive Director of PowerBack Rehabilitation, Brightwood Campus, Dave Napierskie explained, “With the newest equipment available and aggressive therapy plans tailored for each individual patient, the entire PowerBack model is designed to help our short stay patients get their Power Back. And we pamper them while they’re here.”
\r\n\r\nPowerBack Rehabilitation, Brightwood Campus now offers:
\r\n
PowerBack Rehabilitation, Brightwood Campus is only the first location to provide this new model of care. Other buildings are under development and expected to open later this year. Visit PowerBack Rehabilitation at www.powerbackrehabilitation.com or call 888-928-2000 for more information.
\r\n\r\nAbout Genesis HealthCare
\r\n\r\nGenesis HealthCare is one of the nation's largest skilled nursing care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 28 states and the District of Columbia. Visit our website at www.genesishcc.com.
\r\n\r\n###
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-introduces-powerback-rehabilitation"}}},{"node":{"field_happening_s_date":"2011-12-22","field_link_to_the_page":null,"title":"Dramatic Growth of Genesis Rehab Services Creates New Jobs in Several Oklahoma and Arkansas Communities","body":{"value":"
KENNETT SQUARE, Pa., Dec. 22, 2011 /PRNewswire/ -- Genesis Rehab Services (GRS), a premier provider of physical, occupational, speech, and respiratory therapy services in the long-term care industry, remains strong in the face of heavy cuts in Medicare reimbursement. With more than 1000 locations in 27 states and the District of Columbia, Genesis Rehab Services continues to project steady growth in new and existing markets in 2012.
\r\n\r\nA new partnership with Ohio-based AdCare Health Systems, Inc., will expand GRS's footprint into two new states: Oklahomaand Arkansas. On January 1, 2012, Genesis Rehab Services will begin to operate and staff 13 rehab gyms for AdCare, which develops, owns and manages nursing homes and assisted living facilities.
\r\n\r\nWith this growth comes new job opportunities for the Enid and Grove areas of Oklahoma, and the Bentonville, Ft. Smith and Stamps communities of Arkansas. Genesis Rehab Services is now hiring licensed physical therapists, physical therapist assistants, occupational therapists, certified occupational therapy assistants, speech-language pathologists, and rehab managers across both states. The company has been recognized as a 2011 Top Workplace by the Indianapolis Star and St. Petersburg Times, a 2010 Top Workplace by the Philadelphia Inquirer and Philadelphia Daily News, and as a 2009 Best Place to Work by the Tampa Bay Business Journal and the Philadelphia Business Journal. In 2009, we were also ranked 5th by the Baltimore Business Journal in our size category.
\r\n\r\nAccording to Judi Pritchard, VP for Rehabilitation at AdCare, \"Genesis Rehab Services has a solid reputation in the industry. We know that the investments they make in their staff, including their focus on continuing education and strong clinical support, will ensure that our patients and residents receive the best possible rehabilitation therapy services available.\"
\r\n\r\nTo learn how to join the Genesis Rehab Services team, visit http://www.genesiscareers.jobs.
\r\n\r\nAbout Genesis Rehab Services
\r\nGenesis Rehab Services (GRS) is the leading provider of physical therapy, occupational therapy, speech therapy, respiratory therapy, and wellness services in the long-term care rehabilitation industry. As one of the largest and strongest rehab organizations in the country, GRS partners with skilled nursing facilities, assisted living facilities, independent living facilities, hospitals, home health companies, adult day care programs, and outpatient clinics to provide comprehensive therapy services, primarily to older adults. For more information about Genesis Rehab Services, visit http://www.genesisrehab.com. For consumer information about rehabilitation therapy, visit http://www.rehab.com.
About AdCare Health Systems
\r\nAdCare Health Systems, Inc. (NYSE Amex: ADK) is a recognized innovator in senior living and health care facility management. AdCare develops, owns and manages assisted living facilities, nursing homes and retirement communities. Since its inception in 1988, AdCare's mission has been to provide the highest quality of healthcare services to the elderly. For more information about AdCare, visit www.adcarehealth.com.
CONTACT:
\r\nDan Hirschfeld, President
\r\nGenesis Rehab Services
\r\n(610) 925-4025
\r\nDan.Hirschfeld@genesishcc.com
Twelve Genesis HealthCare Centers Receive Prestigious National Award for Significant Commitment in the Delivery of Quality Care
\r\n
\r\n[Kennett Square, PA] – July 18, 2011 – Genesis HealthCare, one of the nation’s largest providers of skilled nursing and rehabilitation, today announced that 12 of its Centers have been recognized as 2011 recipients of the Bronze – Commitment to Quality National Quality Award presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). The award highlights facilities across the nation that have demonstrated their intention to pursue a rigorous quality improvement system.
\r\n
\r\nGenesis Centers receiving the Bronze honor include:
\r\n• Academy Manor, Andover, MA
\r\n• Canterbury Center, Sheperdstown, WV
\r\n• Cinnaminson Center, Cinnaminson, NJ
\r\n• Coventry Center, Skilled Nursing & Rehabilitation, Coventry, RI
\r\n• Crestview Center, Langhorne, PA
\r\n• Dawnview Center, Fort Ashby, WV
\r\n• Elmwood Center, Skilled Nursing and Rehabilitation, Claremont, NH
\r\n• Heritage at Milford, Milford, DE
\r\n• Hillside Center, Wilmington, DE
\r\n• Perring Parkway Center, Baltimore, MD
\r\n• Sandy River Center, Farmington, ME
\r\n• Willows Center, Parkersburg, WV
\r\n
\r\n“This award signifies a great commitment to quality care and an important step in raising the standards of sustainable, person-centered care and services,” says Governor Mark Parkinson, President and CEO of AHCA/NCAL. “We congratulate Genesis HealthCare on these achievements.”
\r\n“We at Genesis HealthCare take quality very seriously,” notes Chief Executive Officer George V. Hager, Jr. “We set very high standards for all of our centers and clearly, these 12 locations have demonstrated world-class performance excellence and an exceptional standard of care to our patients and residents.”
\r\nImplemented by AHCA/NCAL in 1996, the National Quality Award Program is centered on the core values and criteria of the Baldrige Performance Excellence Program. The program assists providers of long-term and post-acute care services in achieving their performance excellence goals.
\r\n
\r\nThe program has three levels: Bronze, Silver, and Gold. Facilities begin the quality improvement process at the Bronze level, where they develop an organizational profile with essential performance elements such as vision and mission statements and an assessment of customers’ expectations. Bronze applicants must demonstrate their ability to implement a performance improvement system. A team of trained Examiners reviews each Bronze application to determine if the facility has met the demands of the criteria. As a recipient of the Bronze - Commitment to Quality award, each facility may now move forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality award.
\r\n
\r\n“The recipients of the quality awards exemplify the energy and dedication required to advance quality care to the next level,” says Chick Stepahin, Chair, AHCA/NCAL National Quality Award Board of Overseers. “Improving quality care is an evolutionary cycle, and these facilities are the forerunners of the movement.”
\r\n
\r\nThe awards are sponsored by AHCA/NCAL Associate Business Member My InnerView, a Web-based applied research and quality-management company that supports leaders across the entire assisted living, senior housing and skilled nursing profession with tools to measure, benchmark and improve performance. The 2011 AHCA/NCAL National Quality Awards will be presented at the AHCA/NCAL’s 62nd Annual Convention and Expo in Las Vegas, NV on September 21, 2011.
\r\n______________________________________________________________________________
\r\nGenesis HealthCare is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies rehabilitation therapy to over 1,100 healthcare providers in 28 states and the District of Columbia. Visit our website at www.genesishcc.com.
\r\n
\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/twelve-genesis-healthcare-centers-receive-prestigious-national-award"}}},{"node":{"field_happening_s_date":"2011-04-04","field_link_to_the_page":null,"title":"HEALTH CARE REIT, INC. COMPLETES $2.4 BILLION ACQUISITION OF GENESIS HEALTHCARE REAL ESTATE ASSETS","body":{"value":"
Toledo, Ohio — April 4, 2011
\r\n
\r\nHealth Care REIT, Inc. (NYSE:HCN) announced today that it has completed the $2.4 billion acquisition of substantially all of the real estate assets of privately-owned Genesis HealthCare (Genesis), which was previously announced on February 28, 2011. The long-term, triple-net lease, including 147 post-acute, skilled nursing and assisted living facilities in 11 Northeast and Mid-Atlantic states, closed on April 1st.
\"Health Care REIT's acquisition and leaseback of Genesis HealthCare's assets is yet another example of the successful execution of our company's strategy to develop long-term partnerships with best-in-class operators with a track record of quality care, profitability and growth. The Genesis and Health Care REIT teams worked efficiently to close this transaction on an accelerated timeline,\" says George L. Chapman, Health Care REIT's Chairman, Chief Executive Officer and President. \"These high quality assets are located in attractive metropolitan markets with high barriers to entry, significant hospital system referral relationships and high replacement costs. We expect Health Care REIT's acquisition and leaseback of Genesis HealthCare assets will be highly accretive to HCN's earnings.\"
\r\n\r\nGenesis is a leading provider of short-term post-acute, rehabilitation, assisted living and long-term care services. Genesis has successfully expanded its clinical capabilities in recent years. Given its strong clinical capabilities, Genesis facilities are well positioned as the lowest cost post-acute inpatient setting. Genesis is positioned for superior growth and has recently invested over $405 million in capital improvements to meet the increasing demand for post-acute care services.
\r\n\r\nFor additional information regarding the Genesis transaction, visit the Featured Partners page of HCN's website at http://www.hcreit.com/featuredpartners/Genesis.
\r\n\r\nAbout Health Care REIT, Inc.
\r\nHealth Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of December 31, 2010, the company's broadly diversified portfolio consisted of 683 properties in 41 states. More information is available on the company's website at www.hcreit.com.
About Genesis HealthCare
\r\nGenesis HealthCare Corporation is one of the nation's largest post-acute and skilled nursing care providers with over 200 locations in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 1,100 healthcare providers in 28 states and the District of Columbia. More information is available on the company's website at www.genesishcc.com.
This document may contain \"forward-looking\" statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as \"may,\" \"will,\" \"intend,\" \"should,\" \"believe,\" \"expect,\" \"anticipate,\" \"project,\" \"estimate\" or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company's expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to, competition within the health care and senior housing industries; negative developments in the operating results or financial condition of the operator/tenant, including, but not limited to, its ability to pay rent; operator/tenant bankruptcies and insolvencies; governmental regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against the operator/tenant; unanticipated difficulties and/or expenditures relating to the integration of multi-property acquisitions; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and the operator/tenant's difficulties in cost-effectively obtaining and maintaining adequate liability and other insurance; and changes in rules or practices governing the company's financial reporting. Additional factors are discussed in the company's Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. The company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
\r\n"},"path":{"alias":"/about-us/press/press-releases/health-care-reit-inc-completes-24-billion-acquisition-genesis"}}},{"node":{"field_happening_s_date":"2011-02-28","field_link_to_the_page":null,"title":"Genesis HealthCare Announces Acquisition of its Real Estate Assets by Health Care REIT, Inc.","body":{"value":"Kennett Square, PA -- 02/28/11 --
\r\n\r\nAn Investment in Quality Patient Care
\r\n\r\nKennett Square, PA, February 28, 2011….Genesis HealthCare (Genesis), a leading provider of short-term post-acute, rehabilitation, assisted living and long-term care services, along with its owners Formation Capital and JER Partners, today announced that Health Care REIT, Inc. (HCN), a health care real estate investment trust has signed a definitive agreement to acquire substantially all of Genesis' real estate assets for a purchase price of $2.4 billion.
\r\n\r\nPursuant to the agreement with Genesis, Health Care REIT will acquire 147 post-acute, skilled nursing and assisted living facilities located in 11 states in the Northeast and Mid-Atlantic. Genesis will lease the properties from Health Care REIT and continue to operate all facilities with an emphasis on high-quality patient care.
\r\n\r\n\"We believe this transaction allows for Genesis HealthCare to significantly expand its premiere post-acute healthcare delivery system and infrastructure,\" notes Arnold M. Whitman, Co-Chairman of Genesis. \"Genesis' highly respected and tenured management team will continue to operate the facilities and build their network of healthcare and services for seniors. We look forward to this next phase in Genesis' future as we work together with Health Care REIT to build a truly exceptional company in this changing health care environment,\" adds Steven E. Fishman, Co-Chairman of Genesis.
\r\n\r\n\"Genesis is pleased to have the opportunity to partner with Health Care REIT,\" notes George V. Hager, Jr., Chief Executive Officer of Genesis. \"Together, we will continue our high level of investment in optimizing and expanding our facilities to meet the needs of our patients, residents and their families. Genesis prides itself on providing its patients and residents with outstanding clinical care, delivered by highly skilled practitioners in a warm and comfortable setting. We selected Health Care REIT as our partner because of this shared vision and its commitment to serve as a trusted, long-term partner in our growth.\"
\r\n
\r\nTransaction Benefits to Genesis
• Opportunity to Better Meet Patient and Resident Needs: Genesis will have
\r\nopportunities to better meet the needs of its patients and residents. The partnership with Health Care REIT will provide the capital required to invest in its current facilities and to build new state-of-the-art post-acute facilities to provide an excellent level of patient care in the most cost-effective setting.
• Opportunity for Collaboration: The transaction also creates potential
\r\nsynergies and partnership opportunities with Health Care REIT's health system, assisted living and independent living portfolio partners in the Northeast and Mid-Atlantic. With health care reform initiatives focused on bundled payments, shared risk and shared accountability for effective outcomes, health care providers need to be prepared to adjust their care models to meet the changing demands of the health care system. This new partnership will provide a platform for collaboration and the sharing of best practices between Health Care REIT's portfolio partners.
• Continuing Strength of Management Team: Genesis' executive management team, led by CEO George V. Hager, Jr. has been in place for almost 20 years and will continue to manage operations. The team's forward-thinking approach to service delivery recognizes that coordination across the health care continuum is critical to delivering the high-quality care patients and their families have come to know and trust.
\r\n\r\n\"The acquisition is consistent with our commitment to invest with best-in-class operators across the health care acuity spectrum,\" states George L. Chapman, Health Care REIT's Chairman, Chief Executive Officer and President. \"Genesis is well positioned to meet the needs of an increasing post-acute, short-stay patient population while continuing to care for the ongoing needs of its longer term patients. In addition, Genesis has built a robust pipeline of potential acquisition and development opportunities as it expands its footprint along the eastern seaboard. This new partnership between Genesis and Health Care REIT is an exciting growth story.\"
\r\n\r\nTransaction Terms
\r\n\r\nThe transaction, which has been approved by Health Care REIT's Board of Directors and the shareholders of Genesis, is structured as an equity purchase of the Genesis subsidiary that holds the real estate. Completion of the transaction is subject to satisfaction of conditions regarding regulatory approvals and third party consents, and to other customary closing conditions. HCN expects the acquisition to close during the 2nd quarter of 2011, although there can be no assurance that the transaction will close or, if it does, when the closing will occur.
\r\n\r\nGenesis HealthCare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation's largest post-acute and skilled nursing care providers with over 200 locations in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 1,100 healthcare providers in 28 states and the District of Columbia. For more information, go to www.genesishcc.com.
About JER Partners and Formation Capital
\r\nJER Partners (JER) is a fully integrated private real estate investment management company 30 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the U.S. and Europe. Together with its financial and operating partners, JER has purchased and managed approximately 15,000 assets totaling $28 billion, including $4 billion of gross investments in healthcare real estate. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
Formation Capital, LLC invests equity in the senior housing and healthcare industry. Over the past 6 years, Formation Capital has coordinated the investments in over $4 billion of transactions. As a focused and experienced underwriter and asset manager for senior housing and healthcare investing, Formation Capital has successfully developed a strategy of \"alignment of interests\" with both capital and operational partners in a unique and dynamic approach to investing. For more information, visit www.formationcapital.com.
\r\n\r\nAbout Health Care REIT, Inc.
\r\nHealth Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of December 31, 2010, the company's broadly diversified portfolio consisted of 683 properties in 41 states. More information is available on the company's website at www.hcreit.com.
Genesis HealthCare to Lease and Manage the Facilities
\r\n\r\n\r\n\r\n
Kennett Square, PA -- 12/02/2010 --
\r\n\r\nGenesis HealthCare, a leading provider of skilled nursing facilities in Maryland, has added a group of nursing homes previously owned by Adventist HealthCare to its network in order to expand quality care to a growing senior population.
\r\n\r\nThe change in ownership and operations is part of a transaction that took place December 1, 2010 involving JER Partners and Formation Capital, LLC, who together sponsored the acquisition of the six skilled nursing facilities, five of which were owned by Adventist HealthCare in Rockville, Md. , and one that was a joint venture between Adventist and Frederick Memorial Healthcare System.
\r\n\r\nThe facilities are located in Maryland and include (1) Bradford Oaks Nursing & Rehabilitation Center in Clinton, (2) Fairland Nursing & Rehabilitation Center in Silver Spring, (3) Shady Grove Nursing & Rehabilitation Center, including Kingshire Manor Assisted Living, in Rockville, (4) Sligo Creek Nursing & Rehabilitation Center in Takoma Park; (5) Springbrook Nursing & Rehabilitation Center, including Adventist Dialysis Services, in Silver Spring; and (6) Glade Valley Nursing & Rehabilitation Center, in Walkersville, Maryland. Ziegler Capital Markets Group served as financial advisor to Adventist and Frederick Memorial for the transaction.
\r\n\r\nGenesis HealthCare will lease the facilities and assumed management and operational responsibilities for these facilities on the closing date. Adventist HealthCare will continue to provide chaplain services to the five facilities in Montgomery and Prince George ’s Counties.
\r\n\r\n“Adventist HealthCare’s facilities complement our existing portfolio of nursing facilities in Maryland and significantly expand the services provided to patients and families in Montgomery, Prince George’s and Frederick Counties ,” says Arnold Whitman, Chief Executive Officer and Co-Chairman of Formation Capital, LLC. “We are pleased to partner with a quality provider like Adventist and look forward to working together in the future.”
\r\n\r\n“We are excited to add the Adventist HealthCare facilities to our portfolio while expanding our longstanding relationship with Genesis HealthCare, a proven operator that we believe provides best-in-class quality of care and outcomes to the patients of our facilities,” states Frank Small, Managing Director of JER Partners and head of the firm’s healthcare real estate investment team.
\r\n\r\nAdventist HealthCare, which has served the Washington, D.C. region for more than 100 years, will continue to care for the community’s senior population through its various healthcare programs, partnerships and entities, including: Shady Grove Adventist Hospital; Washington Adventist Hospital; the Shady Grove Adventist Germantown Emergency Center; Adventist Rehabilitation Hospital of Maryland; Adventist Behavioral Health; and Adventist Home Care.
\r\n\r\n“We look forward to collaborating with Genesis HealthCare on caring for the physical, mental and spiritual needs of our residents who require skilled nursing care,” said William G. “Bill” Robertson, President and CEO of Adventist HealthCare. “Genesis will be a strong, innovative partner in the continuum of care for the senior community.”
\r\n\r\nGenesis HealthCare operates skilled nursing centers and assisted living residences in 13 eastern states and is a leading provider of skilled nursing care in the state of Maryland. Genesis ranks among top providers for overall customer satisfaction and quality medical care according to national independent research. A number of Genesis centers in Maryland have earned the Quality Award from the American Health Care Association (AHCA), and in recent years, the MyInnerView “Excellence in Action” Award, a national award recognizing a commitment to quality.
\r\n\r\n“Adventist HealthCare and Genesis share a similar mission and commitment to providing high quality health care to its patients,” states David Almquist, Genesis’ President of the Southern Area. “Adventist’s facilities will transition smoothly into our network and will provide considerable depth to the services we now offer in Maryland . We look forward to working with the employees of these facilities and sharing our common commitment and dedication to the patients and families we serve.”
\r\n\r\nAbout Genesis HealthCare
\r\nGenesis HealthCare operates more than 200 skilled nursing centers and assisted living residences in 13 states, including 33 in Maryland and Virginia . They also supply contract rehabilitation therapy to more than 1,100 healthcare providers in 28 states and the District of Columbia . For more information, information, go to www.genesishcc.com.
About Adventist HealthCare
\r\nAdventist Healthcare, is an integrated health-care delivery organization based in Rockville, Maryland, serving the Washington, D.C. region and northwestern New Jersey . Adventist HealthCare includes Shady Grove Adventist Hospital, Washington Adventist Hospital, Adventist Behavioral Health, Adventist Rehabilitation Hospital of Maryland, Hackettstown Regional Medical Center , Adventist Home Care Services and the Reginald S. Lourie Center for Infants and Young Children. For more information, go to www.adventisthealthcare.com.
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About JER Partners and Formation Capital
\r\n\r\nJER Partners (JER) is a fully integrated private real estate investment management company with more than 29 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in the and Europe . Together with its financial and operating partners, JER has purchased and managed approximately 15,000 assets totaling $28 billion, including more than $3.9 billion of gross investments in healthcare real estate. The firm also invests in CMBS, mezzanine financing and other structured debt products. For more information, visit www.jer.com.
\r\n\r\nFormation Capital, LLC invests in senior housing and care and currently is invested in over $3 billion of assets. For more information, go to www.formationcapital.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/jer-partners-and-formation-capital-purchase-skilled-nursing"}}},{"node":{"field_happening_s_date":"2010-07-07","field_link_to_the_page":null,"title":"Twenty Six Genesis HealthCare Centers Receive Prestigious Award for Significant Commitment in the Delivery of Quality Care","body":{"value":"
Kennett Square, PA -- 07/07/2010 --
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\r\nGenesis HealthCare, one of the nation’s largest skilled nursing companies, today announced that 24 of its Centers have been recognized as 2010 recipients of the Bronze – Commitment to Quality National Quality Award and two of its Centers have been recognized as recipients of the Silver – Commitment to Quality Award. Both awards are presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). Awards will be presented during AHCA/NCAL’s 61st Annual Convention and Exposition, October 10-13, 2010 in Long Beach, CA .
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\r\n“We at Genesis HealthCare take quality very seriously,” notes Chief Executive Officer George V. Hager, Jr. “We set very high standards for all of our centers and clearly, these locations have demonstrated extraordinary performance excellence and an exceptional standard of care to our patients and residents.”
Bronze – Commitment to Quality Award:
\r\nThis year, 701 nursing and assisted living centers from across the nation applied for the Bronze – Commitment to Quality Award. Genesis HealthCare received 24 of the 465 awards distributed in 2010.
Genesis Centers receiving the Bronze honor include:
\r\n§ Berkshire Center , Reading, PA
\r\n§ Brightwood Center , Lutherville, MD
\r\n§ Cedar Ridge Center , Skowhegan, ME
\r\n§ Greenville Center , Skilled Nursing & Rehabilitation, Greenville, RI , Managed by Genesis HealthCare
\r\n§ Kimberly Hall South, Windsor, CT
\r\n§ Laconia Center , Laconia, NH
\r\n§ Madison Center , Matawan, NJ
\r\n§ Marshwood Center , Lewiston, ME
\r\n§ Miletree Center , Spencer, WV
\r\n§ Orono Commons , Orono, ME
\r\n§ Pocahontas Center , Marlinton, WV
\r\n§ Regency Place, Scott Depot, WV
\r\n§ Sanatoga Center , Pottstown, PA
\r\n§ Schuylkill Center , Pottsville, PA
\r\n§ Shenandoah Center , Charles Town, WV
\r\n§ Silver Stream Center , Springhouse, PA
\r\n§ Sistersville Center , Sistersville, WV
\r\n§ Springbrook Center , Westbrook, ME
\r\n§ The Woodlands, Plainfield, NJ , Managed by Genesis HealthCare
\r\n§ Victoria Commons , North Cape May, NJ, Managed by Genesis HealthCare
\r\n§ Voorhees Center , Voorhees, NJ
\r\n§ Warren Center , Skilled Nursing & Rehabilitation, Warren, RI , Managed by Genesis HealthCare § Windward Gardens , Camden, ME
\r\n§ Woodmont Center , Fredericksburg, VA
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\r\n“We congratulate Genesis HealthCare’s 24 Centers for having passed this first step that demonstrates their intention to develop systematic, sustainable, person-centered care and services. We look forward to their moving forward in developing approaches and achieving performance levels that meet the criteria required for the Silver - Achievement in Quality award,” stated Bruce Yarwood, President and CEO of AHCA/NCAL.
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\r\nSilver – Commitment to Quality Award:
\r\nThis year, 271 nursing and assisted living centers from across the nation applied for the Silver – Commitment to Quality Award. Genesis HealthCare received two of the 39 awards distributed in 2010.
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\r\nGenesis Centers receiving the Silver honor are Mountain View Center , Rutland, VT and Severna Park, Severna Park, MD.
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\r\n“We applaud the staff and leadership of Genesis HealthCare for demonstrating national distinction in their quest for performance excellence,” stated Bruce Yarwood, President and CEO of AHCA/NCAL. “Being judged to be worthy of a Silver Quality Award demonstrates a commitment to a rigorous journey of continuous improvement and a good level of sustainable performance.\"
\r\n
\r\nRecipients of the Silver Quality Award, formerly known as the Step II Award, must demonstrate very good performance outcomes that have evolved from sustainable approaches to the core values and concepts of visionary leadership, focus on the future, resident-focused excellence, management by innovation, and focus on results and creating value. The award is judged by a Board of highly trained Examiners who come from within and outside of the long term care profession.
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Implemented by AHCA/NCAL in 1996, the National Quality Award Program is based on the core values and criteria of the Malcolm Baldrige National Quality Award Program. It provides a pathway for providers of long term and post-acute care services to journey towards performance excellence. Facilities begin their quality journey at the Bronze level where they are asked to develop an organizational profile including vision and mission statements, an awareness of their environment and customers’ expectations. Bronze applicants are also asked to demonstrate their ability to improve a process. At the Bronze level, formerly known as the Step I Award, applications are reviewed by Examiners who have received special training to qualify as judges for the award program. _____________________________________________________________________________
\r\n\r\nGenesis HealthCare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n About Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation ' s largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 900 healthcare providers in 23 states and the District of Columbia .
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Kennett Square, PA -- 05/20/2010 --
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Genesis HealthCare Corporation today announced that 16 of its Skilled Nursing Centers received the My InnerView “Excellence in Action” Award, a national award recognizing a commitment to quality. Only 519 skilled nursing facilities out of 5,000 participating facilities throughout the country received the award this year.
\r\n\r\nThe My InnerView Excellence in Action Award recognizes those facilities that have made a commitment to continuous quality improvement and have successfully made quality a priority to better serve their customer’s needs. The award is presented to those facilities that score in the top 10% of overall customer or workforce satisfaction.
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\r\n“I would like to congratulate the following recipient centers as they exemplify Genesis’ mission to improve the lives we touch through the delivery of high-quality heath care and everyday compassion,” states George V. Hager, Jr., Chief Executive Officer of Genesis HealthCare. “They have demonstrated world-class performance excellence and an exceptional standard of care to our patients and residents.”
Bel-Aire Center, Newport, VT
\r\nCountry Village Center, Lancaster, NH
\r\nCranbury Center, Monroe Township, NJ
\r\nGlendale Center, Naugatuck, CT
\r\nGrand Islander Center, Middletown, RI
\r\nHarrington Court, Cholchester, CT
\r\nHeritage Hall East, Agawam, MA
\r\nKent Regency, Warwick, RI
\r\nNeshaminy Manor, Warrington, PA
\r\nRaleigh Center, Daniels, WV
\r\nRavenswood Village, Ravenswood, WV
\r\nSalmon Brook Center, Glastonbury, CT
\r\nSomerset Ridge Center, Somerset, MA
\r\nSummit Ridge Center, West Orange, NJ
\r\nThe Madison Center, Morgantown, WV
\r\nWillow Ridge Center, Hatboro, PA
For more information regarding these Centers or other Genesis Centers in your area, please contact Genesis at 866-745-CARE or visit their website at www.genesishcc.com.
\r\n_______________________________________________________________________
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\r\nGenesis HealthCare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation ' s largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 900 healthcare providers in 23 states and the District of Columbia. Visit our website at www.genesishcc.com.
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Kennett Square, PA -- 08/19/2009--
\r\n
\r\nGenesis HealthCare, one of the nation’s largest skilled nursing companies, today announced that 16 of its Centers have been recognized as 2009 recipients of the Step I National Quality Award presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). This year, 664 nursing and assisted living centers from across the nation applied for the quality award at this level. Genesis HealthCare received 16 of the 435 awards distributed in 2009. Awards will be presented during AHCA/NCAL’s 60th Annual Convention and Exposition, October 4-7, 2009 in Chicago, IL.
Genesis Centers receiving the honor include:
\r\n
\r\nBishops Corner, West Hartford, CT
\r\nChapel Manor, Philadelphia, PA
\r\nGettysburg Center, Gettysburg, PA
\r\nHampshire Center, Romney, WV
\r\nHarrington Court, Colchester, CT
\r\nJersey Shore Center, Eatontown, NJ
\r\nLoch Raven Center, Baltimore, MD
\r\nNaamans Creek Country Manor, Boothwyn, PA
\r\nOak Grove Center, Waterville, ME
\r\nRiver Ridge Center, Kennebunk, ME
\r\nSedgewood Commons, Falmouth, ME
\r\nSomerton Center, Philadelphia, PA
\r\nThe Pines, Easton, MD
\r\nThe Seasons, Lewisburg, WV
\r\nValley Center, South Charleston, WV
\r\nThe Willowbrook, Clarks Summit, PA
“We applaud Genesis HealthCare’s 16 Centers for having passed this first step that demonstrates their intention to begin a rigorous quality improvement program, and look forward to their moving forward to pursue the requirements for the Steps II and III awards in the coming years,” stated Bernie Dana, Chair, AHCA/NCAL National Quality Award Board of Overseers, one of the nine members that oversee the program.
\r\n\r\nApplicants for the Step I level award have a clear vision and mission for their center and acknowledge key challenges that are embodied in the organizational profile section of the Baldrige criteria. The Step I award recognizes providers that have developed a foundation to begin a journey of continuous quality improvement, and that they have taken the first step in corresponding with any public measures of performance.
\r\n\r\n“We at Genesis HealthCare take quality very seriously,” notes Chief Executive Officer George V. Hager, Jr. “We set very high standards for all of our centers and clearly, these sixteen locations have demonstrated world-class performance excellence and an exceptional standard of care to our patients and residents.”
\r\n\r\nAHCA/NCAL is a trade organization with approximately 11,000 members. Since 1996 AHCA/NCAL has used the concepts of the Malcolm Baldrige National Quality Award as the basis for its three step program for the long term care profession. At the Step I level, applications are reviewed by Examiners who have received special training to qualify as judges for the award program.
\r\n\r\nThe awards are sponsored by AHCA/NCAL Associate Business Member McKesson Medical-Surgical, a leading distributor of medical supplies and equipment to physician practices, surgery centers, hospitals, home care, and extended care centers, and My InnerView, a Web-based applied research and quality-management company that supports leaders across the entire assisted living, senior housing and skilled nursing profession with tools to measure, benchmark and improve performance.
\r\n\r\n
\r\n/Genesis HealthCare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n
About Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 800 healthcare providers in 23 states and the District of Columbia.
Visit our website at www.genesishcc.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/sixteen-genesis-healthcare-centers-receive-prestigious-award"}}},{"node":{"field_happening_s_date":"2009-06-26","field_link_to_the_page":null,"title":"Five Genesis HealthCare Centers To Be Awarded Prestigious National Award; Only 26 Centers Receive Award Nationwide","body":{"value":"
Kennett Square, PA -- 06/26/2009 --
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\r\nGenesis HealthCare, one of the nation’s largest long-term care companies, today announced that five of its Centers have been recognized as 2009 recipients of the Step II National Quality Award presented by the American Health Care Association and National Center for Assisted Living (AHCA/NCAL). This year, 215 nursing and assisted living facilities from across the nation applied for the quality award at this level. Genesis Centers received five of the 26 awards given out this year. The Centers will be formally presented the award during AHCA/NCAL’s 60th Annual Convention and Exposition, October 4-7, 2009 in Chicago, IL.
\r\n
\r\nGenesis Centers receiving the honor include: Grand Islander Center, Middletown, RI; Harris Hill Center, Concord, NH; Heritage Hall South, Agawam, MA; Kresson View Center, Voorhees, NJ;
\r\nSpa Creek Center, Annapolis, MD.
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\r\n“We applaud Genesis for being at the forefront of the quality movement,” stated Bruce Yarwood, President and CEO of AHCA/NCAL. “Being judged to be worthy of this quality award demonstrates a commitment to a rigorous journey of continuous improvement and a high level of sustainable performance.
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\r\nApplicants for the Step II level award have previously received the Step I level award. At the Step II level, the applicants provide a comprehensive description of the systematic approaches they use to continuously improve their customer-focused quality management system. Step II recipients may now move forward to apply for the Step III award which requires them to address the Baldrige Program’s Health Care Criteria for Performance Excellence.
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\r\n“We are pleased that the staff at each Genesis Center has achieved this very significant milestone in their journey to achieve performance excellence,” stated Bernie Dana, Chair, AHCA/NCAL National Quality Award Board of Overseers. “They have demonstrated the value of this award program as a pathway to improving performance in long term care.”
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\r\n“The Step II Award is a testament to the hard work and dedication of the truly gifted team of professionals at each of these five locations,” notes Genesis Chief Executive Officer George V. Hager, Jr. “It is a great honor to receive this distinction.”
AHCA/NCAL is a trade organization with approximately 11,000 members. AHCA/NCAL used the concepts of the Baldrige National Quality Award to create the 3-step national quality award program for the long term care profession in 1996. In 2009, there were 664 Step I applications, 215 Step II, applications, and 19 Step III applications. Applications are reviewed by teams of Master and Senior Examiners who have received special training to qualify as judges for the award program. A nine member Board of Overseers provides oversight of the award program.
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\r\nThe awards are sponsored by AHCA/NCAL Associate Business Member McKesson Medical-Surgical, a leading distributor of medical supplies and equipment to physician practices, surgery centers, hospitals, home care, and extended care facilities, and My InnerView, a Web-based applied research and quality-management company that supports leaders across the entire assisted living, senior housing and skilled nursing profession with tools to measure, benchmark and improve performance.
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\r\nGenesis HealthCare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 800 healthcare providers in 23 states and the District of Columbia. Visit our website at www.genesishcc.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/five-genesis-healthcare-centers-be-awarded-prestigious-national-award"}}},{"node":{"field_happening_s_date":"2009-01-05","field_link_to_the_page":null,"title":"WISHING WELL HEALTH CENTER AND WISHING WELL MANOR CHANGE NAMES TO","body":{"value":"
TYGART CENTER AT FAIRMONT CAMPUS
\r\nPIERPONT CENTER AT FAIRMONT CAMPUS
\r\nAND WISHING WELL ASSISTED LIVING COMMUNITY AT FAIRMONT CAMPUS
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\r\nCenters Are Now Under New Management
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\r\nOn January 1, 2009, Genesis HealthCare assumed management of Wishing Well Health Center and Wishing Well Manor, both located in Fairmont, WV. Wishing Well Health Center , a 119-bed skilled nursing facility, has now changed its name to Tygart Center at Fairmont Campus. And, Wishing Well Manor, which houses both a 120-bed skilled nursing and a 52-unit assisted living facility, has now changed its name to Pierpont Center at Fairmont Campus for the skilled nursing component and Wishing Well Assisted Living Community at Fairmont Campus. The new names better reflect the change in management and services now offered to the patients and family members on the Fairmont Campus.
Genesis HealthCare is one of the nation’s largest long-term care providers operating over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also offers a wide range of services from transitional care, ShortStay, and short-term orthopedic rehab to other specialty services including dialysis, wound care and Alzheimer’s dementia care. Genesis’ dedicated team of healthcare professionals work tirelessly to provide high-quality care regardless of setting. It is our mission to: improve the lives we touch through the delivery of high-quality healthcare and everyday compassion.
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“As we strive to fulfill our mission, we are dedicated to meeting the needs of the Fairmont community,” notes Administrators Cathy Fleece and Beth Harris. “We are always available to answer your questions or to provide you and your family with a personal tour of our facilities or explain the services we offer. Also, for your convenience, our Genesis CareLine, 800-584-0507, can accept referrals and admissions 24 Hours/Day – 7 Days/Week. Ultimately, we are dedicated to providing individualized care in a welcoming and home-like environment.”
\r\n\r\nNow, with Tygart and Pierpont Centers and Wishing Well Assisted Living Community at Fairmont Campus, Genesis has 27 skilled nursing centers and five assisted living communities in the state of West Virginia .
\r\n\r\n________________________________________________________________________
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\r\nFor more information on Tygart Center , please contact Administrator Cathy Fleece at 304-366-9100. For more information on Pierpont Center and Wishing Well Assisted Living Community, please contact Beth Harris, Administrator, at 304-363-2273.
Genesis HealthCare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n About Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation ' s largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 700 healthcare providers in 23 states and the District of Columbia . Visit our website at www.genesishcc.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/wishing-well-health-center-and-wishing-well-manor-change-names"}}},{"node":{"field_happening_s_date":"2008-08-08","field_link_to_the_page":null,"title":"Formation Capital/Senior Care Development to Lease 14 Skilled Nursing Facilities and 1 Assisted Living Facility Owned by Omega Healthcare Investors, Inc.","body":{"value":"
Atlanta, GA -- 08/08/2008 --
\r\n\r\nGenesis HealthCareSM to Manage the New England Facilities
\r\n\r\nFormation Capital, LLC and an affiliate of Senior Care Development, LLC today announced they have signed an agreement with subsidiaries of Omega Healthcare Investors, Inc. (NYSE:OHI) to lease 14 skilled nursing facilities and one assisted living facility. The agreement is expected to close as of September 1, 2008, subject to customary closing conditions and regulatory approval.
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The facilities were formerly operated by Haven Healthcare and are located in five New England states – Connecticut, Massachusetts, New Hampshire, Rhode Island and Vermont .
\r\n\r\nGenesis HealthCare, a provider of long-term care services in New England for more than 25 years, is expected to assume management and operational responsibilities for these facilities on the closing date.
\r\n\r\n“Omega’s portfolio of facilities is nicely aligned with our existing portfolio of nursing facilities in New England ,” says Arnold Whitman, Chief Executive Officer and Co-Chairman of Formation Capital, LLC. “We look forward to expanding the services we provide to patients in New England , and intend to make significant capital investments over the next several years to upgrade and improve these facilities.”
\r\n\r\nGenesis HealthCare operates skilled nursing centers and assisted living residences in 13 eastern states and ranks among top providers for overall customer satisfaction and quality medical care according to national independent research. Furthermore, numerous Genesis Centers in New England have earned the Quality Award from the American Health Care Association (AHCA), the National Center for Assisted Living (NCAL), and in recent years, the MyInnerView “Excellence in Action” Award, a national award recognizing a commitment to quality.
\r\n\r\n“These centers will add considerable depth to our Northeast markets,” commented Dick Blinn, Genesis’ President of the Northeast Area. “We look forward to working with the employees from these centers and assisting them in delivering high-quality care to their patients.”
\r\n\r\nGenesis HealthCare operates more than 200 skilled nursing centers and assisted living residences in 13 states. They also supply contract rehabilitation therapy to more than 700 healthcare providers in 20 states and the District of Columbia . For more information, go to www.genesishcc.com.
\r\n\r\nFormation Capital, LLC invests in senior housing and care and currently is invested in over $3 billion of assets. For more information, go to www.formationcapital.com.
\r\n\r\nSenior Care Development, LLC and its affiliates develop retirement communities for their own portfolio as well as invest in nursing homes and distressed hospitals. For more information go to: www.SeniorCareDevelopment.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/formation-capitalsenior-care-development-lease-14-skilled-nursing"}}},{"node":{"field_happening_s_date":"2008-02-29","field_link_to_the_page":null,"title":"Genesis Progression Transforms Short-Stay Care","body":{"value":"
Genesis HealthCare, ranked among the top providers in overall satisfaction and quality clinical care according to national independent research, transforms short-stay transitional care with Progression, the Genesis ShortStay Rehab Program where a hotel-like “guest” experience promotes accelerated recovery. Willow Ridge Center for example, Genesis’ first Progression location in the area which opened 1-year ago, is returning patients with knee replacements home on an average of 50% faster than the previous year.
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\r\nBased on the positive experience of patients at Willow Ridge Center, where the focus is primarily on orthopedic rehabilitation, Genesis recently opened an additional 22 Progression sites, all of which offer a component of Progression -- whether it is orthopedic, pulmonary, ventilator therapies or other treatments associated with medical complexities.
Progression is a far cry from yesteryear’s rehabilitation facilities. After investing more than $28 million in the 23 Genesis centers throughout center city and suburbia Philadelphia , patients can now enjoy an aesthetically pleasing environment that features hotel-like accommodations with flat screen TVs, private phones, Internet access, in-room dining, and an Always Available menu where patients may choose from a variety of fresh, well-balanced meals and snacks always available in Progression pantries and mobile snack carts.
\r\n\r\nWith over 20 years experience in a variety of specialty services including long-term care and assisted living, Genesis finds that the integration between clinical expertise and the guest experience, is fast gaining in popularity. According to Genesis HealthCare Executive Vice President, Paul Bach, “Today’s baby boomers and their parents have high expectations and are more selective about their short-stay and long-term care needs. Our high customer satisfaction scores suggest that patients embrace our short stay care, and now with Progression, a highly clinical approach that appeals to personal and professional guest needs, we look to enhance their experience even more.”
\r\n\r\nJust ask Dr. Randy Davidson of Limerick, PA, professor of exercise and sports medicine at Ursinus College , Collegeville, PA. “My family and I were very impressed with a setting that didn’t have the look and feel of typical rehab,” says Professor Davidson, who chose Progression following knee replacement surgery. The staff was very supportive and started my therapy as soon as I took my first two steps, he adds.
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\r\nTo complement Progression’s high quality care and outstanding customer service, Genesis teams in center city and suburbia Philadelphia participate in C.A.R.E., (Create, Ask, Respond, Exceed), a specialized customer service training that provides invaluable tools to exceed patient expectations – from clinical care to individual needs. Progression also incorporates “ Tours ”, pre-operative services six to eight weeks prior to surgery to acclimate and educate patients and their family members with the short-stay center and the clinical care team. And Progression utilizes an interdisciplinary team of Genesis physicians, nurses and therapists to assist with rapid recovery.
“From the second I arrived, I felt welcomed and comfortable,” says Nancy Wagner, of Warminster, PA.
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\r\nIn fact, Sheila Katz of Warminster, PA , selected Progression twice because “I knew I’d receive the exceptional care I needed to get home as quickly as possible.”
The exceptional care continues even after Progression patients are discharged. Patients feel more comfortable as they know a customer relations director will follow up with them upon their return home.
\r\n
\r\nProgression is where rapid recovery and successful outcomes are the ultimate goal. “Patients know that Progression will do everything to facilitate their successful transition home - the place where they are happiest,” says Bach.
About Genesis Healthcare
\r\nGenesis HealthCare Corporation is one of the nation ' s largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nFor more information, please visit: http://www.genesishcc.com
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\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-progression-transforms-short-stay-care"}}},{"node":{"field_happening_s_date":"2007-10-18","field_link_to_the_page":null,"title":"19 GENESIS HEALTHCARE CENTERS RECEIVE MYINNERVIEW 'EXCELLENCE IN ACTION' AWARD","body":{"value":"
Kennett Square, PA -- 10/18/07--
\r\n\r\nGenesis HealthCare Corporation today announced that 19 of its Skilled Nursing Centers received the MyInnerView “Excellence in Action” Award, a national award recognizing a commitment to quality. Only 380 skilled nursing facilities out of 3,000 participating facilities throughout the country received the award this year.
\r\n\r\nThe MyInnerView Excellence in Action Award recognizes those facilities that have made a commitment to continuous quality improvement and have successfully made quality a priority to better serve their customer’s needs. The award is presented to those facilities that score in the top 10% of overall customer satisfaction.
\r\n\r\n“I would like to congratulate the following recipient centers as they exemplify Genesis’ mission to improve the lives we touch through the delivery of high-quality heath care and everyday compassion,” states George V. Hager, Jr., Chief Executive Officer of Genesis HealthCare. “They have demonstrated world-class performance excellence and an exceptional standard of care to our patients and residents.”
\r\n
\r\nApple Valley Center – Ayer, MA
\r\nBrinton Manor – Glen Mills, PA
\r\nCountry Village Center – Lancaster, NH
\r\nFranklin Woods Center – Baltimore, MD
\r\nGlendale Center – Naugatuck, CT
\r\nHilltop Center – Hilltop, WV
\r\nKeene Center – Keene, NH
\r\nLafayette Center – Franconia, NH
\r\nMadison Rehab and Nursing Center - Morgantown, WV
\r\nNeshaminy Manor - Warrington, PA
\r\nPleasant View Center – Concord, NH
\r\nRidgewood Center – Ridgewood, NJ
\r\nRosewood Center – Grafton, WV
\r\nSalisbury Center – Salisbury, NC
\r\nSarah S. Brayton Nursing Center – Fall River, MA
\r\nSeverna Park Center – Severna Park, MD
\r\nSomerset Ridge Center – Somerset, MA
\r\nSutton Hill Center – North Andover, MA
\r\nWoodside Center – Silver Spring, MD
\r\n
\r\nFor more information regarding these Centers or other Genesis Centers in your area, please contact Genesis at 866-745-CARE or visit their website at www.genesishcc.com.
\r\n
\r\n________________________________________________________________________
\r\n\r\n
Genesis Healthcare Corporation is dedicated to improving the lives we touch through the delivery of high-quality healthcare and everyday compassion.
\r\n\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation is one of the nation ' s largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/19-genesis-healthcare-centers-receive-myinnerview-excellence-action"}}},{"node":{"field_happening_s_date":"2007-07-13","field_link_to_the_page":null,"title":"FORMATION CAPITAL AND JER PARTNERS PRIVATIZE GENESIS HEALTHCARE","body":{"value":"
Alpharetta, GA – 7/13/2007
\r\n\r\nFormation Capital and JER Partners announced today they have completed the acquisition of Genesis HealthCare Corporation (“Genesis”, previously NASDAQ: GHCI). The total enterprise value of the transaction was approximately $2.0 billion. Pursuant to the terms of amended merger agreement entered into on May 19, 2007, Genesis’ shareholders received $69.35 in cash for each share of Genesis’ common stock that they held.
\r\n
\r\n“The Genesis portfolio represents a tremendous opportunity for JER and Formation to acquire a quality portfolio of skilled nursing facilities and to serve the growing demand of elderly Americans for medical and long term care,” stated Cia Buckley, President of JER’s US Fund Business. “We look forward to working with Genesis’ management team, which has done an excellent job of repositioning the business in recent years, to continue executing the strategic initiatives in place.”
\r\n
\r\nArnold Whitman, Chief Executive Officer of Formation further commented, “Combining a superior management team with a capital partnership that is focused on modernization and enhancement of care and services to the elderly provides an excellent opportunity for growth in this dynamic industry.”
\r\n
\r\nGeorge Hager, Chief Executive Officer of Genesis, added, “We are pleased to be partnering with two firms which understand our business from both a financial and operating standpoint. We have great confidence their strategic and financial support will enable us to grow and to better serve our customers”.
\r\nGenesis is the fifth-largest provider of skilled nursing services in the with a portfolio of 220 facilities totaling over 26,000 beds located primarily in the Mid-Atlantic and Northeast. Genesis generates more than 90% of its revenue from its skilled nursing and assisted-living services. The remainder arises primarily from a range of rehabilitation therapy services, including speech pathology, physical therapy, and occupational therapy. In addition, Genesis offers an array of other specialty medical services, including respiratory health services, physician services, hospitality services, and staffing services.
\r\n
\r\nGenesis offers the largest regional concentration of skilled nursing facilities located in the Northeast, which is known for its high Medicaid and private pay rates, as well as relatively high occupancy levels. In 2006, the Genesis portfolio generated occupancy of 91% and a quality mix (revenue from Medicare and non-public payers) of 48%, both statistics above industry averages.
\r\n
\r\n\r\n
\r\n\r\n
###JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 26 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America, Europe and recently the emerging markets. Most of JER’s investments are in office, hospitality, retail, multi-family and industrial properties. Other areas of investment include Commercial Mortgage-Backed Securities (“CMBS”), healthcare related real estate and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years, Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
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\r\n"},"path":{"alias":"/about-us/press/press-releases/formation-capital-and-jer-partners-privatize-genesis-healthcare"}}},{"node":{"field_happening_s_date":"2007-05-30","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE SHAREHOLDERS APPROVE MERGER AGREEMENT WITH FORMATION CAPITAL AND JER PARTNERS","body":{"value":"
Kennett Square, PA -- 05/30/2007 --
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that, at the Company’s reconvened annual meeting, Genesis shareholders approved the amended merger agreement between Genesis and a venture between affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”).
\r\n
\r\nOn May 19, 2007, Genesis announced that it had amended its merger agreement with a venture between affiliates of Formation and JER to increase the consideration payable to Genesis shareholders to $69.35 per share in cash. Under the amended agreement, if the transaction is not completed prior to July 31, 2007, the purchase price will increase by approximately 9% per annum, or $0.01710 per day, from July 31, 2007 through August 31, 2007, and by approximately 10% per annum, or $0.01900 per day, from September 1, 2007 until the transaction closes.
\r\n
\r\nThe transaction remains subject to receipt of certain regulatory approvals and other customary closing conditions. Genesis currently expects the transaction to be completed during July.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nAbout Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years, Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
\r\n
\r\nJER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe . JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\n* * *
\r\n
\r\nGHC Investor Contacts:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contacts:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-shareholders-approve-merger-agreement-formation"}}},{"node":{"field_happening_s_date":"2007-05-23","field_link_to_the_page":null,"title":"ISS RECOMMENDS GENESIS SHAREHOLDERS VOTE 'FOR' PROPOSED $69.35 CASH MERGER WITH FORMATION CAPITAL AND JER PARTNERS","body":{"value":"
Kennett Square, PA -- 05/23/2007--
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that Institutional Shareholder Services (“ISS”), a leading provider of corporate governance and proxy voting services, has recommended that the holders of common shares of GHC vote “FOR” the proposed acquisition by a joint venture between affiliates of Formation Capital, LLC and JER Partners. In the transaction, GHC shareholders will receive, $69.35 per share in cash, with the purchase price increasing, if the transaction is not completed by July 31, by approximately 9% per annum, or $0.01710 per day, from July 31, 2007 through August 31, 2007, and by approximately 10% per annum, or $0.01900 per day, from September 1, 2007 until the transaction closes.
The shareholder vote on the transaction will take place at GHC’s adjourned annual meeting on May 30, 2007.
\r\n
\r\nGeorge V. Hager, Jr., Chairman and Chief Executive Officer of GHC, said, “Genesis is very pleased to have the support of ISS for this compelling transaction. The $69.35 price represents a premium of approximately 44.3 % over the average closing price for GHC common stock over the 30 days prior to announcement of the original transaction on January 16, 2007, and the “ticking fee” feature protects the value of the merger consideration to our shareholders in the event the transaction is not completed by July 31.”
\r\n
\r\nShareholders who have questions or require assistance in voting their shares should contact MacKenzie Partners at 800-322-2885.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nAbout Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years, Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
\r\n
\r\nJER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe . JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, including proxy supplements filed with the SEC on April 23, May 4 and May 22, 2007. Investors and security holders are urged to read the proxy statement, its supplements and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement, its supplements and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, its supplements and other documents also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n
\r\n* * *
\r\n
\r\nGHC Investor Contacts:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contacts:
\r\nJim Barron /Renée Soto: (212) 687-8080
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\r\n"},"path":{"alias":"/about-us/press/press-releases/iss-recommends-genesis-shareholders-vote-proposed-6935-cash-merger"}}},{"node":{"field_happening_s_date":"2007-05-15","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECEIVES IMPROVED PROPOSALS FROM BOTH FORMATION/JER AND FILLMORE CAPITAL; BOARD DETERMINES PROPOSAL FROM FILLMORE CAPITAL IS 'SUPERIOR' TO FORMATION/JER TRANSACTION","body":{"value":"
Kennett Square, PA -- 05/15/07 --
\r\n
\r\nFillmore Capital Proposes $69.25 per Share in Cash, Increasing at 8% per annum Beginning September 1
Formation/JER Propose $68.15, Increasing at 9% per annum Beginning July 31, and at 10% per annum Beginning September 1
\r\n
\r\nFormation/JER has Four Days to Make Counter-Proposal
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that it received improved proposals from both Fillmore Capital Partners, LLC (“Fillmore”), on the one hand, and the venture between affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”), on the other hand.
\r\n
\r\nGenesis received a revised proposal from Fillmore to acquire the Company at a price of $69.25 per share in cash, up from its previous offer of $69.00 per share. Under the proposal, if the transaction does not close by August 31, 2007, the purchase price would increase by approximately 8% per annum, or $0.01518 per day, from September 1, 2007 until the transaction closes. The proposal states that it will remain in effect until 5:00 p.m. EDT on Monday, May 21, 2007.
\r\n
\r\nThe venture between Formation and JER also offered to amend its existing merger agreement with Genesis to increase the purchase price to $68.15 per share in cash, up from a prior proposal of $67.50 per share and up from the current merger agreement price of $65.25 per share. Under the most recent proposal, if the transaction does not close before July 31, 2007, the purchase price would increase by approximately 9% per annum, or $0.01680 per day, from July 31, 2007 through August 31, 2007, and by approximately 10% per annum, or $0.01867 per day, from September 1, 2007 until the transaction closes. The most recent Formation/JER proposal expired by its terms at 9:00 a.m. EDT on Tuesday, May 15, 2007.
\r\n
\r\nThe Genesis Board of Directors has determined by majority vote that the offer from Fillmore is a “Superior Proposal” within the meaning of Genesis’s current agreement with affiliates of Formation and JER. Accordingly, Genesis today issued to Formation/JER notice of Genesis’s intention to terminate the merger agreement with them. The notice is subject to a four calendar day waiting period, during which Formation/ JER have the opportunity to make a counter proposal. If no counter proposal is made during this time, or if the counter proposal received is not determined by the Board to be at least as favorable to Genesis as the Fillmore proposal, Genesis will have the right to terminate the Formation/JER merger agreement upon payment to Formation and JER of a termination fee, and Genesis would then be free to accept Fillmore’s offer. In its proposal letter, Fillmore has committed to pay or reimburse Genesis the amount of the $15 million termination fee Genesis is required to pay to Formation/JER in connection with terminating the Formation/JER agreement in order to enter into a transaction with Fillmore.
\r\n
\r\nGenesis also announced that the adjourned annual meeting of shareholders, at which the shareholder vote on the Formation/JER transaction will take place, has been rescheduled to Wednesday, May 30, 2007 at 10:00 a.m. from May 18, 2007. The meeting will be held at Genesis headquarters in Kennett Square, Pennsylvania , if the Company’s merger agreement with Formation/JER remains in effect. Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting. At this time, the Board’s recommendation in favor of the Formation/JER transaction remains unchanged.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, including a proxy supplement that was filed with the SEC on April 23, 2007, and GHC may furnish shareholders with additional proxy material. Investors and security holders are urged to read the proxy statement, supplement and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplement and other documents also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
* * *
\r\n\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-receives-improved-proposals-both-formationjer-and"}}},{"node":{"field_happening_s_date":"2007-05-11","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE BOARD TO MEET ON MAY 14, 2007 TO REVIEW IMPROVED PROPOSALS FROM BOTH FORMATION/JER AND FILLMORE CAPITAL","body":{"value":"
Kennett Square, PA -- 05/11/07 --
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that its Board of Directors will meet on Monday, May 14, 2007, to review the previously disclosed proposals from both the venture between affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”), on the one hand, and Fillmore Capital Partners, LLC (“Fillmore”), on the other hand.
\r\n
\r\nUnder the Formation/JER proposal, which had expired but was renewed last night, Formation/JER’s existing merger agreement with Genesis would be amended to increase the purchase price to $67.50 per share in cash, up from the previous price of $65.25 per share. In addition, if the Formation/JER transaction does not close before July 31, 2007, the purchase price would increase by approximately 9% per annum, or $0.01664 per day, from July 31, 2007 through August 31, 2007, and by approximately 10% per annum, or $0.01849 per day, from September 1, 2007 until the transaction closes.
\r\n
\r\nUnder the Fillmore proposal, Fillmore would acquire Genesis at a price of $69.00 per share in cash, up from its previous offer of $67.25 per share. Fillmore’s proposal does not include an increase in price over time. Fillmore’s proposal states that it will remain in effect until 5:00 p.m. EDT on Tuesday, May 15, 2007. Genesis has requested that Fillmore extend that deadline to account for a four calendar day notice period and other procedural requirements of the Company’s existing merger agreement with Formation/JER.
\r\n
\r\nThe adjourned annual meeting of shareholders, at which the vote on the Formation/JER transaction will take place, is scheduled to occur on May 18, 2007 at 10:00 a.m. The meeting will be held at Genesis headquarters in Kennett Square, Pennsylvania . Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting. At this time, the Board’s recommendation in favor of the proposed Formation/JER transaction as amended through May 1 is unchanged.
\r\n
\r\nShareholders who have questions or require assistance in voting their shares should contact MacKenzie Partners at 800-322-2885.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
About Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
\r\n
\r\nJER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe . JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of either of the proposed mergers by regulatory agencies, approval of the either of the proposed mergers by the shareholders of GHC, satisfaction of various other conditions to the closing of either of the proposed mergers contemplated by the merger agreement with Formation/JER or the proposed merger agreement with Fillmore, respectively, and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, and GHC may furnish shareholders with additional proxy material. Investors and security holders are urged to read the proxy statement, supplements and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplements and other documents also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348 ; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n\r\n
* * *
\r\n
\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-board-meet-may-14-2007-review-improved-proposals"}}},{"node":{"field_happening_s_date":"2007-05-10","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECEIVES IMPROVED PROPOSALS FROM BOTH FORMATION/JER AND FILLMORE CAPITAL","body":{"value":"
Kennett Square, PA -- 05/10/2007 --
\r\n
\r\nFillmore Capital Proposes $69.00 per Share in Cash, without Interest
\r\n
\r\nFormation/JER Propose $67.50, with Interest at 9% Beginning July 31, and 10% Beginning September 1
\r\n
\r\nShareholder Vote Rescheduled to May 18, 2007
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that it received improved proposals from both the venture between affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”), on the one hand, and Fillmore Capital Partners, LLC (“Fillmore”), on the other hand.
\r\n
\r\nOn Monday evening, May 7, 2007, Formation and JER offered to amend their existing merger agreement with Genesis to increase the purchase price to $67.50 per share in cash, up from the current price of $65.25 per share. Under the proposal, as revised on May 8, 2007, if the transaction does not close before July 31, 2007, the purchase price would increase by approximately 9% per annum, or $0.01664 per day, from July 31, 2007 through August 31, 2007, and by approximately 10% per annum, or $0.01849 per day, from September 1, 2007 until the transaction closes. The Formation/JER proposal, which expired by its terms at midnight on Wednesday, May 9, 2007, stated that the offer would have been withdrawn automatically if the offer were to have been publicly disclosed.
\r\n
\r\nOn the night of Wednesday, May 9, 2007, Genesis received a revised proposal from Fillmore to acquire the Company at a price of $69.00 per share in cash, up from its previous offer of $67.25 per share. Fillmore’s proposal does not include an increase in price over time. The proposal states that it will remain in effect until 5:00 p.m. EDT on Tuesday, May 15, 2007.
\r\n
\r\nThe Board of Directors of Genesis, consistent with its fiduciary duties and the Company's obligations under its existing merger agreement with affiliates of Formation and JER, is reviewing Fillmore’s revised proposal and is in discussions with Formation/JER concerning its proposal.
\r\n
\r\nGenesis also announced that the adjourned annual meeting of shareholders, at which the shareholder vote on the Formation/JER transaction will take place, has been rescheduled to May 18, 2007 at 10:00 a.m. from May 11, 2007. The meeting will be held at Genesis headquarters in Kennett Square, Pennsylvania . Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting. At this time, the Board’s recommendation in favor of the Formation/JER transaction as amended through May 1 is unchanged.
\r\n
\r\nShareholders who have questions or require assistance in voting their shares should contact MacKenzie Partners at 800-322-2885.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nAbout Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
\r\n
\r\nJER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe . JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of either of the proposed mergers by regulatory agencies, approval of the either of the proposed mergers by the shareholders of GHC, satisfaction of various other conditions to the closing of either of the proposed mergers contemplated by the merger agreement with Formation/JER or the proposed merger agreement with Fillmore, respectively, and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, and GHC may furnish shareholders with additional proxy material. Investors and security holders are urged to read the proxy statement, supplement and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplement and other documents also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348 ; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
* * *
\r\n
\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-receives-improved-proposals-both-formationjer-0"}}},{"node":{"field_happening_s_date":"2007-05-07","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECEIVES REVISED PROPOSAL FROM FILLMORE CAPITAL PARTNERS TO ACQUIRE GENESIS FOR $67.25 PER SHARE IN CASH, WITHOUT INTEREST","body":{"value":"
Kennett Square, PA -- 05/07/2007 --
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that Fillmore Capital Partners, LLC (“Fillmore”) has revised its proposal to acquire all outstanding shares of Genesis common stock. Under the terms of the revised proposal, Fillmore has offered to pay $67.25 per share in cash, without interest. Under Fillmore’s previous offer, it had proposed a purchase price of $65.25 which would have increased by 6% per annum, or $0.01073 per day, beginning August 15 until transaction close.
\r\n
\r\nThe Board of Directors of Genesis, consistent with its fiduciary duties and the Company's obligations under its existing merger agreement with affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”), is reviewing Fillmore’s latest proposal and considering it relative to the pending transaction with Formation/JER. On May 2, 2007, Genesis announced that it has amended its merger agreement with a venture between affiliates of Formation and JER to increase the consideration payable to shareholders to $65.25 per share in cash. Under the amended agreement, if the transaction is not completed prior to July 31, 2007, the purchase price will increase by 9% per annum, or $0.01609 per day, beginning July 31, 2007 until the transaction closes.
\r\n
\r\nThe adjourned annual meeting of Genesis shareholders, at which the shareholder vote on the Formation/JER transaction will take place, is scheduled to be held on May 11, 2007 at 10:00 a.m. at Genesis headquarters in Kennett Square, Pennsylvania . Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting.
\r\n
\r\nGenesis's Board of Directors is not making any recommendation at this time with respect to Fillmore’s proposal. At this time, the Board’s recommendation in favor of the Formation/JER transaction is unchanged.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, including proxy supplements filed with the SEC on April 23, 2007 and on May 4, 2007. Investors and security holders are urged to read the proxy statement, supplement and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplement and other documents also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n
\r\n* * *
\r\n
\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
Kennett Square, PA -- 05/01/2007 --
\r\n
\r\nPurchase Price Increased to $65.25 per Share in Cash
\r\nShareholder Meeting Adjourned Until May 11, 2007
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that the venture between affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”) has offered to amend its merger agreement with Genesis by increasing the purchase price to acquire all outstanding shares of Genesis stock to $65.25 per share in cash, up from the current price of $64.25 per share. Under the proposal, if the transaction is not completed prior to July 31, 2007, the purchase price will increase by 9% per annum, or $0.01609 per day, beginning July 31, 2007 until the transaction closes.
\r\n
\r\nThe Board of Directors of Genesis, consistent with its fiduciary duties and the Company's obligations under its existing merger agreement with affiliates of Formation and JER, is reviewing Formation/JER’s proposal. As previously announced on April 30, 2007, the Genesis Board also is reviewing a $65.25 per share offer from Fillmore Capital Partners, LLC. Under the terms of the Fillmore proposal the offer price will increase by 6% per annum, or $0.01073 per day, beginning August 15, 2007 until the transaction closes.
\r\n
\r\nGenesis also announced that its adjourned annual meeting of shareholders, at which the shareholder vote on the Formation/JER transaction will take place, has been moved to May 11, 2007 at 10:00 a.m. from May 4, 2007. The meeting will be held at Genesis headquarters in Kennett Square, Pennsylvania . Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting. At this time, the Board’s recommendation in favor of the Formation/JER transaction is unchanged.
\r\n
\r\nShareholders who have questions or require assistance in voting their shares should contact MacKenzie Partners at 800-322-2885.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nAbout Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
\r\n
\r\nJER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe . JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, and GHC intends to furnish shareholders with a proxy supplement relating to the amendment of the merger agreement. Investors and security holders are urged to read the proxy statement, supplement and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplement and other documents also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n
\r\n* * *
\r\n
\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/formation-capital-and-jer-partners-offer-amend-merger-agreement"}}},{"node":{"field_happening_s_date":"2007-04-27","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS SECOND QUARTER 2007 RESULTS","body":{"value":"
Kennett Square, PA -- 04/27/2007 --
\r\n
\r\nGenesis HealthCare Corporation (GHC) (NASDAQ: GHCI) today announced income from continuing operations of $5.8 million, or $0.29 per diluted share, and net income of $5.4 million, or $0.26 per diluted share, for the quarter ended March 31, 2007, compared with income from continuing operations of $8.3 million, or $0.43 per diluted share, and net income of $8.1 million, or $0.42 per diluted share, in the comparable period in the prior year.
\r\n
\r\nEarnings in the quarter were reduced by $0.32 per diluted share due to certain transaction, severance, deferred compensation plan and tax expenses, including $5.2 million, or $0.15 per diluted share, of transaction related costs from the proposed merger with affiliates of Formation Capital, LLC and JER Partners, $2.7 million, or $0.08 per diluted share, of severance related costs, $2.0 million, or $0.06 per diluted share, of incremental stock based compensation associated with the growth in the value of GHC’s common stock held in a deferred compensation plan and $0.03 per diluted share for an increase in GHC’s effective tax rate caused by the non-deductibility of certain merger related transaction costs.
\r\n
\r\nFor the six months ended March 31, 2007, income from continuing operations was $16.5 million, or $0.83 per diluted share, and net income was $16.1 million, or $0.81 per diluted share, compared with income from continuing operations of $19.6 million, or $1.00 per diluted share, and net income of $19.5 million, or $1.00 per diluted share, in the comparable six month period in the prior year.
\r\n
\r\nRevenue for the quarter ended March 31, 2007 grew 13.7% to $496.1 million compared to revenue of $436.3 million in the comparable period in the prior year. Approximately $30.3 million of the increase in revenue was related to acquisitions and newly consolidated joint ventures. Adjusted for these items, revenues grew 6.7%. Revenue for the six months ended March 31, 2007 grew to $972.0 million compared to revenue of $871.9 million in the comparable period in the prior year. Approximately $39.3 million of the increase in revenue was related to acquisitions and newly consolidated joint ventures. Adjusted for these items, revenues grew 6.7%.
\r\n
\r\nEBITDA for the quarter ended March 31, 2007 totaled $37.3 million compared to $35.6 million in the comparable period in the prior year. EBITDA for the quarter ended March 31, 2007 was negatively impacted by $9.9 million of transaction, severance and deferred compensation plan expenses. Furthermore, the quarter was positively impacted by $5.6 million related to acquisitions and newly consolidated joint ventures. EBITDA for the quarter ended March 31, 2006 was negatively impacted by $0.2 million of debt extinguishment costs. (See attached reconciliation on page 7).
EBITDA for the six months ended March 31, 2007 totaled $79.9 million compared to $75.9 million in the comparable period in the prior year. EBITDA for the six months ended March 31, 2007 was negatively impacted by $13.5 million of transaction, severance and deferred compensation plan expenses along with debt extinguishment costs incurred in the first quarter. Furthermore, the six month period was positively impacted by $7.7 million related to acquisitions and newly consolidated joint ventures. EBITDA for the six months ended March 31, 2006 was negatively impacted by $0.2 million of debt extinguishment costs. (See attached reconciliation on page 7).
\r\n\r\nClick here for a table which provides a reconciliation of the current quarter GAAP earnings per share to Non-GAAP earnings per share.
\r\n
\r\nInpatient Services
\r\nInpatient services net revenue grew 13.7% to $445.7 million in the quarter ended March 31, 2007 from $392.0 million in the prior year quarter. Acquisitions and newly consolidated joint ventures generated $30.3 million of the revenue growth, with the remainder attributed to an increase in non-Medicaid days mix and an increase in payor rates, while occupancy remained stable at 91.6%. Medicare rates in the quarter ended March 31, 2007 grew 5.6% to approximately $419 per patient day from the prior year quarter as a result of the October 1, 2006 inflationary increase as well as higher Medicare patient acuity. Medicaid rates in the quarter ended March 31, 2007 grew 4.4% to approximately $192 per patient day from the prior year quarter due to an increase in state Medicaid rates as well as higher patient acuity.
\r\n
\r\nInpatient services EBITDA grew 20.1% to $62.2 million in the quarter ended March 31, 2007 from $51.7 million in the comparable period in the prior year. Excluding acquisitions and the newly consolidated facilities, EBITDA grew 11.2% over the comparable period in the prior year. In addition to the revenue increases previously discussed, EBITDA growth was driven by improved cost control.
\r\n
\r\nRehabilitation Services
\r\nRehabilitation services revenues grew 22.0% to $71.0 million in the quarter ended March 31, 2007 from $58.2 million in the prior year quarter. Revenues benefited from new business, higher pricing and higher patient acuity in the inpatient business.
\r\n
\r\nRehabilitation services EBITDA grew 51.5% to $5.1 million in the quarter ended March 31, 2007 from $3.4 million in the prior year quarter. In addition to the revenue increases, rehabilitation EBITDA improved due to therapist and operational efficiencies.
\r\n
\r\nBalance Sheet and Cash Flow
\r\nGHC ended the quarter with $475.2 million of debt and $33.1 million of cash. Included within these balances is $43.7 million of non-recourse debt and $7.8 million in cash related to consolidated variable interest entities and other partnerships. During the quarter, GHC repaid $36.5 million of debt principally under the revolving credit facility. GHC’s operating cash flow for the quarter was $41.8 million. Capital expenditures in the quarter ended March 31, 2007 totaled $26.1 million.
\r\n
\r\nAcquisitions, Dispositions and Newly Consolidated Joint Ventures
\r\nAcquisitions
\r\nEffective January 1, 2007, GHC completed a lease and purchase option agreement for 11 facilities in Maine with 748 skilled nursing and 220 residential care beds. Under the agreement, GHC leases the facilities for 25 years with an annual lease payment of approximately $5 million. GHC paid approximately $15 million in cash in exchange for tangible operating assets and has entered into a $53 million fixed price purchase option exercisable in 2026. The transaction is accounted for as a capital lease resulting in $40 million of capital lease obligations. The incremental interest and depreciation expense associated with this transaction totaled $1.1 million and $0.6 million, respectively in the quarter ended March 31, 2007.
On November 1, 2006, GHC completed the acquisition of a skilled nursing facility in Maryland with 115 beds, and on December 1, 2006 acquired two additional skilled nursing facilities and four assisted living facilities with a combined complement of 405 beds in West Virginia.
\r\n\r\nOn June 1, 2006, GHC purchased its joint venture partners’ interests in three skilled nursing facilities located in West Virginia having a combined 208 beds.
\r\n\r\nDispositions
\r\nDuring the second quarter, GHC closed a 90 bed skilled nursing facility which had annual revenues of approximately $5 million. Accordingly, GHC has accounted for this property as a discontinued operation in all periods presented herein.
Newly Consolidated Joint Ventures
\r\nEffective October 1, 2006, GHC began consolidating two partnerships in accordance with EITF Issue No. 04-5, “Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights.” One of the partnerships is a jointly owned and managed skilled nursing facility having 112 beds. The second partnership owns the real estate of a skilled nursing facility that is leased to GHC.
Income Taxes
\r\nGHC’s effective tax rate of 45.9% in the quarter ended March 31, 2007 was adversely impacted by certain nondeductible transaction costs of the proposed merger.
No Earnings Conference Call, Webcast or Earnings Guidance
\r\nGenesis HealthCare will not host an earnings conference call or webcast, and will not provide fiscal 2007 earnings guidance.
\r\n
\r\nGenesis HealthCare Financial Statements
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation’s largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
Visit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward-looking statements include, without limitation, closure/timing of transactions including the amended agreement and plan of merger, expected reimbursement rates, our net operating loss carryforwards, our effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates the extent and effectiveness of our facilities renovation program, our expected income from continuing operations, earnings per diluted share, EBITDA and capital expenditures for fiscal 2007. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates and timing/method of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; community-based care trends, capitation or other risk sharing reimbursement trends, efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; the capital intensive nature of our inpatient services segment and the need for extensive capital expenditures in order to improve our physical infrastructure; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry and risks of potential strikes; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; our ability to fulfill debt obligations; our covenants which limit our discretion in the operation of our business; an economic downturn or changes in the laws affecting our business in those markets in which we operate; the impact of new accounting pronouncements; the impact of implementing new information systems; the impact of acquisitions; the impact to our ongoing business caused by the diversion of management’s attention prior to the completion of the merger; when and if the proposed merger will be completed; financial and other implications if the proposed merger is terminated; and other matters beyond our control.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n# # #
\r\n
\r\n
Kennett Square, PA -- 04/25/07 --
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that it has received a proposal from Fillmore Capital Partners, LLC to acquire Genesis for $64.75 per share in cash.
\r\n
\r\nThe Board of Directors of Genesis, consistent with its fiduciary duties and the Company's obligations under its existing merger agreement with affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”), will review the Fillmore proposal and consider it relative to the pending transaction with Formation/JER.
\r\n
\r\nGenesis announced on April 19, 2007 that it had amended its merger agreement with affiliates of Formation and JER to increase the consideration payable to Genesis shareholders to $64.25 per share in cash from $63.00 per share. A shareholder vote on the proposed transaction is scheduled to take place on May 4, 2007. Only shareholders of record as of March 5, 2007 are entitled to vote. At this time, the Board’s recommendation in favor of the Formation/JER transaction is unchanged.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
Forward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n\r\n
\r\n\r\n
Additional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, including a proxy supplement that was filed with the SEC on April 23, 2007. Investors and security holders are urged to read the proxy statement, supplement and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplement and other documents also may be obtained for free from GHC by directing such request to Genesis Healthcare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n\r\n
* * *
\r\n\r\n\r\n\r\n
GHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
GHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n\r\n
\r\n\r\n
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-receives-proposal-fillmore-capital-partners"}}},{"node":{"field_happening_s_date":"2007-04-19","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES AMENDED MERGER AGREEMENT WITH FORMATION CAPITAL AND JER PARTNERS","body":{"value":"
Kennett Square, PA -- 04/19/2007 --
\r\n
\r\nShareholders to Receive Increased Price of $64.25 per Share in Cash
\r\nShareholder Vote to Approve Merger Will Be Held May 4, 2007
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that it has amended its merger agreement with affiliates of Formation Capital, LLC (“Formation”) and JER Partners (“JER”) to increase the consideration payable to Genesis shareholders to $64.25 per share in cash from $63.00 per share. The increased price values the transaction at approximately $1.7 billion, including the assumption of approximately $475 million in debt, and represents a premium of approximately 33.7% over the average closing price for GHC common stock over the 30 days prior to announcement of the transaction in January 2007.
\r\n
\r\nGHC’s annual meeting of shareholders will take place as scheduled today, April 19, 2007 at the Company’s headquarters in Kennett Square, Pennsylvania . After taking the vote on the election of directors, Genesis will adjourn the meeting until 10:00 a.m. on May 4, 2007 at which time the shareholder vote on the proposed transaction will take place. Only shareholders of record as of March 5, 2007 are entitled to vote at the annual meeting and at the May 4th adjournment.
\r\n
\r\nBoth a Special Committee of the Board consisting solely of independent, outside directors and the full Board of Directors of Genesis have unanimously approved the amended merger agreement and unanimously recommend that shareholders vote in favor of the proposed transaction.
\r\n
\r\nGeorge V. Hager, Jr., Chairman and Chief Executive Officer of GHC, said, “GHC’s Board of Directors believes Formation/JER’s increased price represents excellent value and is far superior on a present value basis to what the Company could be expected to achieve on a stand-alone basis. Accordingly, both the Special Committee and the full Board of Directors unanimously recommend that Genesis shareholders vote to approve the amended proposal.”
\r\n
\r\nCia Buckley, President of JER's US Fund Business, and Arnold Whitman, Chief Executive Officer of Formation, said “We continue to be excited about the acquisition of Genesis as we view the Company as an outstanding provider of care for its residents with an excellent portfolio of facilities. However, it is important to highlight that $64.25 is our ‘best and final’ price; if Genesis shareholders do not vote in favor of this transaction at this price, then JER and Formation will focus our attention on other attractive acquisition opportunities.”
\r\n
\r\nUnder the amended merger agreement, the termination fee payable to Formation and JER under certain circumstances has been decreased to $15 million from $50 million. In the event that Genesis shareholders do not approve the proposed transaction, Formation and JER will be entitled to receive up to $7.5 million in expense reimbursement, all of which would be creditable against, and not additive to, any termination fee that would be payable under the terms of the amended merger agreement. In addition, as permitted by the amended merger agreement, Genesis is releasing all parties during the period through May 4 from any standstill obligations that could otherwise preclude such parties from proposing a business combination with the Company.
\r\n
\r\nShareholders who have questions or require assistance in voting their shares should contact MacKenzie Partners at 800-322-2885.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia .
\r\n
\r\nAbout Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
\r\n
\r\nJER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe . JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n
\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
\r\n
\r\nAdditional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders. Since March 7, GHC has filed additional proxy soliciting materials, and GHC intends to furnish shareholders with a proxy supplement relating to the amendment of the merger agreement. Investors and security holders are urged to read the proxy statement, supplement and other documents filed or to be filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement, supplement and other documents also may be obtained for free from GHC by directing such request to Genesis Healthcare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
\r\n
\r\nParticipants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n
\r\n* * *
\r\n
\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
\r\n
\r\nGHC Media Contact:
\r\nJim Barron /Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-amended-merger-agreement-formation"}}},{"node":{"field_happening_s_date":"2007-04-11","field_link_to_the_page":null,"title":"PROXY GOVERNANCE RECOMMENDS GENESIS SHAREHOLDERS VOTE FOR PROPOSED $63 CASH MERGER WITH AFFILIATES OF FORMATION CAPITAL AND JER PARTNERS","body":{"value":"
Kennett Square, PA -- 4/11/07 --
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or “Genesis”) (NASDAQ: GHCI) today announced that Proxy Governance, Inc., an independent proxy advisory and voting firm, has recommended that the holders of common shares of GHC vote “FOR” the proposed $63 cash merger with a joint venture between affiliates of Formation Capital, LLC and JER Partners. The shareholder vote on the transaction will take place at GHC’s annual meeting on April 19, 2007.
In its report, Proxy Governance supported GHC’s use of an auction process as a way to maximize shareholder value and noted that, “since the public announcement of the deal no higher offers have been received.” Proxy Governance concluded, “We support this transaction because… [it] appears to place a fair value on the company based on analyst opinion and general market reaction to the deal.”
\r\n\r\nGeorge V. Hager, Jr., Chairman and Chief Executive Officer of GHC, said, “Genesis is very pleased to have Proxy Governance’s support for this value maximizing transaction. The Board conducted a comprehensive review of the Company’s strategic options that resulted in a final offer premium of approximately 31% over the average closing price for GHC common stock over the 30 days prior to the transaction.
\r\n\r\n“The final transaction price was driven by an active, competitive auction, which yielded four highly interested bidders all of whom submitted best and final offers. As Proxy Governance points out, since Genesis announced this transaction, no alternative bids of any sort have been received, and we note that a vote against this transaction would risk the certainty of the $63 per share all-cash offer in favor of the uncertainty inherent in the primary alternative of remaining an independent public company.”
\r\n\r\nShareholders who have questions or require assistance in voting their shares should contact MacKenzie Partners at 800-322-2885.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
About Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. JER has completed over $1.1 billion of acquisitions in the senior housing sector. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
Additional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders; and GHC may file additional proxy soliciting materials. Investors and security holders are urged to read the proxy statement and other documents filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement and other documents also may be obtained for free from GHC by directing such request to Genesis Healthcare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
Participants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
\r\n* * *
GHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
GHC Media Contact:
\r\nJim Barron/Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/proxy-governance-recommends-genesis-shareholders-vote-proposed-63"}}},{"node":{"field_happening_s_date":"2007-04-10","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE SENDS LETTER URGING SHAREHOLDERS TO VOTE FOR CERTAINTY OF PROPOSED ACQUISITION BY FORMATION/JER","body":{"value":"
Kennett Square, PA -- 04/10/07--
\r\n
\r\nGenesis HealthCare Corporation (“GHC” or the “Company”) (NASDAQ: GHCI) today sent a letter to the Company’s shareholders detailing the compelling strategic and financial benefits of its pending acquisition by Formation Capital, LLC and JER Partners. The letter also highlights the risks associated with a vote against the certainty of the proposed acquisition at the Company’s annual meeting of shareholders, which is scheduled to take place on April 19, 2007.
\r\n
\r\nThe text of the letter follows:
\r\n
\r\nVOTE “FOR” THE PROPOSED $63.00 CASH MERGER WITH FORMATION CAPITAL TODAY
\r\n
\r\nTHERE IS NO OTHER OFFER AND NO BETTER ALTERNATIVE
\r\n
\r\nTHERE IS SUBSTANTIAL RISK TO THE VALUE OF YOUR SHARES IF THE TRANSACTION IS NOT APPROVED
\r\n
\r\nPLEASE VOTE THE ENCLOSED PROXY CARD TODAY!
\r\n
\r\nApril 10, 2007
\r\nDear Genesis HealthCare Shareholder:
\r\n
\r\nIn less than two weeks, at the Company’s annual meeting, shareholders will vote on the proposed $63.00 per share cash merger between the Company and a joint venture between affiliates of Formation Capital, LLC and JER Partners. Your Board of Directors, with one director abstaining, is strongly recommending that you vote your shares “FOR” approval of the proposed merger because:
\r\n*$63.00 is the highest price offered for the Company
\r\n*There is no competing offer at any price
\r\n*Closing is on track for the third quarter of 2007 (possibly as early as July), the regulatory approval process is on track, there is no financing condition and Formation Capital’s financing is fully committed
\r\n*$63.00 offers a 31% premium over the average closing price of the Company’s common stock for the 30 days before the transaction was announced
\r\n*$63.00 represents financial multiples of EV/LTM EBITDA and NTM P/E significantly greater than Genesis’ all-time high financial multiples, which are themselves higher than the sector’s record highs
\r\n*The $63.00 Formation Capital cash transaction provides more shareholder value than does the primary alternative of remaining an independent public company
\r\n*A shareholder vote against the transaction risks losing the opportunity to receive $63.00 in cash, as compared to the $52.85 trading price immediately prior to the announcement of the Formation Capital transaction.
\r\n
\r\nIf you have not done so already, please vote your shares by telephone or internet by following the instructions on the enclosed proxy card, or complete the enclosed proxy card and mail it back in as soon as possible.
\r\n
\r\nHERE ARE SOME FACTS YOU SHOULD KNOW
There is no alternative offer to the $63.00 Formation Capital transaction and any suggestion to the contrary is untrue.
\r\n*Since the transaction was announced on January 16, no one (including the other bidders in the auction process) has contacted the Company to indicate an interest in acquiring the Company at a higher price (or at any price).
\r\n*The final offer price was driven by an active, competitive auction involving all likely, credible bidders, which yielded four highly interested bidders all of whom submitted “best and final” offers – none of these bids was higher than the final transaction price.
\r\n*When the losing bidder (identified as Participant #2 in our proxy materials) was told of the Board’s decision, Participant #2 did not suggest or indicate that it was willing to or would have offered a higher price, and it has not offered a higher price since then.
\r\n
\r\nIf the $63.00 Formation Capital transaction is not approved, there is no indication that there will be any alternative transaction for the Company. If an alternative offer is made, it could be at a lower price, and could take several months longer to close than the current transaction.
\r\n*The $63.00 Formation Capital transaction is on track to close in the third quarter of 2007. Other than shareholder approval, the transaction is subject only to regulatory approvals and other customary closing conditions. Formation Capital has already devoted almost three months to obtaining regulatory approvals and expects to receive the approvals on schedule.
\r\n*If any other party were to seek to acquire Genesis, it would need to restart the regulatory approvals process in 13 states, which can take six months or more. As a result, an alternative transaction would not be expected to close, if at all, until four to nine months after the Formation Capital transaction is likely to close – exposing Genesis shareholders to extended risk of non-consummation and time-value-of-money loss, even were the nominal value of the alternative transaction greater than $63.00 per share.
\r\n
\r\nThe $63.00 per share cash price in the Formation Capital transaction fully realizes the value of your shares.
\r\n*Now is a highly opportunistic time to sell, with Company and healthcare sector valuations at all-time highs:
\r\n*Immediately prior to the announcement of the transaction, Genesis was trading at an all-time high of $52.85, which was an all-time high EV/LTM EBITDA multiple of 9.4x and an all-time high NTM P/E multiple of 21.0x.
\r\n*These multiples are higher even than the healthcare sector’s multiples, which also were at record highs, of a 5-year high of 7.4x EV/LTM EBITDA multiple and at a 10-year high NTM P/E multiple of 18.5x.
\r\n*The $63.00 per share transaction price represents an even greater multiple than the record multiples of Genesis and the sector, at an 11.0x EV/LTM EBITDA multiple and a 25.5x FY2007E P/E multiple.
\r\n*These all-time highs in trading multiples reflect the benefits that Wall Street expects from the recent investments that Genesis and comparable companies have made to improve systems, upgrade and modernize facilities and expand clinical capabilities. These enhancements were incorporated into EBITDA margin expansion in the financial analyses for the transaction.
The $63.00 per share cash transaction price represents a considerable premium over comparable transactions:
\r\n*The 11.0x LTM EBITDA multiple represented by the transaction price significantly exceeds that of any other transaction in the healthcare sector and is meaningfully above the mean and median multiples paid in selected Skilled Nursing, Assisted Living and Rehabilitation transactions since June 2003.
\r\n*The transaction is at a premium to the value at which Formation sold assets to General Electric. Some published reports, using an incorrect valuation methodology, have suggested the opposite. The multiple applicable to the Formation/GE transaction was a multiple of RENT, not EBITDA. Applying the proper multiple to the EBITDA of the operators of the facilities, the implied transaction price for the acquisition of Genesis would be approximately $58.00 per share, or $5.00 per share less than the actual $63.00 deal price.
The Formation Capital transaction is superior on a present value basis to what the Company could be expected to achieve on a stand-alone basis.
\r\n\r\nIf the shareholders reject the Formation Capital transaction and the Company remains an independent public company, to achieve $63.00 per share on a present value basis, the Company would have to significantly outperform its own strategic plan and its trading multiples would have to remain high:
\r\n*The $63.00 per share price paid in the Formation Capital transaction was well in the upper range of the Company’s value determined through a discounted cash flow analysis.
\r\n*The future stock price and leveraged recapitalization analyses demonstrate that the transaction exceeds the value Genesis would expect to achieve over the next four years assuming it met its strategic plan, which in the case of the present value of future stock price analysis is in the range $41.12 - $57.35 per share (assuming a 10-13% discount rate), and in the case of the leveraged recapitalization analysis is in the range $43.63 - $54.04 per share (assuming a 11.5% discount rate).
\r\n*There is considerable risk in undertaking standalone strategic alternatives in place of the Formation Capital transaction. In addition to the customary risks associated with the execution of the Company’s business strategy, there are also potential external risks, such as a downturn in the economy, changes in regulations and reductions in government reimbursement rates. Approximately 74% of our revenues come from Medicare and Medicaid. Although the Company has enjoyed a relatively stable and positive environment over the past 3 years, the reimbursement environment in the long-term care sector is historically cyclical. There is compelling, public information that suggest that Medicare and Medicaid rates for skilled nursing care will grow at below inflationary rates and well below recent growth rates for the next several years.
The strategic review process, which was controlled and directed by the independent members of the Board, has delivered exceptional shareholder value.
\r\n\r\n*The Board’s process included a broad solicitation of possible bidders, with no bidder given any exclusivity period, and ended in a highly competitive auction process.
\r\n*The process drove the deal price from $48.50 per share (the approximate trading price at the time the Company received its first bid, at $51.50 per share) to the final $63.00 per share transaction price.
\r\n*The Board asked all bidders for best and final offers twice. Every bidder had the opportunity, and every incentive, to make its best offer. None of the losing bidders ever told the Company that it was willing to offer more. No one has made any alternative offer since the transaction was announced.
\r\n
\r\n$63.00 IN CASH IS GREAT VALUE FOR SHAREHOLDERS THERE IS NO OTHER OFFER AND NO BETTER ALTERNATIVE
\r\n
\r\nCLOSING IS ON TRACK FOR THIRD QUARTER 2007
\r\n
\r\nTHE FORMATION CAPITAL TRANSACTION IS NOT SUBJECT TO A FINANCING CONDITION, AND FINANCING FOR THE TRANSACTION IS FULLY COMMITTED
\r\n
\r\nTHERE IS SUBSTANTIAL RISK TO THE VALUE OF YOUR SHARES IF THE FORMATION CAPITAL TRANSACTION IS NOT APPROVED
\r\n
\r\nYour Board of Directors, with one director abstaining, strongly recommends that you
\r\nVOTE “FOR” THE PROPOSED MERGER TODAY
\r\n
\r\nNo matter how few or how many shares you may own, we encourage all shareholders to take a moment to vote today. For your convenience, you can vote by telephone or internet by following the instructions on the enclosed proxy card, or you can mail back your proxy in the enclosed pre-paid envelope.
\r\nShareholders who have questions, or need assistance in voting their shares, should call our proxy advisors, MacKenzie Partners, Inc., toll free at (800) 322-2885.
On Behalf of the Board of Directors
\r\nSincerely,
\r\n /S / George V. Hager, Jr.
\r\n George V. Hager, Jr.
\r\n Chairman and Chief Executive Officer
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
Forward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its definitive proxy statement in connection with the 2007 annual meeting of shareholders and its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
Additional Information and Where to Find It:
\r\nOn March 7, 2007, GHC filed with the SEC, and thereafter furnished to shareholders, a definitive proxy statement in connection with its 2007 annual meeting of shareholders; and GHC may file additional proxy soliciting materials. Investors and security holders are urged to read the proxy statement and other documents filed by GHC because they contain (or will contain when available) important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement and other documents filed by GHC (when available) at the SEC website at http://www.sec.gov. The proxy statement and other documents also may be obtained for free from GHC by directing such request to Genesis Healthcare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
Participants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger and GHC’s scheduled 2007 annual meeting. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from GHC shareholders is set forth in GHC’s proxy statement filed on March 7, 2007 and in its proxy statements and Annual Reports on Form 10-K previously filed with the SEC.
* * *
\r\n\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
GHC Media Contact:
\r\nJim Barron/Renée Soto: (212) 687-8080
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-sends-letter-urging-shareholders-vote-certainty"}}},{"node":{"field_happening_s_date":"2007-03-07","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ANNOUNCES ANNUAL MEETING AND RECORD DATES FOR APPROVAL OF MERGER AGREEMENT","body":{"value":"
Kennett Square, PA -- 03/07/2007--
\r\n
\r\nGenesis HealthCare Corporation (“GHC”) (NASDAQ:GHCI) today announced that its Board of Directors has set an annual meeting date and a record date for its shareholders to consider and vote on the previously announced merger agreement between GHC, affiliates of Formation Capital, LLC and affiliates of JER Partners. Shareholders will also be asked to consider the election of three Class III directors.
The Annual Meeting will be held at GHC’s corporate headquarters at 101 East State Street, Kennett Square, PA 19348, on Thursday, April 19, 2007, at 11:00 a.m., Eastern Daylight Time, at which time shareholders will be asked to approve the merger and re-elect three Class III directors. Genesis shareholders of record at the close of business on Monday, March 5, 2007, will be entitled to notice of the annual meeting and to vote on the proposals.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
Additional Information and Where to Find It
\r\nIn connection with the proposed merger, director elections and required shareholder approval, GHC has filed a definitive proxy statement with the SEC. Investors are urged to read the definitive proxy statement because it contains important information about the proposals. Investors may obtain a free copy of the definitive proxy statement and other documents filed by Genesis with the SEC at the SEC website at http://www.sec.gov. The definitive proxy statement and other documents filed with the SEC also may be obtained for free from GHC by directing such request to Genesis HealthCare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000. You should make such request prior to April 5, 2007 in order to receive such materials before the annual meeting.
Genesis and its directors, executive officers and certain other members of management and employees may be deemed participants in the solicitation of proxies from Genesis shareholders in connection with the proposed merger and director elections. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of proxies from Genesis shareholders is set forth in Genesis' proxy statements and Annual Reports on Form 10-K, previously filed with the SEC, and in the definitive proxy statement. Investors should read these documents carefully before making any voting or investment decisions.
\r\n
\r\nForward Looking Statements
\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward- looking statements include, without limitation, closure/timing of transactions including the agreement and plan of merger, expected reimbursement rates, our net operating loss carryforwards, our effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, our expected income from continuing operations, earnings per diluted share, EBITDA and capital expenditures for fiscal 2007. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates methods and timing/method of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; community-based care trends, capitation or other risk sharing reimbursement trends, efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; the capital intensive nature of our inpatient services segment and the need for extensive capital expenditures in order to improve our physical infrastructure; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry and risks of potential strikes; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; our ability to fulfill debt obligations; our covenants which limit our discretion in the operation of our business; an economic downturn or changes in the laws affecting our business in those markets in which we operate; the impact of new accounting pronouncements; the impact of implementing new information systems; the impact of acquisitions; the impact to our ongoing business caused by the diversion of management’s attention prior to the completion of the merger; when and if the proposed merger will be completed; financial and other implications if the proposed merger is terminated; and other matters beyond our control.
The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n###
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-annual-meeting-and-record-dates-approval"}}},{"node":{"field_happening_s_date":"2007-02-08","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS FIRST QUARTER 2007 RESULTS","body":{"value":"
Kennett Square, PA -- 02/08/07 --
\r\n
\r\n• Earnings Exceed Expectations Due to Strong Performance in Inpatient and Rehab Businesses
\r\n• Quality Mix Improves Significantly
\r\n• Strong Operating Cash Flow of $42.5 Million
\r\n
\r\nGenesis HealthCare Corporation (GHC) (NASDAQ: GHCI) today announced income from continuing operations of $10.6 million, or $0.54 per diluted share, and net income of $10.7 million, or $0.54 per diluted share, for the quarter ended December 31, 2006, compared with income from continuing operations of $11.3 million, or $0.57 per diluted share, and net income of $11.4 million, or $0.58 per diluted share, in the comparable period in the prior year.
\r\n“Our performance this quarter was strong,” stated George V. Hager, Jr., Chairman and Chief Executive Officer. “Earnings exceeded our expectations as momentum in our core business continues through operational improvements supported by new system enhancements implemented throughout the past year and enhanced clinical capabilities as a consequence of our facility renovation program, supplemented by $0.01 per share related to acquisitions completed in the quarter. Adjusted earnings from continuing operations were $0.66 per diluted share for the quarter. GAAP income from continuing operations of $0.54 per diluted share in the quarter were negatively impacted by $0.09 per diluted share of transaction related costs, $0.02 per diluted share for debt extinguishment costs and $0.01 per diluted share for an increase in our effective tax rate.”
\r\n
\r\n“I am pleased that we have succeeded in simultaneously growing quality mix and occupancy,” continued Hager. “We are excited to see that our facility modernization efforts and the delivery of specialty services are beginning to gain traction as these efforts will continue throughout the remainder of the year. Also importantly, as we grow we have remained focused on expense control and routine costs which were well managed during the quarter. Finally, I am pleased that our efforts to improve the profitability of our Rehabilitation Services business have been highly successful as our new management team, integrated systems and an improved approach to customer relationship management have all led to business growth and improved operations.”
\r\n
\r\nRevenue for the quarter ended December 31, 2006 grew 9.2% to $477.0 million compared to revenue of $437.0 million in the comparable period in the prior year. Approximately $9.0 million of the increase in revenue was related to acquisitions and newly consolidated joint ventures. Adjusted for these items, revenues grew 7.1%.
\r\n
\r\nEBITDA for the quarter ended December 31, 2006 totaled $42.5 million compared to $40.4 million in the comparable period in the prior year. EBITDA for the quarter ended December 31, 2006 was positively impacted by $2.1 million related to acquisitions and newly consolidated joint ventures, and negatively impacted by $2.8 million of transaction costs and $0.8 million of debt extinguishment costs (See attached reconciliation on page 6).
The following table provides a reconciliation of the current quarter GAAP earnings per share to Non-GAAP earnings per share.
\r\n\r\nInpatient Services
\r\nInpatient services net revenue grew 8.7% to $427.4 million in the quarter ended December 31, 2006 from $393.2 million in the prior year quarter. Acquisitions and newly consolidated joint ventures generated $9.0 million of the revenue growth, with the remainder attributed to a 140 basis point improvement in quality days mix, a 20 basis point improvement in occupancy and an increase in rates. Medicare rates in the quarter ended December 31, 2006 grew 6.4% to approximately $417 per patient day from the prior year quarter as a result of the October 1, 2006 inflationary increase, the positive impact of RUGs refinement as well as higher Medicare patient acuity. Medicaid rates in the quarter ended December 31, 2006 grew 5.4% to approximately $192 per patient day from the prior year quarter due to an increase in state Medicaid rates, provider assessments as well as higher patient acuity. GHC’s occupancy grew to 91.7% compared to 91.5% in the prior year quarter.
\r\n
\r\nInpatient services EBITDA grew 16.7% to $61.4 million in the quarter ended December 31, 2006 from $52.6 million in the comparable period in the prior year. Excluding the acquisitions and the newly consolidated facilities, EBITDA grew 12.7% over the comparable period in the prior year. In addition to the revenue increases previously discussed, EBITDA growth was driven by cost control, effective labor management and operating efficiencies.
\r\n
\r\nRehabilitation Services
\r\nRehabilitation services revenues grew 16.6% to $67.8 million in the quarter ended December 31, 2006 from $58.1 million in the prior year quarter. Revenues benefited from new business, higher pricing and higher patient acuity in the inpatient business.
\r\nRehabilitation services EBITDA grew 19.4% to $5.6 million in the quarter ended December 31, 2006 from $4.7 million in the prior year quarter. In addition to the revenue increases, Rehabilitation EBITDA improved due to therapist and operational efficiencies gained through newly implemented systems.
\r\n
\r\nBalance Sheet and Cash Flow
\r\nGHC ended the quarter with $471.7 million of debt and $66.3 million of cash. Included within these balances is $44.1 million of non-recourse debt and $9.1 million in cash related to consolidated variable interest entities and other partnerships. GHC’s operating cash flow for the quarter was strong at $42.5 million. Capital expenditures in the quarter ended December 31, 2006 totaled $27.1 million.
\r\n
\r\nAcquisitions and Newly Consolidated Joint Ventures
\r\nOn June 1, 2006, GHC purchased its joint ventures partners’ interests in three skilled nursing facilities located in West Virginia having a combined 208 beds.
On November 1, 2006 GHC completed the acquisition of a skilled nursing facility in Maryland with 115 beds, and on December 1, 2006 acquired two additional skilled nursing facilities and four assisted living facilities with a combined complement of 405 beds in West Virginia.
\r\n\r\nFinally, on January 1, 2007, following quarter-end, GHC completed a lease and purchase option agreement for 11 facilities in Maine with 748 skilled nursing and 220 residential care beds. Under the agreement, GHC will lease the facilities for 25 years with an annual lease payment of approximately $5 million. Additionally, GHC paid approximately $15 million in cash in exchange for tangible operating assets and a $53 million fixed price purchase option exercisable in 2026. The transaction is accounted for as a capital lease.
\r\n\r\nEffective October 1, 2006, GHC began consolidating two partnerships in accordance with EITF Issue No. 04-5, “Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights.” One of the partnerships is a jointly owned and managed skilled nursing facility having 112 beds. The second partnership owns the real estate of a skilled nursing facility that is leased to GHC.
\r\n\r\nReimbursement Update
\r\nEffective October 1, 2006, CMS implemented a 3.1% market basket increase, however after considering revisions to the geographic wage index factors, the increase was only 2.7% to GHC.
\r\nEffective January 1, 2007, the Medicare Part B Therapy Cap exceptions process was renewed for one year. Also effective January 1, 2007, Part B physician fee schedules were adjusted resulting in a reduction in the payment rates for nursing home physician and therapy services. These rate changes are expected to reduce GHC’s annual revenue, EBITDA and pre-tax income by approximately $5.0 million, principally in GHC’s rehabilitation services segment.
\r\nIncome Taxes
\r\n
\r\nGHC’s effective tax rate of 40.8% in the current quarter was adversely impacted by certain nondeductible transaction costs of the proposed merger and favorably impacted by the retroactive restoration of certain jobs-related tax credits for post-2005 new hires. Without these items, GHC’s effective tax rate would have been approximately 40.4%.
No Earnings Conference Call or Webcast, Discontinuing Earnings Guidance
\r\nFinally, on January 15, 2007, Genesis HealthCare entered into an agreement and plan of merger with affiliates of Formation Capital, LLC and JER Partners for $63 per share. In light of the pending merger, Genesis HealthCare will not host an earnings conference call or webcast, and is discontinuing fiscal 2007 earnings guidance.
Genesis HealthCare Financial Statements
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation’s largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
Visit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward- looking statements include, without limitation, closure/timing of transactions including the agreement and plan of merger, expected reimbursement rates, our net operating loss carryforwards, our effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, our expected income from continuing operations, earnings per diluted share, EBITDA and capital expenditures for fiscal 2007. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates methods and timing/method of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; community-based care trends, capitation or other risk sharing reimbursement trends, efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; the capital intensive nature of our inpatient services segment and the need for extensive capital expenditures in order to improve our physical infrastructure; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry and risks of potential strikes; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; our ability to fulfill debt obligations; our covenants which limit our discretion in the operation of our business; an economic downturn or changes in the laws affecting our business in those markets in which we operate; the impact of new accounting pronouncements; the impact of implementing new information systems; the impact of acquisitions; the impact to our ongoing business caused by the diversion of management’s attention prior to the completion of the merger; when and if the proposed merger will be completed; financial and other implications if the proposed merger is terminated; and other matters beyond our control.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
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\r\n
\r\n
Kennett Square, PA -- 01/23/2007 --
\r\n
\r\nGenesis HealthCare Corporation will release operating results for the first quarter of fiscal 2007 after the close of business on Thursday, February 8, 2007.
On January 16, 2007, Genesis HealthCare announced that it has entered into a definitive agreement to be acquired by a joint venture between affiliates of Formation Capital, LLC and JER Partners. In light of the pending acquisition, Genesis HealthCare will not host an earnings conference call or webcast, and intends to discontinue Fiscal 2007 earnings guidance.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia .
# #
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-earnings-release-date"}}},{"node":{"field_happening_s_date":"2007-01-16","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE TO BE ACQUIRED BY FORMATION CAPITAL AND JER PARTNERS FOR $63 PER SHARE IN CASH","body":{"value":"
Kennett Square, PA -- 01/16/2007--
\r\n\r\nGenesis HealthCare Corporation (“GHC”) (NASDAQ:GHCI) today announced that it has entered into a definitive agreement to be acquired, in an all-cash transaction for $63.00 per share, by a joint venture between affiliates of Formation Capital, LLC and JER Partners.
\r\n\r\nThe per share price represents a premium of approximately 31.1% over the average closing price for GHC common stock over the past 30 trading days. The aggregate transaction value, including the assumption of approximately $450 million of debt, is approximately $1.7 billion.
\r\n\r\nGeorge V. Hager, Jr., Chairman and Chief Executive Officer of GHC, said, “After carefully considering GHC’s strategic options, including evaluating proposals from a number of potential industry, strategic and financial buyers, the Board concluded that the transaction was in the best interests of the Company, including our shareholders and other stakeholders. This transaction is the result of a thoughtful and comprehensive process, and we are confident that GHC will be able to accelerate achievement of its strategic goals with a partner that has financial resources, understands our business and shares our vision for the future.”
\r\n\r\n“As an independent company operating alongside Formation’s portfolio of healthcare companies, GHC will continue to maintain its long-term focus on delivering superior healthcare to its residents and patients. This transaction is a change in ownership – not a change in direction,” continued Hager.
\r\n\r\n“GHC is an outstanding company with a superior portfolio of facilities located across 13 states,” added Cia Buckley, President of JER’s US Fund Business. “We view this major acquisition as a key strategic investment for JER and Formation.”
\r\n\r\nArnold Whitman, Chief Executive Officer of Formation, stated, “Formation Capital has a long standing relationship with Genesis Healthcare and believes very strongly in their vision of the modernization of skilled nursing in this country. We share a long-term view of the industry along with GHC, which has consistently demonstrated high quality of care standards.
\r\n\r\nFormation and JER confirmed that GHC will be operated as a privately held, independent company controlled by the JER/Formation joint venture. GHC will continue to operate under the Genesis name.
\r\n\r\nThe transaction is subject to shareholder and regulatory approvals as well as other customary closing conditions. The transaction is not subject to a financing condition.
\r\n\r\nGoldman, Sachs & Co. is acting as financial advisor to GHC, and Wachtell, Lipton, Rosen & Katz is acting as its legal advisor. UBS Investment Bank acted as financial advisor to the JER/Formation joint venture, and Williams Mullen and O’Melveny & Myers LLP acted as counsel for the joint venture.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
About Formation and JER
\r\nFormation Capital is a private equity firm in the senior housing and long-term care industry. Over the past five years Formation Capital has completed over $1.5 billion of acquisitions in the sector and provides asset management services to over 250 facilities nationwide. For more information on Formation Capital, please visit www.formationcapital.com.
JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with more than 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate equity investments and debt products in North America and Europe. JER’s primary investments are in office, hospitality, retail, multi-family, healthcare-related real estate and industrial properties. Other areas of investment include commercial mortgage-backed securities (“CMBS”) and mezzanine financing. For more information on JER, please visit www.jer.com.
\r\n\r\nForward-Looking Statements
\r\nA number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding the expected timetable for completing the transaction, successful integration of the business, benefits of the transaction and any other statements contained in this news release that are not purely historical fact are forward-looking statements. The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, but are not limited to, the approval of the proposed merger by regulatory agencies, approval of the merger by the shareholders of GHC, satisfaction of various other conditions to the closing of the merger contemplated by the merger agreement and the risks that have been described from time to time in GHC’s reports filed with the Securities and Exchange Commission (“SEC”), including its annual report on Form 10-K for the fiscal year ended September 30, 2006. This document speaks only as of its date, and each of GHC, JER and Formation disclaims any duty to update the information herein.
Additional Information and Where to Find It:
\r\nIn connection with the proposed merger and required shareholder approval, GHC will file a proxy statement with the Securities and Exchange Commission (“SEC”). Investors and security holders are urged to read the proxy statement when it becomes available because it will contain important information about the proposed merger. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by GHC at the SEC website at http://www.sec.gov. The proxy statement and other documents also may be obtained for free from GHC by directing such request to Genesis Healthcare Corporation, Investor Relations, 101 East State Street, Kennett Square, PA 19348; telephone: 610-925-2000.
Participants in the Solicitation
\r\nGHC and its directors, executive officers and other members of its management and employees may be deemed participants in the solicitation of proxies from its stockholders in connection with the proposed merger. Information concerning the interests of GHC’s participants in the solicitation is set forth in GHC’s proxy statements and Annual Reports on Form 10-K, previously filed with the SEC, and will be set forth in the proxy statement relating to the merger when it becomes available.
* * *
\r\n\r\nGHC Investor Contact:
\r\nJim McKeon, CFO: (610) 444-8425
\r\nLori Mayer, Director Investor Relations (610) 925-2000
GHC Media Contact:
\r\nJim Barron/Renée Soto: (212) 687-8080
JER Media Contact:
\r\nDave Sturtevant, ROI Public Relations: (703) 813-5643 x 243
\r\n
\r\nFormation Contact:
\r\nArnold Whitman: (800) 845-1695
Kennett Square, PA -- 01/05/2007 --
\r\n
\r\nGenesis HealthCare Corporation (GHC) (NASDAQ: GHCI) today announced the completion of a lease and purchase option agreement for 11 facilities in Maine with 748 skilled nursing and 220 residential care beds. The transaction was effective January 1, 2007.
Under the agreement with the Sandy River Health System, GHC will lease 11 nursing and residential care facilities for 25 years with an annual lease payment of approximately $5 million. Additionally, GHC paid approximately $15 million in cash in exchange for tangible operating assets and a $53 million fixed price purchase option exercisable in 2026. The transaction will be recorded as a capital lease.
\r\n\r\n“We are pleased to add the Sandy River facilities to the Genesis portfolio and to expand into the State of Maine,” said George V. Hager, Jr., Genesis Chairman and CEO. “Sandy River and Genesis share a similar vision and operating philosophy which should ensure a smooth transition for employees, patients, residents and referral sources.”
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation’s largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward- looking statements include, without limitation, closure of transactions, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program our expected income from continuing operations, earnings per diluted share, EBITDA and capital expenditures for fiscal 2007. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates methods and timing of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; community-based care trends, capitation or other risk sharing reimbursement trends, efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n# # #
KENNETT SQUARE, PA -- (November 20, 2006) – Genesis HealthCare Corporation (GHC) (NASDAQ: GHCI) today announced income from continuing operations of $37.9 million, or $1.93 per diluted share, and net income of $35.9 million, or $1.83 per diluted share, for the year ended September 30, 2006, compared with income from continuing operations of $46.2 million, or $2.31 per diluted share, and net income of $46.1 million, or $2.30 per diluted share, in the comparable period in the prior year.
\r\n
\r\nFor the quarter ended September 30, 2006, income from continuing operations was $8.9 million, or $0.45 per diluted share, and net income was $6.7 million, or $0.34 per diluted share. Income from continuing operations was $10.4 million, or $0.52 per diluted share, and net income was $11.0 million, or $0.55 per diluted share, in the comparable period in the prior year.
\r\n
\r\n“Adjusted earnings from continuing operations of $0.62 per diluted share for the quarter ended September 30, 2006 was within our guidance when excluding a $5.5 million or $0.17 per diluted share write-down of the carrying value of two underperforming centers,” stated George V. Hager, Jr., Chairman and Chief Executive Officer. “Adjusted earnings from continuing operations for the year ended September 30, 2006 were $2.21 per diluted share when excluding the $0.17 per diluted share write-down of the two centers as well as $0.11 per diluted share related to debt extinguishment, income tax, stock-based deferred compensation expenses and incremental stock option expense recognized through our third quarter and specifically excluded from our earnings guidance communicated last quarter.”
\r\n
\r\n“We ended the year with strong performance in the inpatient segment and improving fundamentals in our rehab business considering the fourth quarter is historically rehab’s most challenging,” continued Hager. “Inpatient fundamentals remain strong as occupancy reached all time highs due to our renovation and modernization efforts and our ability to control routine operating expenses. We continue to attract a higher acuity patient base as we strengthen our clinical capabilities. We ended the year on a positive note and are optimistic we can continue our momentum into 2007.”
\r\n
\r\nRevenue for the year ended September 30, 2006 grew 3.4% to $1,770.3 million compared to revenue of $1,711.4 million in the comparable period in the prior year. Excluding $36.7 million of provider assessments recognized last year, which pertained to prior periods, year-over-year revenue growth was 5.7%. Revenue for the quarter ended September 30, 2006 grew 6.2% to $453.6 million compared to revenue of $427.2 million in the same period in the prior year.
\r\n
\r\nEBITDA for the year ended September 30, 2006 totaled $151.2 million compared to EBITDA of $156.3 million in the prior year. EBITDA for the year ended September 30, 2006 was impacted by the $5.5 million write-down of the two centers and $0.8 million of debt extinguishment costs, while EBITDA in the period ended September 30, 2005 was impacted by $2.6 million of asset impairment charges, $11.8 million of debt extinguishment costs, offset by $8.3 million in incremental provider assessments that related to prior years (See attached reconciliation on page 8).
\r\n
\r\nEBITDA for the quarter ended September 30, 2006 totaled $36.8 million compared to $38.5 million of EBITDA for the comparable period in the prior year. EBITDA for the quarter ended September 30, 2006 was impacted by the $5.5 million write-down of the two centers, while EBITDA in the period ended September 30, 2005 was impacted by a $1.7 million impairment charge (See attached reconciliation on page 8).
\r\n
\r\nThe following table provides a reconciliation of the current quarter and fiscal year GAAP results to Non-GAAP results:
\r\n
\r\nInpatient Services
\r\nInpatient services net revenue grew 6.3% to $408.4 million in the quarter ended September 30, 2006 from $384.2 million in the prior year quarter. Revenue growth was primarily due to increased occupancy, an increase in Medicare rates and the consolidation of two West Virginia properties acquired June 1, 2006. Medicare rates in the quarter ended September 30, 2006 grew 7.5% to $398 per patient day from the prior year quarter as a result of the 3.1% inflationary increase as well as higher Medicare patient acuity. Medicaid rates in the quarter ended September 30, 2006 grew 5.0% to $190 per patient day from the prior year quarter, but only 4.2% after considering increases to provider tax expenses. GHC’s occupancy grew 120 basis points to a record 91.8% from 90.6% in the prior year quarter. Adjusting for the change in the number of licensed beds quarter over prior year quarter, occupancy grew 50 basis points.
\r\n
\r\nInpatient services net revenue in the year ended September 30, 2006 of $1,591.9 million grew 3.1% from $1,543.6 million in the prior year. Excluding prior period provider assessments, revenue grew 5.6%. This growth is attributed to increased rates and higher patient acuity. Medicare rates in the current year grew 7.9% to $397 per patient day from the prior year period as a result of the inflationary increase as well as higher patient acuity. Medicaid rates in the year ended September 30, 2006 grew 3.6% to $185 per patient day from the prior year period, but only 2.6% after considering increases to provider tax expenses. Occupancy in the year ended September 30, 2006 increased to 91.5% from 91.0% in the prior year on an as adjusted basis.
\r\n
\r\nInpatient services EBITDA of $51.6 million in the quarter ended September 30, 2006 was impacted by the $5.5 million write-down of the two centers and on an adjusted basis was up $3.3 million over the prior year quarter. Inpatient services EBITDA of $208.8 million in the year ended September 30, 2006 was also impacted by the $5.5 million write-down and the prior year benefited from $8.3 million of out of period provider assessments. On an adjusted basis current year EBITDA was up $4.2 million over the prior year.
\r\n
\r\nRehabilitation Services
\r\n
\r\nRehabilitation services revenues grew 11.6% to $60.1 million in the quarter ended September 30, 2006 from $53.8 million in the prior year quarter. Rehabilitation services revenues grew 11.7% to $236.5 million in the year ended September 30, 2006 from $211.7 million in the prior year. Revenues benefited from the implementation of higher pricing, higher patient acuity in the inpatient business and improved caseload.
\r\n
\r\nRehabilitation services EBITDA grew $1.0 million in the quarter ended September 30, 2006 to $1.4 million from $0.4 million after adjusting for a $1.7 million impairment charge in the prior year quarter. Rehabilitation services EBITDA grew $2.0 million to $13.4 million in the year ended September 30, 2006 from $11.4 million after adjusting for a $1.7 million impairment charge in the prior year. Rehabilitation EBITDA improved due to the higher pricing, and therapist and operational efficiencies gained through newly implemented technology. The rehabilitation services margins are typically depressed in the fourth quarter due to lower therapist efficiency during the summer vacation season.
\r\n
\r\nBalance Sheet and Cash Flow
\r\nGHC ended the quarter with $444.8 million of debt and $74.8 million of unrestricted cash. Included within these balances is $40.0 million of non-recourse debt and $6.5 million in cash related to consolidated variable interest entities. GHC’s operating cash flow for the quarter was strong at $33.5 million despite the negative impact of approximately $5.0 million from temporary Medicare payments delays. Capital expenditures in the quarter ended September 30, 2006 totaled $24.6 and $102.1 million for the year.
\r\n
\r\nTransactions
\r\nOn June 1, 2006, GHC purchased its joint venture partners’ interests in three skilled nursing facilities located in West Virginia having a combined 208 beds. GHC previously owned a 50% interest in these facilities and managed the operations, but upon completion of the transaction GHC now owns 100% of each facility. In accordance with FASB Interpretation No. 46, “Consolidation of Variable Interest Entities – an Interpretation of ARB No. 51” (FIN 46), GHC had previously consolidated the financial statements of one of the facilities and recorded minority interest to reflect the joint venture partners’ interests. The combined annual revenues and EBITDA of the two previously unconsolidated facilities are approximately $10.0 million and $2.0 million, respectively. The impact of consolidating the two facilities effective June 1, 2006 had a $3.6 million and $0.6 million positive impact on GHC revenue and EBITDA, respectively, for the fiscal year.
\r\n
\r\nIn addition, GHC previously announced an agreement to enter into a lease and purchase option for 11 facilities in Maine which is expected to close January 1, 2007. Furthermore, on November 1, 2006, GHC acquired one skilled nursing facility located in Maryland . Results for this facility are not reflected in the 2006 fiscal year.
\r\n
\r\nReimbursement Update
\r\nCMS published a 3.1% market basket increase effective October 1, 2006, however, GHC expects an average 2.7% Medicare payment rate increase after considering revisions to the geographic wage index factors.
\r\n
\r\nStock-Based Compensation
\r\nEffective October 1, 2005, GHC adopted the provisions of Statement of Financial Accounting Standards No. 123(R), “Share-Based Payment” (SFAS 123R). In connection with the adoption of SFAS 123R, GHC recognized $1.3 million, or $0.04 per diluted share, and $4.5 million, or $0.14 per diluted share, of compensation expense associated with employee stock options in the three and twelve months ended September 30, 2006, respectively.
\r\n
\r\nAccounting Change
\r\nAs of September 30, 2006, GHC adopted FASB Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations” (FIN 47). This accounting standard applies to the liability for an asset retirement obligation associated with the retirement of tangible long-lived assets. The adoption of FIN 47 resulted in the recognition of an asset retirement obligation liability of $5.3 million and an after tax charge of $1.5 million to continuing operations, which is reflected as a cumulative effect of an accounting change and an after tax charge of $0.2 million which is reflected within loss from discontinued operations.
\r\n
\r\nIncome Taxes
\r\nGHC’s effective tax rate continues to be adversely impacted by the lapsing of certain jobs related tax credit provisions at December 31, 2005, which have increased GHC’s effective tax rate for fiscal 2006 to approximately 40.5%. GHC continues to carry significant net operating loss carryforwards to utilize against taxable income.
\r\n
\r\nOutlook
\r\nGHC is initiating its fiscal 2007 earnings guidance of $2.43 to $2.48 per diluted share (GAAP basis), income from continuing operations of $48.0 million to $49.0 million (GAAP basis) and EBITDA of $173.0 million to $178.0 million (See attached reconciliation on page 8). Guidance excludes the following:
\r\n§ Further revisions to the Medicare market basket update factor;
\r\n§ The expiration of the Part B Therapy Cap exceptions process on January 1, 2007;
\r\n§ The rate reduction associated with the Part B Physician Fee Schedules also effective January 1, 2007.
\r\n
\r\nNote, GHC generates approximately $100 million in revenue under the Part B program.
\r\n
\r\nHowever guidance assumes the following:
\r\n§ An effective tax rate of 40%
\r\n§ The completion of the Maine transaction effective January 1, 2007.
\r\n
\r\nFrom a capital expenditure perspective, GHC anticipates $75 million to $85 million in fiscal 2007 as compared to $102.1 million in fiscal 2006.
\r\n
\r\nConference Call
\r\nGenesis HealthCare Corporation will hold a conference call at 9:00 a.m. Eastern Time on Tuesday, November 21, 2006 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\nClick here to view Genesis HealthCare Corporation Financial statements.
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation’s largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 600 healthcare providers in 20 states and the District of Columbia.
\r\n
\r\nVisit our website at www.genesishcc.com.
\r\n
\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, closure or timing of the Maine transaction or other transactions, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program our expected income from continuing operations, earnings per diluted share, EBITDA and capital expenditures for fiscal 2007. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates methods and timing of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; community-based care trends, capitation or other risk sharing reimbursement trends, efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n
\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n
\r\n# # #
\r\n\r\n
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-fiscal-year-end-2006-results"}}},{"node":{"field_happening_s_date":"2006-05-19","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE RECEIVES NASDAQ NOTICE REGARDING DELAYED FILING OF FORM 10-Q","body":{"value":"
Kennett Square, PA -- 05/19/2006 --
\r\n\r\nGenesis HealthCare Corporation (GHC) (NASDAQ:GHCI) announced today that, as expected, it has received a NASDAQ Staff Determination letter dated May 17, 2006 indicating that GHC is not in compliance with the filing requirements for continued listing as set forth in Marketplace Rule 4310(c)(14) because GHC has not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2006. As a result, GHC is subject to potential delisting from The NASDAQ Stock Market. On May 19, 2006, GHC requested a hearing before a NASDAQ Listing Qualifications Panel (Panel) to appeal the NASDAQ Staff’s determination, which request will stay the delisting until the appeal has been heard and the Panel has rendered its decision. Pending a decision by the Panel, GHC will remain listed on The NASDAQ Stock Market.
\r\n
\r\nAs previously disclosed in the press release issued by GHC on May 15, 2006, the delay in filing GHC’s Form 10-Q for the second fiscal quarter was the result of GHC’s determination that the pending restatement of its historical consolidated financial statements will also reflect the consolidation of certain joint-venture arrangements in which it has an ownership interest and provides management services. GHC does not anticipate that the consolidation will have any significant impact to the financial condition, liquidity or underlying profitability of the Company. Such consolidation has no impact to previously provided earnings per share guidance for fiscal 2006.
\r\n
\r\nGHC is working diligently to consolidate the entities with its wholly-owned subsidiaries in order to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2006 on or before May 30, 2006. Upon filing its Form 10-Q, GHC anticipates that it will be in compliance with Market Place Rule 4310(c)(14). GHC will also amend and restate its Form 10-K for the fiscal year ended September 30, 2005 as soon as possible.
\r\n\r\n
\r\n\r\n
About Genesis HealthCare Corporation
\r\nGHC is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. GHC also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia .
\r\n
\r\nVisit the Genesis website at www.genesishcc.com.
\r\n\r\n
\r\n\r\n
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “target,” “appears” and similar expressions. Such forward looking statements include, without limitation the closure or timing of proposed transactions, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our 2006 effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, levels of lease expense, interest expense, depreciation expense, capital spending, our anticipated results of operations for fiscal 2006, the anticipated impact of the restatement on our historical consolidated financial statements, the estimated timing of the completion of the restatement and the filing of reports with the Securities and Exchange Commission. Factors that could cause actual results to differ materially include, but are not limited to, the following: changes in our estimates of the impact of the restatement, costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n# # #
Kennett Square, PA -- 05/15/2006--
\r\n\r\n\r\n\r\n
Genesis HealthCare Corporation (GHC or the Company) (NASDAQ:GHCI) announced today that it will delay the filing of its Form 10-Q for the quarter ended March 31, 2006 in order to reflect the consolidation of certain joint-venture arrangements in which it has an ownership interest and provides management services. This accounting treatment is in accordance with Financial Accounting Standards Board Interpretation No. 46 (R), “Consolidation of Variable Interest Entities” (FIN 46R).
\r\n\r\nOn April 27, 2006, the Company announced that it would restate its historical consolidated financial statements for the fiscal years ended September 30, 2003, 2004 and 2005 to properly account for insurance losses on an undiscounted basis and to correct previously disclosed errors.
\r\n\r\nIn connection with the Company’s restatement, an in-depth review was conducted which identified the consolidation issues under FIN 46R. In this regard, the Company was recently advised by KPMG LLP, the Company’s independent registered public accounting firm, that the Company’s interpretation of FIN 46R was not in accordance with generally accepted accounting principles. Upon re-examination of the joint-venture arrangements, the Company concluded that certain joint-ventures should be consolidated and has resolved to restate its previously issued consolidated financial statements to consolidate the financial statements of these entities while addressing the matters previously announced. Though the structures of these joint-ventures are virtually unchanged since the date of the Company’s spin-off and the prevailing accounting literature became effective for GHC January 1, 2003, the Company became aware of this matter in a time frame which did not permit for the timely filing of its Form 10-Q.
\r\n\r\n“The overall impact of consolidating these entities, for which GHC does not have a controlling voting interest, does not in any significant manner impact the financial condition, liquidity or underlying profitability of GHC. Furthermore, the consolidation of these entities has no impact on our previously provided earnings per share guidance,” stated Genesis Chief Financial Officer James V. McKeon. The Company expects that five entities, having approximately 300 skilled nursing facility beds and 300 assisted living units, will be consolidated. The following tables illustrate the estimated combined financial results and position of the entities subject to consolidation under FIN 46R:
\r\n\r\nEstimated Financial Impact to GHC from Entities Subject to Consolidation Table
\r\n\r\nIt should be noted that the debt of these entities is non-recourse to GHC and the primary obligor, in all instances, is the respective joint-venture entity.
\r\n\r\nThe impact of consolidating these entities is not significant to GHC as demonstrated by the following table, which reflects GHC’s previously announced results through March 31, 2006 compared to the estimated results for the same periods assuming consolidation of the subject entities under FIN 46R:
\r\n\r\n\r\n\r\nGHC is working diligently to consolidate the entities with its wholly-owned subsidiaries in order to file its Form 10-Q for the quarter ended March 31, 2006 within the next two weeks and to amend and restate its Form 10-K for the year ended September 30, 2005 as soon as possible.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGHC is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. GHC also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
\r\n
\r\nVisit the Genesis website at www.genesishcc.com.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “target,” “appears” and similar expressions. Such forward looking statements include, without limitation the closure or timing of proposed transactions, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our 2006 effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, levels of lease expense, interest expense, depreciation expense, capital spending, our anticipated results of operations for fiscal 2006 and the anticipated impact of the restatement of our historical financial statements. Factors that could cause actual results to differ materially include, but are not limited to, the following: changes in our estimates of the impact of the restatement, costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n# # #
Reconciliation of Net Income to EBITDA Table
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-announces-delay-form-10-q-filing"}}},{"node":{"field_happening_s_date":"2006-05-10","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE ENTERS INTO AN AGREEMENT FOR LONG TERM LEASE AND PURCHASE OPTION WITH SANDY RIVER HEALTH SYSTEM IN MAINE","body":{"value":"Kennett Square, PA -- 05/10/2006 --
\r\n
\r\nGenesis HealthCare (GHC) (NASDAQ:GHCI) today announced that it signed an agreement to enter into lease and purchase option agreements with Sandy River Health System, a premier long term care provider that operates 11 facilities in the State of Maine. The closing of the agreement is subject to pending regulatory and licensing approvals, and other customary conditions. Genesis expects to close the transaction by calendar year-end, providing approximately three quarters of earnings accretion for Fiscal 2007.
Upon closing, GHC would lease 11 Sandy River nursing and residential care facilities for ten years, subject to two five year renewal options, for annual lease payments totaling approximately $5 million. Additionally, GHC would pay approximately $16 million in cash in exchange for tangible operating assets and a fixed price purchase option totaling $53 million, exercisable in 2026. The transaction would be recorded as a capital lease, with assets of $57.5 million and liabilities of $40.0 million.
\r\n\r\nThe Sandy River Health System operates 748 skilled nursing and 220 residential care beds and currently employs 1,525 full and part-time employees. Sandy River’s annual revenue totaled approximately $65 million for the period ended December 31, 2005. A small home care and related services business may be included in the transaction.
\r\n\r\n“We are excited about adding the high-quality Sandy River facilities to the Genesis portfolio and expanding our footprint into a contiguous state,” states George V. Hager, Jr., Genesis Chairman and Chief Executive Officer. “We view this transaction as a natural extension to our already substantial presence in New England.”
\r\n
\r\n“Genesis HealthCare is an excellent fit for the Sandy River Health System,” states Sandy River President Michael Tyler. “Genesis shares our commitment to clinical quality and customer satisfaction, and we are excited to join the Genesis team.”
\r\n
\r\nAbout Genesis HealthCare Corporation
\r\nGHC is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. GHC also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
\r\n
\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, closure or timing of the Sandy River transaction, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our 2006 effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, levels of lease expense, interest expense, depreciation expense, capital spending, and our anticipated results of operations for fiscal 2006. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-enters-agreement-long-term-lease-and-purchase"}}},{"node":{"field_happening_s_date":"2006-04-27","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS SECOND QUARTER FISCAL 2006 RESULTS","body":{"value":"Kennett Square, PA -- 04/27/2006--
\r\n\r\nGenesis HealthCare Corporation (GHC) (NASDAQ: GHCI) today announced income from continuing operations of $8.2 million, or $0.42 per diluted share, and net income of $8.1 million, or $0.42 per diluted share, for the quarter ended March 31, 2006. Results in the quarter were negatively impacted by the following three items that were not considered in GHC’s earnings guidance: $0.05 per diluted share of incremental stock based compensation associated with the growth in value of GHC’s common stock held in its deferred compensation plan, $0.01 per diluted share related to early extinguishment of debt charges, and $0.01 per diluted share related to the restatement of GHC’s financial statements as described in more detail under “Restatement” below. Estimated restated income from continuing operations in the comparable period in the prior year totaled $12.8 million, or $0.63 per diluted share, and estimated restated net income totaled $12.7 million, or $0.63 per diluted share. The prior year results include provider assessment revenues and expenses that were recognized in the second quarter of fiscal 2005 attributable to prior periods. (See attached provider assessment table on page 15).
\r\n
\r\n“While there were a number of significant challenges in the quarter including the implementation of the new 53 RUGs classification system, the launch of Medicare Part D, and therapy caps which impacted rehab caseload and Part B revenues, I am proud of our ability to manage through these sweeping changes,” stated George V. Hager, Jr., Chairman and Chief Executive Officer. “We worked hard to prepare for the implementation of the new RUGs system and continue our infrastructure improvement in systems and facility renovations as quickly and efficiently as possible. We are encouraged by the early results in our completed specialty units and renovated assets, and look forward to leveraging the impact of these efforts with continued improvement in acuity while seeking to maintain occupancy.”
\r\n
\r\nIncome from continuing operations and net income were $19.6 million, or $1.00 per diluted share, for the six months ended March 31, 2006. Estimated restated income from continuing operations in the comparable period in the prior year totaled $24.1 million, or $1.19 per diluted share, and estimated restated net income totaled $24.6 million, or $1.21 per diluted share.
\r\n
\r\nRevenue for the quarter ended March 31, 2006 totaled $431.6 million compared to estimated restated revenue of $453.1 million in the comparable period in the prior year. Revenue for the six months ended March 31, 2006 totaled $862.2 million compared to estimated restated revenue of $851.6 million in the same period in the prior year. Year-over-year revenue was impacted by $45.1 million and $35.2 million of provider assessments recognized in the quarter and six months periods ended March 31, 2005, respectively, which pertained to prior periods. Excluding these prior period assessments, revenues for the quarter ended March 31, 2006 grew 5.8%.
\r\n
\r\nEBITDA for the quarter ended March 31, 2006 totaled $34.2 million compared to estimated restated EBITDA of $39.1 million in the prior year quarter. (See attached reconciliation on page 10). EBITDA for the quarter ended March 31, 2006 was negatively impacted by $0.2 million, or $0.01 per diluted share, related to early extinguishment of debt charges and $1.0 million, or $0.03 per diluted share, of incremental stock based compensation associated with the October 1, 2005 adoption of SFAS 123R. The quarter ended March 31, 2005 benefited from $7.7 million, or $0.23 per diluted share, associated with prior period provider assessments, and was negatively impacted by $4.3 million, or $0.12 per diluted share, associated with early extinguishment of debt charges.
\r\n
\r\nEBITDA for the six months ended March 31, 2006 totaled $73.0 million compared to $76.0 million of estimated restated EBITDA for the comparable period in the prior year. (See attached reconciliation on page 10). EBITDA for the six months ended March 31, 2006 was negatively impacted by $0.2 million, or $0.01 per diluted share, related to early extinguishment of debt charges and $1.5 million, or $0.05 per diluted share, of incremental stock based compensation associated with the October 1, 2005 adoption of SFAS 123R. Estimated restated EBITDA for the six months ended March 31, 2005 benefited from $6.4 million, or $0.19 per diluted share, associated with prior period provider assessments, and was negatively impacted by $4.8 million, or $0.14 per diluted share, associated with early extinguishment of debt charges.
\r\n
\r\nExcluding provider assessments and stock based compensation, EBITDA for the quarter ended March 31, 2006 was in line with estimated restated EBITDA in the comparable period in the prior year. While top line growth remains strong, margins were impacted by continuing pressures in the rehabilitation services segment and a sharp increase in utility costs. In addition, earnings per share was impacted by investments in computer hardware related to the deployment of new systems resulting in higher levels of depreciation expense.
Inpatient Services
\r\nInpatient services net revenue totaled $384.5 million in the quarter ended March 31, 2006 compared to inpatient services net revenue of $409.8 million in the prior year quarter, which was impacted by the prior period provider assessments as previously discussed. Excluding these provider assessments, revenue grew 5.4% in the quarter ended March 31, 2006 primarily due to third party payor rate growth, growth in occupancy and Medicare acuity. Medicare rates in the quarter ended March 31, 2006 grew 8.0% to $398 per patient day from the prior year quarter as a result of the 3.1% market basket adjustment received on October 1, 2005, and higher Medicare patient acuity. Medicaid rates in the quarter ended March 31, 2006 grew 2.5% to $184 per patient day from the prior year quarter. GHC’s reported occupancy grew 140 basis points to 91.6% from 90.2% in the prior year quarter with an average daily census improvement of more than 100 patients in this quarter versus the same period in the prior year. Adjusting for the change in licensed beds quarter over prior year quarter, occupancy grew 70 basis points.
\r\n
\r\nInpatient services EBITDA totaled $50.2 million in the quarter ended March 31, 2006 compared to estimated restated inpatient services EBITDA of $55.8 million in the prior year quarter. Inpatient estimated restated EBITDA in the quarter ended March 31, 2005 benefited from $7.7 million associated with the prior period provider assessments. Excluding these provider assessments, inpatient EBITDA grew 4.4% versus the same period in the prior year.
\r\n
\r\n“We had another strong quarter, as our occupancy remained stable, our labor costs moderated, and we successfully transitioned to the new 53 RUGs classification system,” stated James V. McKeon, Chief Financial Officer. “These gains were somewhat offset by higher than expected utility costs, increased depreciation expense, and the impact of therapy caps in the quarter. Despite all these challenges, on an as adjusted basis, we met expectations for the quarter and we remain optimistic for the balance of the year.”
\r\n
\r\nRehabilitation Services
\r\nRehabilitation services revenues totaled $58.2 million in the quarter ended March 31, 2006 compared to $53.1 million in the prior year quarter. Revenues benefited from the implementation of higher pricing, higher patient acuity and improved caseload.
\r\n
\r\nRehabilitation services EBITDA totaled $3.4 million in the quarter ended March 31, 2006 compared to estimated restated rehabilitation services EBITDA of $4.5 million in the prior year quarter. Rehabilitation EBITDA was primarily impacted by a reduction of Part B therapy revenue prior to the finalization of the therapy cap exception process. The rehabilitation business also played a key role in the transition to the new RUGs classification system, contributing to the performance of the inpatient business. As a result of this emphasis on the inpatient business, together with the Medicare Part B therapy caps, rehab Part B caseload and revenue mix were negatively impacted.
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\r\nBalance Sheet and Cash Flow
\r\nGHC generated operating cash flow of $28.1 million in the quarter ended March 31, 2006. The Company ended the quarter with $405.5 million of debt and cash of $91.1 million.
\r\nCapital spending in the quarter ended March 31, 2006 was $21.5 million versus $12.0 million in the prior year quarter and $31.6 million in the immediately preceding quarter. “The early progress on our capital spending program is promising and we continue to see additional opportunities for investment in our portfolio,” noted McKeon. “As a result, we are raising our CAPEX guidance for fiscal 2006 to $90 million to $100 million from our previous guidance of $65 million to $75 million.”
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\r\nShare Repurchase Program
\r\nOn April 26, 2006, GHC’s Board of Directors authorized the repurchase of up to $150.0 million of the Company’s common stock, with such repurchases to take place at GHC management’s discretion and/or under pre-established, non-discretionary programs from time to time, depending on market conditions, in the open market and in privately negotiated transactions, subject to any covenants or restrictions contained in agreements governing GHC’s indebtedness.
Reimbursement Update
\r\nStarting January 1, 2006, the Centers for Medicare and Medicaid Services’ (CMS) new resource utilization group classification system, often referred to as RUGs refinement, went into effect. The new system establishes nine new RUG payment classifications, alters the case-mix weights for the remaining 44 RUG payment categories, and adjusts upward the nursing component of each reimbursement schedule.
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\r\nAlso, starting January 1, 2006, Medicaid coverage of prescription drugs for Medicare beneficiaries who are also eligible for Medicaid have been shifted to the Medicare program under Part D.
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\r\nAdoption of Share-Based Payment Accounting Pronouncement
\r\nEffective October 1, 2005, the Company adopted the provisions of Statement of Financial Accounting Standard No. 123(R), “Share-Based Payment” (SFAS 123R). In connection with the adoption of SFAS 123R, the Company recognized $1.0 million, or $0.03 per diluted share, and $1.5 million, or $0.05 per diluted share, of compensation expense associated with the vesting of employee stock options in the quarter and six months ended March 31, 2006.
\r\n
\r\nEffective Tax Rate
\r\nThe Company’s effective tax rate continues to be adversely impacted by the lapsing of certain jobs related tax credit provisions at December 31, 2005, which have increased GHC’s effective tax rate for fiscal 2006 by almost 1%. GHC continues to carry significant net operating loss carryforwards to shield taxable income.
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\r\nOutlook
\r\nThe Company is raising its fiscal 2006 earnings guidance by $0.10 per diluted share. The revised guidance of $2.20 to $2.25 per diluted share on a Non-GAAP basis is up from $2.10 to $2.15 per diluted share. The Non-GAAP guidance excludes the impact of incremental stock-based compensation related to changes in the Company’s common stock, excludes the costs related to debt extinguishment charges and assumes an effective tax rate of 40%. Click here for a reconciliation of GAAP guidance to Non-GAAP guidance.
Restatement
\r\nOn March 17, 2006, the Company received a review letter from the Securities and Exchange Commission (the SEC) relating to GHC’s annual report on Form 10-K for the fiscal year ended September 30, 2005 and the quarterly report for the fiscal quarter ended December 31, 2005 (the Reports) in connection with a routine review of the Company’s Reports. The letter addressed GHC’s financial statements and related disclosure in the Reports and included, among other matters, inquiries into GHC’s policies for discounting loss reserves in connection with its self-insurance programs and its previously reported accounting errors.
\r\n
\r\nHistorically, GHC recorded outstanding losses and loss expenses for both general and professional liability and workers’ compensation liability based on the estimates of the amount of reported losses together with a provision for losses incurred but not reported, based on the recommendations of an independent actuary, and GHC management’s judgment using its past experience and industry experience. General and professional liability and workers’ compensation claims were discounted at a rate of 4.5% during the fiscal years ended September 30, 2003, 2004 and 2005 and the fiscal quarter ended December 31, 2005. This rate estimated the present value of funds required to pay losses at a future date.
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\r\nDuring the fiscal year ended September 30, 2005, GHC identified and corrected certain errors in previously issued consolidated financial statements related to accounting for operating lease expense on a straight-line basis, the classification of certain leases, accounting for GHC stock held in the deferred compensation plan, the useful lives assigned to certain fixed assets and unaccrued costs resulting from purchasing cut-off procedures. Based upon its evaluation, GHC’s management concluded that the errors were not material to GHC’s consolidated financial statements taken as a whole and adjusted for the errors in the period such errors were identified.
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\r\nOn March 31, 2006, GHC responded to the review letter and on April 21, 2006, the SEC issued a supplemental review letter. The supplemental letter included, among other matters, additional inquiries into GHC’s policies for discounting loss reserves and previously reported accounting errors.
\r\nAfter review and consultation with its Audit Committee and KPMG, LLP, its independent registered public accounting firm, GHC has determined that its loss reserves in connection with its self-insurance programs should be reported on an undiscounted basis to comply with generally accepted accounting principles. Accordingly, GHC’s management and its Audit Committee have determined that GHC will restate its historical financial statements for the fiscal years ended September 30, 2003, 2004 and 2005 and the fiscal quarter ended December 31, 2005 to reflect claims on a non-discounted basis. The restatement will also correct the previously reported errors described above to include them in the appropriate period.
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\r\n“The items that required restatement were principally non-cash and do not have a significant impact on our current or prospective earnings,” stated McKeon. “The most significant adjustments relate to fiscal 2003, the year immediately preceding the spin-off.”
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\r\nClick here to view the estimated impact of the restatement on income from continuing operations.
All estimates in this press release are subject to change pending GHC’s completion of its restated financial statements. Resolution of the remaining items raised in the SEC letters may impact GHC’s consolidated financial statements for the quarter ended March 31, 2006 and for previously reported periods as well as the guidance previously provided and updated herein, which impact is not expected to be material.
\r\n\r\nConference Call
\r\nGenesis HealthCare Corporation will hold a conference call at 9:00 a.m. Eastern Time on Friday, April 28, 2006 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
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\r\nGenesis HealthCare Corporation Financial Statements
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\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation’s largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “target,” “appears” and similar expressions. Such forward looking statements include, without limitation expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our 2006 effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, levels of lease expense, interest expense, depreciation expense, capital spending, our anticipated results of operations for fiscal 2006 and the anticipated impact of the restatement of our historical financial statements. Factors that could cause actual results to differ materially include, but are not limited to, the following: changes in our estimates of the impact of the restatement, costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
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Kennett Square, PA -- 02/17/2006--
\r\n\r\nOn February 16, 2006, Moody’s Investors Service raised its corporate credit rating on Genesis HealthCare Corporation (“GHC”) (NASDAQ:GHCI) to “Ba3” from “B1”. Moody’s also raised its rating on GHC’s 8% senior subordinated notes to “B2” from “B3” and assigned a “Ba2” rating to the Company’s $125 million revolving credit facility. In its release, Moody’s noted that the upgrade reflects GHC’s positive operating performance, and improved cash flow and credit metrics since the spin-off.
\r\n\r\nIn December 2005, GHC also received an upgrade to its credit rating by Standard & Poor’s Rating Services. Commenting on the news, Chief Financial Officer Jim McKeon noted, “This second upgrade further validates our progress in reducing indebtedness and our commitment to a disciplined approach to cash flow and working capital management.”
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGHC is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. GHC also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
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\r\nVisit our website at www.genesishcc.com.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our 2006 effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, levels of lease expense, interest expense, depreciation expense, capital spending, and our anticipated results of operations for fiscal 2006. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-announces-second-upgrade-corporate"}}},{"node":{"field_happening_s_date":"2006-01-31","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS FIRST QUARTER FISCAL 2006 RESULTS","body":{"value":"Kennett Square, PA -- 01/31/2006 --
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Genesis HealthCare Corporation (GHC) (NASDAQ:GHCI) today announced both income from continuing operations and net income of $11.7 million, or $0.59 per diluted share, for the quarter ended December 31, 2005, up from income from continuing operations of $10.3 million, or $0.51 per diluted share, and net income of $10.8 million, or $0.54 per diluted share, in the comparable period in the prior year.
\r\n\r\nRevenue for the quarter ended December 31, 2005 grew 7.9% to $430.6 million from $399.0 million in the prior year quarter. Revenue growth in the quarter is primarily attributed to third party payor rate growth, an increase in occupancy, and an increase in patient acuity.
\r\n\r\nEBITDA for the quarter ended December 31, 2005 grew 16.1% to $39.4 million, up from $33.9 million in the prior year quarter. (See attached reconciliation on page 5). EBITDA for the quarter ended December 31, 2004 was reduced by $0.5 million, or $0.02 per diluted share, due to the early extinguishment of debt.
\r\n\r\n“We had a solid quarter,” stated George V. Hager, Jr., Chairman and Chief Executive Officer. “Our inpatient services segment benefited from strength in occupancy and our rehabilitation services segment appears to have turned the corner with significant growth versus the same period in the prior year. Furthermore, we continue to expand our facility renovation program with capital expenditures nearly triple that spent in last year’s first quarter.”
\r\n\r\n“Consistent with our stated strategy of investing in our physical assets we incurred capital expenditures of $31.6 million this quarter,” continued Hager. “These investments focus on updating a portfolio which has deferred maintenance while also renovating those sites and adding, among other things, enhanced clinical capabilities, expanded rehab gyms and improved short-stay units. These investments are intended to, over time, improve the Company's occupancy and quality mix in serving the care needs of a more medically demanding patient.”
\r\n\r\nInpatient Services
\r\nInpatient services net revenue of $384.2 million in the quarter ended December 31, 2005 grew 8.5% from $354.1 million in the prior year quarter. Revenue growth is attributed to third party payor rate growth, an $11.4 million increase in provider assessments, growth in occupancy and higher patient acuity. Medicare rates in the quarter ended December 31, 2005 grew 7.3% to $393 per patient day from the prior year quarter as a result of the 3.1% Medicare rate increase effective October 1, 2005 as well as higher Medicare patient acuity. Our reported occupancy grew 110 basis points to 91.5% from 90.4% in the prior year quarter and grew 90 basis points from 90.6% in the immediately preceding quarter. The increase is due to census growth and a reduction in the Company’s number of licensed beds. On a same store basis, adjusted for the change in licensed beds, occupancy grew 40 basis points from the prior year quarter and 20 basis points from the immediately preceding quarter.
Inpatient services EBITDA of $51.0 million in the quarter ended December 31, 2005 was up from $46.9 million in the prior year quarter. EBITDA margins were 13.3% in the quarter ended December 31, 2005 versus 13.2% in the prior year quarter. EBITDA benefited from the increase in occupancy and rate growth.
\r\n\r\n“We continue to manage aggressively our agency utilization, which declined approximately 15% on a per patient day basis this quarter versus the prior year quarter,” stated James V. McKeon, Chief Financial Officer. “However, we experienced a tightening in the labor market for qualified employed nursing staff and saw acceleration in wage growth.”
\r\n\r\nRehabilitation Services
\r\nRehabilitation services revenues grew 11.9% to $58.1 million in the quarter ended December 31, 2005 from $52.0 million in the prior year quarter. The segment benefited from the inpatient services segment increase in patient acuity as well as improved caseload.
Rehabilitation services EBITDA increased to $3.6 million in the quarter ended December 31, 2005 from $2.3 million in the prior year quarter. EBITDA growth can be attributed to improved caseload and therapist efficiency.
\r\n\r\nBalance Sheet and Cash Flow
\r\nGHC generated operating cash flow of $18.7 million in the quarter ended December 31, 2005. Cash flow was negatively impacted by growth in receivables due primarily to one extra day in the December billing cycle compared to September, the timing of provider assessment payments, delays by certain states in approving and processing Medicaid applications and claims, and higher revenue per patient day. The Company ended the quarter with $409.0 million of debt and cash of $90.4 million. During the quarter, the Company repurchased 288,400 shares of its common stock for $10.7 million, or approximately $37 per share.
Capital spending in the quarter ended December 31, 2005 increased to $31.6 million versus $11.1 million in the prior year quarter. “With a formal investment process and procedure, as well as dedicated internal renovation teams now in place, we were able to ramp-up significantly our capital investment this quarter,” noted McKeon. “In the quarter, we spent $3.9 million on information systems projects, $16.5 million in ongoing routine capital spending and $11.2 million in facility renovation projects.”
\r\n\r\nReimbursement Update
\r\nStarting January 1, 2006, the Centers for Medicare and Medicaid Services’ (CMS) new resource utilization group classification system, often referred to as RUGs refinement, went into effect. The new system establishes nine new RUG payment classifications, alters the case-mix weights for the remaining 44 RUG payment categories, and adjusts upward the nursing component of each reimbursement schedule. While the industry has only operated under the new classification system for one month, the Company continues to expect its Medicare payment rates will be reduced by approximately $9 per Medicare patient day.
On January 1, 2006, the moratorium on Medicare Part B therapy caps expired. Congress is expected to vote, as early as today, on legislation detailing an exceptions process for continued reimbursement of medically necessary therapy in excess of the annual allowance of $1,740 for occupational therapy and another $1,740 allowance for physical therapy and speech therapy, combined. Given the uncertainty of this issue, GHC is unable to predict the impact on the Company’s financial condition and results of operations, if any.
\r\n\r\nAdoption of Share-Based Payment Accounting Pronouncement
\r\nEffective October 1, 2005, the Company adopted the provisions of Statement of Financial Accounting Standard No. 123(R), “Share-Based Payment” (SFAS 123R). In connection with the adoption of SFAS 123R, the Company recognized $0.6 million, or $0.02 per diluted share, of compensation expense associated with the vesting of employee stock options in the quarter ended December 31, 2005.
Effective Tax Rate
\r\nThe Company’s effective tax rate approximated 41% for the quarter ended December 31, 2005. The rate was adversely impacted by the lapsing of certain jobs-related tax credit provisions at September 30, 2005, which increased our effective tax rate almost 1%. If the credit provisions are reinstated retroactively, the Company would expect its full fiscal year effective tax rate to approximate 40%. GHC continues to carry significant net operating loss carryforwards to shield taxable income.
Outlook
\r\nThe Company is maintaining its fiscal 2006 GAAP earnings from continuing operations guidance of $2.10 to $2.15 per diluted share. This guidance reflects the anticipated impact of RUGs refinement, and the impact of the Company’s October 1, 2005 adoption of SFAS 123R, the latter of which is estimated to reduce fiscal 2006 earnings by approximately $0.10 per diluted share.
While the Company does not provide quarterly earnings guidance, the Company notes that the second fiscal quarter ending March 31, 2006 will be impacted by the implementation of RUGs refinement as well as certain seasonal costs including higher payroll taxes and potentially higher weather related costs including snow removal and utilities, further compounded by the current market pressures on fossil fuels.
\r\n\r\nConference Call
\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. Eastern Time on Wednesday, February 1, 2006 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site, where a replay of the call will also be posted for one year.
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\r\nGenesis HealthCare Corporation Financial Statements
About Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, our 2006 effective tax rate, agency labor utilization, wage rates, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, our plans to improve the operating performance of our Rehabilitation services segment and progress to date, the extent and effectiveness of our facilities renovation program, levels of lease expense, interest expense, depreciation expense, capital spending, and our anticipated results of operations for fiscal 2006. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-first-quarter-fiscal-2006"}}},{"node":{"field_happening_s_date":"2005-12-01","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS FISCAL YEAR END 2005 RESULTS","body":{"value":"KENNETT SQUARE, PA -- 12/1/2005 --
\r\n\r\nGenesis HealthCare Corporation (“GHC”) (NASDAQ:GHCI) today announced income from continuing operations of $42.4 million, or $2.12 per diluted share, and net income of $42.2 million, or $2.11 per diluted share, for the year ended September 30, 2005, up from pro forma income from continuing operations of $30.6 million, or $1.52 per diluted share, and pro forma net income of $27.9 million, or $1.39 per diluted share, in the comparable period in the prior year. Pro forma results in the prior year period assume the December 1, 2003 spin-off of GHC from NeighborCare, Inc. occurred on October 1, 2003. (See attached pro forma financial information beginning on page 15).
\r\n\r\nFor the quarter ended September 30, 2005, income from continuing operations was $9.5 million, or $0.48 per diluted share, and net income was $10.2 million, or $0.51 per diluted share, down from income from continuing operations of $10.5 million, or $0.52 per diluted share, and net income of $10.8 million, or $0.53 per diluted share, in the comparable period in the prior year.
\r\n\r\nReported results in the quarter ended September 30, 2005 were reduced by a $1.7 million ($0.05 per diluted share) pre-tax impairment charge to write-off the investment related to an abandoned rehabilitation services application system, and $1.3 million ($0.04 per diluted share) of net pre-tax adjustments to recognize a correction to the way in which the Company accounts for certain of its leases. In addition, an increase in the Company’s effective tax rate, primarily due to changes in the amount of permanent deductions, reduced results in the current quarter by approximately $0.02 per diluted share. All of these adjustments are non-cash charges. The lease accounting adjustments are more fully described below under the section entitled Lease Accounting Adjustments. Results in the quarter ended September 30, 2004 were reduced by a pre-tax charge of $0.4 million ($0.01 per diluted share) related to the early extinguishment of debt.
\r\n\r\nRevenue for the year ended September 30, 2005 grew 10.9% to $1.683 billion from $1.518 billion in the prior year. Revenue for the quarter ended September 30, 2005 grew 5.9% to $420.8 million from $397.3 million in the comparable period of the prior year. Revenue growth in the quarter and year ended September 30, 2005 is primarily attributed to third party payor rate growth and the recognition of provider assessments implemented in three states since the prior year periods.
\r\n\r\nEBITDA for the year ended September 30, 2005 grew 19.9% to $148.8 million, up from $124.1 million in the prior year. (See attached reconciliation on page 10). EBITDA for the year ended September 30, 2005 benefited from $8.0 million of net adjustments to lease expense recorded in the fourth quarter and $14.2 million in incremental provider assessments. EBITDA was reduced by $11.8 million and $1.7 million for charges related to the early extinguishment of debt in the years ended September 30, 2005 and 2004, respectively.
\r\n\r\nEBITDA for the quarter ended September 30, 2005 increased 20.1% to $43.4 million, up from $36.2 million of EBITDA for the comparable period in the prior year. (See attached reconciliation on page 10). EBITDA for the quarter ended September 30, 2005 benefited from the $8.0 million of net adjustments to lease expense and was reduced $1.7 million by the impairment charge previously described and by a $2.3 million decline in net provider assessments recognized in the current year quarter compared to the prior year quarter. EBITDA for the quarter ended September 30, 2004 was reduced by $0.4 million for charges related to the early extinguishment of debt.
\r\n\r\n“I am pleased by the overall performance of our Inpatient services segment this quarter and the strength of our balance sheet,” stated George V. Hager, Jr., Chairman and Chief Executive Officer. “We were successful in rebuilding our census back to historical levels and continue to experience stable occupancy. We were able to achieve consolidated results within our previously provided guidance range despite the disappointing results of our Rehabilitation services segment, and before considering the impairment and lease charges, and the higher than expected effective income tax rate, which were not included in our earnings guidance. The softness in the Rehabilitation services segment was driven by greater than anticipated utilization of higher cost contract labor during the summer vacation months, as well as severance charges relating to organizational changes. We believe that our strategy of improving the recruitment and retention capabilities of that business while also being more aggressive in pricing our services and more selective in our external customer base will restore this business to profitability. During the quarter we moved aggressively to implement a more efficient and integrated billing and time collection system to improve the productivity of our therapist workforce.”
\r\n\r\nFurther commenting on the results, Hager noted, “Our core Inpatient services segment, on an as-adjusted basis, produced strong earnings growth in the fourth quarter compared to the same quarter last year. We end fiscal 2005 with impressive year over year earnings growth, significant levels of operating cash flow and a strong balance sheet. We look forward to continuing to execute on our strategy of investment in our core skilled nursing business in fiscal 2006, and believe that the Rehabilitation services operating issues are being aggressively addressed.”
\r\n\r\nInpatient Services
\r\nInpatient services net revenue of $375.1 million in the quarter ended September 30, 2005 grew 5.5%, or $19.5 million, from $355.6 million in the prior year. Provider assessments and acquisitions generated approximately $2.3 million and $2.6 million of the revenue growth, respectively. The remaining revenue growth is attributed to other third party payor rate growth and higher patient acuity. Medicare rates in the quarter ended September 30, 2005 grew 4.6% to $370 per patient day as a result of the October 1, 2004 2.8% Medicare rate increase as well as higher Medicare patient acuity. Occupancy this quarter grew 1.2% from the immediately preceding quarter to 90.6%, and exceeded the prior year fourth quarter occupancy of 90.5%.
Inpatient services net revenue in the year ended September 30, 2005 of $1.506 billion grew 11.3% or $152.8 million from $1.353 billion in the prior year. Provider assessments and acquisitions generated approximately $74.4 million and $14.1 million of the revenue growth, respectively. The remaining revenue growth is attributed to other third party payor rate growth and higher patient acuity, offset by lower occupancy. Medicare rates in the current year grew 5.1% per patient day as a result of the October 1, 2004 2.8% Medicare rate increase as well as higher Medicare patient acuity. Occupancy in the year ended September 30, 2005 declined 0.7% to 90.1% from 90.8% in the prior year.
\r\n\r\nInpatient services EBITDA of $59.8 million in the quarter ended September 30, 2005 was up $8.9 million over the prior year quarter. EBITDA was positively impacted by the $8.0 million lease accounting adjustments and $0.5 million from acquisitions, offset by $2.3 million of lower net provider assessments principally due to the retroactive recognition of provider assessments in the State of New Hampshire in the quarter ended September 30, 2004. After adjusting for these items, Inpatient services generated 6.0% EBITDA growth driven by operational improvements and improved payor mix.
\r\n\r\nInpatient services EBITDA of $218.2 million in the year ended September 30, 2005 was up $47.1 million over the prior year. EBITDA was positively impacted by the $8.0 million lease accounting adjustments, $2.7 million from acquisitions, $2.0 million of net positive Medicaid cost report settlements and $14.2 million of incremental provider assessments recognized in the current year above those recognized in the prior year. After considering these items, Inpatient services generated 12.1% EBITDA growth driven by operational improvements, lower bad debt expense and third party payor rate growth.
\r\n\r\nEmployed nursing labor and benefit costs on a per patient day basis increased 5.7% for the quarter ended September 30, 2005 from the same quarter last year. By reducing our reliance on agency nurses in favor of employed nurses the Company was able to limit growth in overall nursing labor costs to 4.7% on a per patient day basis.
\r\n\r\nRehabilitation Services
\r\nRehabilitation services revenues grew to $53.8 million in the quarter ended September 30, 2005 from $50.2 million in the prior year. Rehabilitation services revenue grew to $211.7 million in the year ended September 30, 2005 from $197.1 million in the prior year.
Rehabilitation services EBITDA decreased to a loss of $2.6 million in the quarter ended September 30, 2005 from a positive $0.9 million in the prior year quarter. EBITDA in the current year quarter was reduced by the $1.7 million impairment charge discussed previously, continued pricing pressure, increased therapist salary costs, severance costs and higher contract labor utilization as a result of a continuing shortage of therapists. Increased utilization of higher cost contract labor resulted in a $1.5 million decline in current quarter EBITDA compared to the prior year quarter.
\r\n\r\nRehabilitation services EBITDA decreased to $5.9 million in the year ended September 30, 2005 from $14.2 million in the prior year. EBITDA in the current year was reduced by the $1.7 million impairment charge and each of the pricing and labor related pressures described in the previous paragraph. Increased utilization of higher cost contract labor resulted in a $5.9 million decline in current year EBITDA compared to the prior year.
\r\n\r\nBalance Sheet and Cash Flow
\r\nGHC generated operating cash flow of $14.4 million in the quarter and $125.0 million for the full fiscal year ended September 30, 2005. Fourth quarter operating cash flow was reduced by the timing of payments, including scheduled payments to excess general and professional liability insurance carriers, real estate taxing authorities and the timing of payroll. The Company ended the year with $410.2 million of debt and cash of $109.0 million. Debt increased $33.3 million during the quarter as a result of changes to the classification of five leases from operating to capital leases. “Although our balance sheet debt increased as a result of the reclassification of certain leases as capital leases, our obligations on a cash basis are unchanged,” stated James V. McKeon, Chief Financial Officer. “We also continue to benefit from significant net operating loss carryforwards that result in cash earnings in excess of GAAP earnings.”
Capital spending in the quarter ended September 30, 2005 increased to $15.2 million, totaling $55.2 million for fiscal 2005. “Our fiscal 2005 capital expenditures were nearly double that of our historical run rate,” noted McKeon. “Investment in information systems and in the renovation of our facility portfolio is at the core of our long-term strategy to generate operating efficiencies and create a stronger competitive position within our markets. Continuing this commitment to core operations, we expect to make capital expenditures between $65 million and $75 million in fiscal 2006, including as many as 33 facility renovation and modernization projects. We also continue to explore fill-in acquisitions in our Inpatient services segment, as well as other opportunities to ensure the most efficient use of our capital.”
\r\n\r\nDuring the quarter ended September 30, 2005, the Company repurchased 170,737 shares of its common stock for $6.9 million, and repurchased 787,337 shares of its common stock for $32.1 million for the year ended September 30, 2005.
\r\n\r\nLease Accounting Adjustments
\r\nDuring the fourth quarter of fiscal 2005, the Company revised its accounting to record operating lease expense on a straight-line basis, as required by Statement of Financial Accounting Standards No. 13, “Accounting for Leases”, and Financial Accounting Standards Board Technical Bulletin No. 85-3, “Accounting for Operating Leases with Scheduled Rent Increases”. The impact of this correction through September 30, 2005 resulted in a $1.3 million pre-tax increase to lease expense, of which $0.7 million relates to prior years.
In addition, the Company reevaluated the classification of certain of its leases and determined that five of its facility leases previously classified as operating leases should have been classified as capital leases beginning in fiscal 2004. The cumulative effect of correcting this accounting is an increase to depreciation expense of $4.7 million, an increase to interest expense of $4.7 million and a decrease to lease expense of $9.3 million, having no impact on pre-tax or net income. The capitalization of these leases also had the effect of increasing total assets and total liabilities approximately $34.0 million. These accounting adjustments have no impact on the underlying economics of the leases.
\r\n\r\nThese adjustments were not deemed material to the current fiscal year or prior periods and do not have any impact on prior year or future cash flows. However, as a result of the reclassification of the leases and the straight-line accounting for operating lease costs, the Company expects lease, interest and depreciation and amortization expense to approximate $21.9 million, $22.9 million and $55.6 million, respectively, in fiscal 2006.
\r\n\r\nReimbursement Update
\r\nIn July 2005, the Centers for Medicare and Medicaid Services released the final fiscal 2006 Medicare payment rules, including refinement to the resource utilization group classification system, often referred to as RUGs refinement. Effective October 1, 2005, the Medicare payment rates increased by a 3.1% annual inflation factor, or approximately $11 per Medicare patient day. Starting January 1, 2006, the rules establish nine new RUG payment classifications, alter the case-mix weights for the remaining 44 RUG payment categories and adjust upward the nursing component of each reimbursement schedule. After considering the distribution of our Medicare patient population under the new system, RUGs refinement is expected to reduce GHC’s Medicare payment rates by approximately $9 per Medicare patient day beginning January 1, 2006, thereby reducing fiscal 2006 revenue and EBITDA approximately $7.5 million and reducing net income $4.5 million or $0.23 per diluted share.
The Commonwealth of Pennsylvania has proposed a reduction in the reimbursement allowance under its provider assessment program effective July 1, 2005 through June 30, 2006. If the proposed reduction is made final as expected, the amount the Company must pay the Commonwealth under this program will exceed the amount the Company is reimbursed. In the quarter ended September 30, 2005, the Company’s revenue and EBITDA were reduced $0.6 million, and its net income was reduced $0.4 million or $0.02 per diluted share for the provider assessment reduction.
\r\n\r\nThe Company is closely monitoring developments on the topics of Medicare Part B therapy caps, the Medicare Modernization Act, reimbursement of uncollectible Medicare co-insurance receivables and final 2005-06 Commonwealth of Pennsylvania Medicaid payor rates. Resolution to any one or all of these matters could have a significant impact on the Company’s future results of operations.
\r\n\r\nOther Matters
\r\nNet Operating Loss Carryforward
\r\nAs of September 30, 2005, the Company has net operating loss (NOL) carryforward available of $120.9 million, which can be utilized to offset future taxable income subject to an annual limitation of $33.1 million. The Company regularly assesses its ability to realize the tax benefit from its NOL. The filing of fiscal 2004 federal and state income tax returns by NeighborCare, Inc. and the Company in June and July, 2005, and the further evaluation of tax issues related to the spin-off, has significantly reduced the uncertainty that previously caused management to reserve fully the value of the deferred tax benefit of the NOL. Consequently, the Company has eliminated the NOL valuation allowance and, accordingly, the Company’s balance sheet now includes, on an after-tax basis, a $50.8 million deferred tax asset and a corresponding increase of $50.8 million to additional paid-in capital.
Interest Rate Environment
\r\nIn March 2005, the Company repaid its entire previously held variable rate senior credit facility indebtedness with the proceeds of newly issued 2.5% fixed rate convertible senior subordinated debentures. At September 30, 2005, the Company’s overall debt mix is approximately 98% fixed and 2% variable, effectively eliminating any exposure to rising rates of interest.
Diluted Per Common Share Data
\r\nIn the quarter ended September 30, 2005, the Company reduced the number of weighted average shares used to determine diluted earnings per share in its previously reported three quarters ended June 30, 2005, reflecting a modification to the Company’s calculation of the dilutive effect of unvested restricted shares and stock options. This change results in an increase of $0.01 to the Company’s diluted earnings per share for each of the first three quarters of fiscal 2005, or $0.03 for the nine months ended June 30, 2005. Page 9 provides a consolidated statement of operations for each of the fiscal 2005 quarters on an as-adjusted basis.
Outlook
\r\nThe Company’s fiscal 2006 GAAP earnings from continuing operations guidance is provided as a range of $2.10 to $2.15 per diluted share. The Company’s earnings guidance considers the impact of RUGs refinement, reduced Commonwealth of Pennsylvania provider assessment revenue and the impact of the Company’s October 1, 2005 adoption of Financial Accounting Standards Board Statement No. 123 (revised 2004), “Share Based Payment” (SFAS 123R). The impact of adopting SFAS 123R is estimated to reduce fiscal 2006 earnings by approximately $0.10 per diluted share. The impact of adopting SFAS 123R could differ from this estimate depending upon the number and timing of options granted during fiscal 2006, as well as their vesting period and vesting criteria.
While the Company does not provide quarterly earnings guidance, the Company notes that its first fiscal quarter ending December 31, 2005 will not be impacted by the adverse affects of RUGs refinement.
\r\n\r\nThe fiscal 2006 guidance represents the Company’s views as of December 1, 2005. Investors are reminded that actual results may differ from these estimates for the reasons, among others, described herein and in the Company’s filings with the Securities and Exchange Commission.
\r\n\r\nBasis of Presentation
\r\nThe accompanying financial information through November 30, 2003 was prepared on a basis which reflects the historical financial information of GHC assuming the operations of NeighborCare, Inc. contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NeighborCare, Inc. Beginning December 1, 2003, the accompanying financial information has been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial information prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
Conference Call
\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. Eastern Time on Friday, December 2, 2005 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
Genesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long-term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, voluntary debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, levels of capital spending, and our anticipated results of operations for fiscal 2005. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-fiscal-year-end-2005-results"}}},{"node":{"field_happening_s_date":"2005-08-03","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION SHELF REGISTRATION STATEMENT ON FORM S-3 DECLARED EFFECTIVE","body":{"value":"Kennett Square, PA -- 08/03/2005 -- Genesis HealthCare Corporation (\"GHC\" or the \"Company\") (NASDAQ: GHCI) today announced that the Securities and Exchange Commission declared the Company's shelf registration statement on Form S-3 effective on July 26, 2005. The shelf registration statement relates to the resale by holders of the $180 million outstanding aggregate principal amount of the Company's 2.5% convertible senior subordinated debentures due 2025 of the debentures, the underlying shares of the Company's common stock issuable upon conversion of the debentures and the guarantees of the debentures granted by substantially all of the domestic subsidiaries of the Company. GHC issued the debentures in March 2005. GHC will not sell any securities pursuant to the shelf registration statement.
\r\n\r\nThis announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
\r\n\r\nA written prospectus may be obtained by contacting Genesis HealthCare Corporation, 101 East State Street, Kennett Square, Pennsylvania 19348, Attention: Investor Relations.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
Kennett Square, PA -- 08/01/2005 --
\r\n\r\n\r\n\r\n
\r\n\r\n
\r\n\r\n
Genesis HealthCare Corporation (\"GHC\") (NASDAQ:GHCI) today announced income from continuing operations of $9.0 million, or $0.44 per diluted share, and net income of $7.6 million, or $0.38 per diluted share, for the quarter ended June 30, 2005 , up from income from continuing operations of $7.6 million, or $0.38 per diluted share, and net income of $6.7 million, or $0.33 per diluted share, in the comparable period in the prior year.
\r\n\r\nFor the nine months ended June 30, 2005, income from continuing operations was $32.9 million, or $1.61 per diluted share, and net income was $32.0 million, or $1.56 per diluted share, up from pro forma income from continuing operations of $20.0 million, or $1.00 per diluted share, and pro forma net income of $17.1 million, or $0.85 per diluted share, in the comparable period in the prior year. Pro forma results in the prior year period assume the December 1, 2003 spin-off of GHC from NeighborCare, Inc. occurred on October 1, 2003 . (See attached pro forma financial information beginning on page 12).
\r\n\r\nRevenue for the quarter ended June 30, 2005 grew 9.0% to $409.0 million from $375.3 million in the comparable period in the prior year. Revenue for the nine months ended June 30, 2005 grew 12.7% to $1,262.6 million from $1,120.3 million in the comparable period in the prior year. Revenue growth in the current quarter and year to date period is primarily attributed to rate growth and the recognition of provider assessments implemented in three states since the prior year periods.
\r\n\r\nEBITDA for the quarter ended June 30, 2005 grew 2.6% to $30.9 million, up from $30.1 million of EBITDA for the comparable period in the prior year. (See attached reconciliation on page 7). Significantly, EBITDA in the quarter ended June 30, 2005 was reduced by $6.9 million, or $0.21 per diluted share, for charges related to the early extinguishment of debt. EBITDA in the quarter ended June 30, 2004 was reduced by $0.4 million, or $0.01 per diluted share, also for charges related to the early extinguishment of debt.
\r\n\r\nEBITDA for the nine months ended June 30, 2005 grew 19.8% to $105.3 million, up from $87.9 million of EBITDA for the comparable period in the prior year. (See attached reconciliation on page 7). EBITDA in the nine months ended June 30, 2005 benefited from $6.4 million, or $0.19 per diluted share, in prior period provider assessments realized in the second quarter of 2005 and was reduced by $11.8 million, or $0.35 per diluted share, for charges related to the early extinguishment of debt. EBITDA in the nine months ended June 30, 2004 was reduced by $1.3 million, or $0.04 per diluted share, also for charges related to the early extinguishment of debt.
\r\n\r\n\"Overall, our performance was in line with expectations despite seasonal softness in occupancy and a challenging rehabilitation therapy environment,\" stated George V. Hager, Jr., Chairman and CEO. \"The occupancy decline this quarter is consistent with the decline we experienced in the third quarter last year. We are encouraged, however, by positive occupancy trends in the last half of June and through July. Our results this quarter were supported by continued execution of operational efficiencies and reduced costs of capital.\"
\r\n\r\nAlso, during the quarter, the Company recorded the following adjustments:
\r\n\r\nInpatient Services
\r\n\r\nInpatient services net revenue of $367.0 million in the quarter ended June 30, 2005 grew 10.0%, or $33.5 million, from $333.5 million in the comparable period in the prior year. While occupancy declined 100 basis points in the quarter, strong third party payor rate growth, provider assessments and higher patient acuity contributed to the net revenue growth. Medicare rates grew 4.4% as a result of the October 1, 2004 Medicare rate increases, as well as higher Medicare patient acuity.
\r\n\r\nInpatient services EBITDA of $52.6 million in the quarter ended June 30, 2005 grew 28.8%, or $11.8 million, from $40.9 million in the comparable period in the prior year. The Company's operational improvement plan continues to benefit the inpatient services segment as agency labor costs decreased this quarter by 17.0% on a per patient day basis versus the comparable period in the prior year, primarily due to a reduction in professional (RN/LPN) agency utilization. This improvement was achieved while continuing to increase patient acuity without a significant change in overall nursing hours per patient day.
\r\n\r\nRehabilitation Services
\r\n\r\nRehabilitation services revenues grew to $52.8 million in the quarter ended June 30, 2005 versus $50.4 million in the comparable period in the prior year. Rehabilitation services EBITDA decreased to $2.3 million in the quarter ended June 30, 2005 versus $4.6 million in the comparable period in the prior year. The rehabilitation services performance was negatively impacted by increasing pricing pressure, increasing therapist salary costs as a result of a shortage of therapists, and increased therapist recruitment costs.
\r\n\r\nBalance Sheet and Cash Flow
\r\n\r\nGHC generated operating cash flow of $51.7 million in the quarter. The Company ended the quarter with $377.7 million of debt and $113.3 million in cash. During the quarter, GHC repurchased 96,600 shares of its common stock for $4.4 million and $47.3 million principal amount of 8% senior subordinated notes due 2013.
\r\n\r\nCapital spending in the quarter increased to $17.0 million, totaling $40.0 million for the year to date period. \"We believe our facility and information system modernization efforts are on target for total capital expenditures of $50 to $60 million in fiscal 2005,\" stated James V. McKeon, Chief Financial Officer. \"Capital spending continues to ramp up as we invest in best-in-class information systems and in the renovation of our facility portfolio. We look to these investments to provide the base for our future growth through improved efficiency within our clinical operations and a stronger competitive position within our markets. At the same time, we continue to explore other alternatives to deploy capital to enhance shareholder return.\"
\r\n\r\nMedicare Update
\r\n\r\nOn July 28, 2005 , the Centers for Medicare and Medicaid Services (CMS) issued a final rule for Medicare reimbursement for fiscal 2006. \"While we are still evaluating the final rule, we believe the change will have a negative impact to Medicare rates starting January 1, 2006 ,\" stated Hager. \"Effective October 1, 2005 , we estimate that our Medicare rates will increase by $10 per patient day. Starting January 1, 2006 , we estimate that our Medicare rates could be reduced by as much $20 per day as a result of RUGs refinement. Thus, our Medicare rates could decline by $10 per patient day off of our current Medicare per diems effective January 1, 2006 .\"
\r\n\r\nOther Updates
\r\n\r\nNet Operating Loss Carryforward
\r\n\r\nAs a result of NeighborCare's filing of its consolidated federal tax return for the year ended September 30, 2004 , GHC estimates its remaining net operating loss carryforward (NOL) to be approximately $128 million as of June 30, 2005 with an annual utilization limitation of $33 million. The NOL continues to be subject to a 100% valuation allowance.
\r\n\r\nInsurance Renewal
\r\n\r\nDuring the third quarter, GHC completed its annual liability insurance renewal process for the June 2005 ¿ 2006 policy year. The annual expense on the insurance program increased by inflationary levels and the program retains both per occurrence and aggregate coverage levels of the prior year policy.
\r\n\r\nOutlook
\r\n\r\nGHC is revising its fiscal 2005 GAAP earnings guidance to a range of $2.19 to $2.24 per diluted share from continuing operations. GHC's financial statements and earnings guidance are presented on a GAAP basis. As a consequence, certain adjustments such as charges for early extinguishment of debt are included in GHC's financial results, but were not considered in its previously communicated earnings guidance. Reference to the following compilation will assist investors in understanding changes to GHC's previously communicated earnings guidance. Earnings Guidance Reconciliation Table
\r\n\r\nNon-Qualified Deferred Compensation Plan
\r\n\r\nDuring the quarter, the Company determined that its accounting for GHC common stock held in its \"rabbi trust\" did not conform with Emerging Issues Task Force (EITF) Issue No. 97-14, \"Accounting for Deferred Compensation Arrangements Where Amounts Earned Are Held in Rabbi Trust and Invested.\" Specifically, the Company has determined that investments in Company common stock held in the trust should be treated in a manner similar to treasury stock. Consequently, changes in the fair value of GHC common stock held by the trust have the effect of increasing or decreasing compensation cost with no corresponding adjustment to investment earnings resulting from such changes in fair value. In effect, EITF Issue No. 97-14 requires companies with plan types like GHC's to recognize non-cash fluctuations in Company common stock through earnings, to the extent deferred compensation plan participants elect to invest their deferrals in GHC common stock.
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial information through November 30, 2003 was prepared on a basis which reflects the historical financial information of GHC assuming the operations of NeighborCare, Inc. contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NeighborCare, Inc. Beginning December 1, 2003 , the accompanying financial information has been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial information prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. Eastern Time on Tuesday, August 2, 2005 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia .
\r\n\r\nVisit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"target,\" \"appears\" and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, our net operating loss carryforwards, agency labor utilization, debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, levels of capital spending, and our anticipated results of operations for fiscal 2005. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-third-quarter-fiscal-2005"}}},{"node":{"field_happening_s_date":"2005-07-26","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION FILES REGISTRATION STATEMENT ON FORM S-3 RELATING TO 2.5% CONVERTIBLE SENIOR SUBORDINATED DEBENTURES DUE 2025","body":{"value":"Kennett Square, PA -- 07/26/2005 -- Genesis HealthCare Corporation (\"GHC\" or the \"Company\") (NASDAQ: GHCI) today announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission. The shelf registration statement, which has not yet become effective, relates to the resale by holders of the $180 million outstanding aggregate principal amount of the Company's 2.5% convertible senior subordinated debentures due 2025 of the debentures, the underlying shares of the Company's common stock issuable upon conversion of the debentures and the guarantees of the debentures granted by substantially all of the domestic subsidiaries of the Company. GHC issued the debentures in March 2005. GHC will not sell any securities pursuant to the shelf registration statement.
\r\n\r\nThis announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 18 states and the District of Columbia.
Kennett Square, PA -- 05/02/2005 --
\r\n\r\n\r\n\r\n
Genesis HealthCare Corporation (\"GHC\") (NASDAQ:GHCI) today announced income from continuing operations of $13.6 million, or $0.66 per diluted share, and net income of $13.5 million, or $0.65 per diluted share, for the quarter ended March 31, 2005 , up from income from continuing operations of $6.2 million, or $0.31 per diluted share, and net income of $5.6 million, or $0.28 per diluted share, in the comparable period in the prior year.
\r\n\r\nIncome from continuing operations was $24.0 million, or $1.16 per diluted share, and net income was $24.3 million, or $1.18 per diluted share, for the six months ended March 31, 2005 , up from pro forma income from continuing operations of $12.4 million, or $0.62 per diluted share, and pro forma net income of $10.4 million, or $0.52 per diluted share, in the comparable period in the prior year. Pro forma results in the prior year period assume the December 1, 2003 spin-off of GHC from NeighborCare, Inc. occurred on October 1, 2003 . (See attached pro forma financial information on page 13).
\r\n\r\nRevenue for the quarter and six months ended March 31, 2005 grew 20.0% to $454.6 million from $378.7 million and 14.6% to $853.6 million from $745.0 million, respectively, principally due to the impact of the provider assessments described below.
\r\n\r\nEBITDA for the quarter ended March 31, 2005 grew 41.1% to $40.5 million, up from $28.7 million of EBITDA for the comparable period in the prior year. (See attached reconciliation on page 8). EBITDA in the quarter ended March 31, 2005 benefited from the provider assessments described below and was reduced by $4.3 million, or $0.12 per diluted share, for charges related to the early extinguishment of debt. EBITDA in the quarter ended March 31, 2004 was reduced by $0.7 million, or $0.02 per diluted share, also for charges related to the early extinguishment of debt.
\r\n\r\nEBITDA for the six months ended March 31, 2005 grew 28.8% to $74.4 million, up from $57.8 million of EBITDA for the comparable period in the prior year. (See attached reconciliation on page 8). EBITDA in the six months ended March 31, 2005 also benefited from the provider assessments described below and was reduced by $4.8 million, or $0.14 per diluted share, for charges related to the early extinguishment of debt. EBITDA in the six months ended March 31, 2004 was reduced by $0.8 million, or $0.03 per diluted share, also for charges related to the early extinguishment of debt.
\r\n\r\nIn the quarter ended March 31, 2005 , GHC recognized the net benefit of Pennsylvania and New Jersey provider tax assessments. Provider assessments generate additional matching funds to state Medicaid programs. These plans usually take the form of a bed tax imposed uniformly across classes of providers within the state. In turn, the state utilizes the additional federal matching funds generated by the tax to pay increased reimbursement rates to providers for serving Medicaid patients. The Pennsylvania assessment is retroactive 21 months to July 1, 2003 , and cumulatively through March 31, 2005 resulted in revenue of $42.0 million, EBITDA of $6.1 million and net income of $3.7 million, or $0.18 per diluted share. The New Jersey assessment is retroactive nine months to July 1, 2004 , and cumulatively through March 31, 2005 resulted in revenue of $12.8 million, EBITDA of $3.0 million and net income of $1.8 million, or $0.09 per diluted share. Click here to view New Jersey and Pennsylvania Provider Tax Assessment tables.
\r\n\r\n“Our solid performance this quarter continues to be driven by higher patient acuity, cost control and progress on our operational improvement initiatives,” stated George V. Hager, Jr., Chairman and CEO. “The results for the second quarter exceeded our earnings expectations despite receiving a lower than anticipated net benefit from the Pennsylvania provider assessment.”
\r\n\r\n“With the completion of the comment period in Pennsylvania , we were finally able to recognize the benefit of the Pennsylvania assessment this quarter,” continued Hager. “We also saw the benefit of a similar effort in New Jersey , a state which has one of the lowest Medicaid reimbursement rates in the country. We are encouraged by the passage of both assessments, which will assist the industry in continuing quality improvements and investments in facilities.”
\r\n\r\nThe current quarter net income was also positively impacted by approximately $0.7 million, or $0.03 per diluted share, from the recognition of a tax refund.
\r\n\r\nInpatient Services Inpatient services net revenue of $409.8 million in the quarter ended March 31, 2005 grew 21.9%, or $73.5 million, from $336.2 million in the comparable period in the prior year. While provider assessments provided the largest benefit in the quarter, higher patient acuity and strong rate growth, coupled with an increase in operating beds contributed to the remainder of the revenue growth. Medicare rates grew 5.8% as a result of the October 1, 2004 Medicare rate increases, as well as higher Medicare patient acuity.
\r\n\r\nInpatient services EBITDA of $56.3 million in the quarter ended March 31, 2005 grew 47.1%, or $18.0 million, from $38.2 million in the comparable period in the prior year. The Pennsylvania and New Jersey provider tax assessments contributed $9.1 million to the EBITDA growth. The Company’s operational improvement plan continues to benefit the inpatient services segment as agency labor costs decreased this quarter by 24.7% on a per patient day basis versus the comparable period in the prior year, primarily due to a reduction in professional (RN/LPN) agency utilization. This improvement was achieved while continuing to increase patient acuity without a significant change in overall nursing hours per patient day.
\r\n\r\nRehabilitation Services
\r\nRehabilitation services revenues grew to $53.1 million in the quarter ended March 31, 2005 versus $50.9 million in the comparable period in the prior year. Rehabilitation services EBITDA decreased to $3.7 million in the quarter ended March 31, 2005 versus $6.1 million in the comparable period in the prior year due to continued pressure on labor costs associated with a shortage of therapists.
Balance Sheet and Cash Flow
\r\nGHC generated operating cash flow of $34.4 million in the quarter. The Company ended the quarter with $423.9 million of debt. During the quarter, GHC completely repaid the remaining $119.7 million of the Term Loan B component of the senior credit facility with the net proceeds of the newly issued $180.0 million aggregate principal amount of 2.5% senior subordinated convertible debentures due 2025. GHC used certain of the net proceeds to repurchase $20.1 million of common stock and $23.5 million of 8% senior subordinated notes due 2013.
Subsequent to quarter end, GHC repurchased an additional $47.3 million of its 8% senior subordinated notes. Consequently, GHC’s pro forma cash and debt balances approximate $79.0 million and $377.0 million, respectively.
\r\n\r\n“We have been very active this quarter in the redeployment of our capital and the refinement of our capital structure,” stated James V. McKeon, Chief Financial Officer. “These transactions, along with a $50.0 million expansion of our revolving credit facility, will create both immediate earnings accretion and offer us more organizational and financial flexibility going forward.”
\r\n\r\nCapital spending in the quarter was $12.0 million. “Our facility and information system modernization efforts are intensifying and we expect capital expenditures of $50 to $60 million in fiscal 2005,” continued McKeon. “Our capital spending plan includes expansion of clinical capabilities, investments in our physical plant and significant improvements to our information systems and infrastructure.”
\r\n\r\nDuring the quarter, GHC continued to groom its portfolio. The Company terminated a skilled nursing facility lease in New Jersey , purchased a previously leased New Jersey skilled nursing facility, and acquired its joint venture partner’s interest in a Massachusetts skilled nursing facility. On a net basis, GHC expects these transactions will decrease continuing operations annual revenues by $2.6 million, increase EBITDA by $1.9 million, increase net income by $0.7 million, and resulted in increased indebtedness of $9.5 million.
\r\n\r\nReimbursement Update
\r\n“In February, the President’s budget proposed a $1.5 billion reduction to the Medicare budget through RUGs refinement,” stated Hager. “While it is still too early to comment on the ultimate outcome of RUGs refinement, any decrease in reimbursement would be detrimental to an industry that has made great strides in improving quality of care and is in need of significant capital investment to improve aging physical plant and systems infrastructure. At Genesis, we remain committed to investing in the amenities that improve quality of life and the systems that improve care management.”
Earnings Guidance
\r\nGHC is revising its fiscal 2005 earnings guidance to a range of $2.40 to $2.45 per diluted share from continuing operations. It should be noted that this guidance is on a GAAP basis and, therefore, includes debt extinguishment costs ($0.14) and a tax refund ($0.03) recognized through March 31, 2005 . This guidance also includes the net benefit of the Pennsylvania and New Jersey provider assessments related to prior fiscal years.
GHC previously indicated that its earnings guidance included $2.0 million of projected costs associated with Sarbanes-Oxley compliance efforts and $0.6 million for a fourth quarter charge to expense options in accordance with new accounting provisions. In April, the Securities and Exchange Commission deferred adoption of the new accounting provisions until GHC’s first fiscal quarter of 2006. However, because the Company expects to incur approximately $0.6 million of higher than anticipated costs for Sarbanes-Oxley compliance efforts, overall earnings guidance is unaffected by these two developments.
\r\n\r\nBasis of Presentation
\r\nThe accompanying financial information through November 30, 2003 was prepared on a basis which reflects the historical financial information of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003 , the accompanying financial information has been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial information prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
Discontinued Operations
\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of” (“SFAS 144”). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations. In January 2005, GHC classified as discontinued a skilled nursing facility having 186 beds following termination of its lease. The annual revenues and pretax income of this center approximated $12.3 million and $1.4 million, respectively.
Conference Call
\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. Eastern Time on Tuesday, May 3, 2005 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
Genesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 21 states and the District of Columbia .
Visit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, voluntary debt repayments, share repurchases, provider tax assessments, changes in state Medicaid rates, levels of capital spending, and our anticipated results of operations for fiscal 2005. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-second-quarter-fiscal-2005"}}},{"node":{"field_happening_s_date":"2005-02-24","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION ANNOUNCES AUTHORIZATION FOR DEBT AND EQUITY REPURCHASES AND AMENDMENT AND RESTATEMENT OF CREDIT AGREEMENT","body":{"value":"Kennett Square, PA -- 02/24/2005 --
\r\n\r\n\r\n\r\n
Genesis HealthCare Corporation (\"GHC\" or the \"Company\") (NASDAQ: GHCI) today announced that its board of directors increased the aggregate size of GHC's previously announced common stock repurchase program from $25.0 million to $50 million. The shares of common stock may be repurchased under the program until December 2005. As of February 23, 2005, the Company had applied approximately $700,000 to acquire shares of its common stock under the repurchase program. GHC's board of directors also authorized the repurchase of a portion of GHC's 8% Senior Subordinated Notes due 2013 commencing in March 2005. The common stock and note repurchases, if any, may take place at management's discretion and/or under pre-established, non-discretionary programs from time to time, depending on market conditions, in the open market, and in privately negotiated transactions, subject to any covenants or restrictions contained in the Company's agreements governing its indebtedness.
\r\n\r\nGHC's board of directors also authorized the amendment and restatement of its existing senior credit facility. The existing senior credit facility provided for initial aggregate principal borrowings of $260.0 million, consisting of a $185.0 million term loan and a $75.0 million revolving credit facility. As of February 23, 2005, approximately $119.7 million was outstanding under the existing senior credit facility. The Company intends for the amended and restated senior credit facility to provide for a $125.0 million revolving credit facility.
\r\n\r\nThis announcement is neither an offer to sell nor a solicitation to buy any securities of GHC and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
\r\n\r\nAbout Genesis HealthCare Corporation
\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. GHC also supplies contract rehabilitation therapy to over 650 healthcare providers in 21 states and the District of Columbia.
Statements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"target,\" \"appears\" and similar expressions. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. In particular, there can be no assurance that any repurchases of shares of common stock or notes or amendment and restatement of the senior credit facility will be completed. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-announces-authorization-debt-and"}}},{"node":{"field_happening_s_date":"2005-02-24","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION ANNOUNCES PROPOSED OFFERING OF CONVERTIBLE SENIOR SUBORDINATED DEBENTURES","body":{"value":"Kennett Square, PA -- 02/24/2005 --
\r\n\r\n\r\n\r\n
Genesis HealthCare Corporation (\"GHC\" or the \"Company\") (NASDAQ: GHCI) today announced that it intends to offer, subject to market and other conditions, $150.0 million aggregate principal amount of convertible senior subordinated debentures due 2025 through a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the \"Securities Act\"). The Company also plans to grant the initial purchasers of the debentures an option to purchase up to an additional $30.0 million in aggregate principal amount of the debentures.
\r\n\r\nThe debentures will be convertible into cash and, in some circumstances, shares of GHC common stock upon the occurrence of certain events and will mature in 2025. GHC intends to use (i) approximately $20.0 million of the proceeds of the offering to repurchase shares of its common stock from purchasers of the debentures in negotiated transactions concurrently with the offering, (ii) approximately $119.7 million of the proceeds to repay outstanding borrowings under the term loan portion of its senior credit facility, and (iii) the balance for general corporate purposes, which may include repurchases of additional shares of common stock from time to time under GHC's share repurchase program.
\r\n\r\nThis announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
\r\n\r\nThe securities have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" \"target,\" \"appears\" and similar expressions. The forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. In particular, there can be no assurance that the proposed offering will be completed or that the proceeds will be used as intended. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-announces-proposed-offering"}}},{"node":{"field_happening_s_date":"2005-02-01","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS FIRST QUARTER FISCAL 2005 RESULTS","body":{"value":"Kennett Square, PA -- 02/01/2005 --
\r\n\r\n\r\n\r\n
Genesis HealthCare Corporation (\"GHC\") (NASDAQ:GHCI) today announced income from continuing operations of $10.7 million, or $0.52 per diluted share, and net income of $10.8 million, or $0.53 per diluted share, for the quarter ended December 31, 2004, up from pro forma income from continuing operations of $6.4 million, or $0.32 per diluted share, and pro forma net income of $4.8 million, or $0.24 per diluted share, in the comparable period in the prior year. Pro forma results in the prior year quarter assume the December 1, 2003 spin-off of GHC from NeighborCare, Inc. occurred on October 1, 2003. (See attached pro forma financial information on page 9).
\r\n\r\nRevenue for the quarter ended December 31, 2004 grew 8.9% to $402.4 million from $369.4 million in the comparable period in the prior year.
\r\n\r\nEBITDA for the quarter ended December 31, 2004 grew 17.4% to $34.5 million, up from $29.4 million of EBITDA for the comparable period in the prior year. (See attached reconciliation on page 5). EBITDA in the quarter ended December 31, 2004 was reduced by $0.5 million, or $0.02 per diluted share, for charges related to the early extinguishment of debt. EBITDA in the quarter ended December 31, 2003 was reduced by $0.2 million, or $0.01 per diluted share, also for charges related to the early extinguishment of debt.
\r\n\r\nThe Pennsylvania provider tax assessment was not approved until January 2005 and is still subject to a public comment period, and accordingly, the benefit associated with the assessment was not included in the results for the quarter ended December 31, 2004 . The net benefit will be recorded when final implementation instructions are received from the Commonwealth, which is expected to occur in the quarter ended March 31, 2005 . The provider tax assessment and the associated rate increase are retroactive to July 1, 2003 .
\r\n\r\n“We have been working closely with Pennsylvania state officials for more than a year to ensure that seniors in the Commonwealth have access to quality care and that providers are adequately reimbursed for their services,” stated George V. Hager, Jr., Chairman and CEO. “We are encouraged by the passage of the assessment, which signifies the Commonwealth’s and Federal government’s continued commitment to seniors.”
\r\n\r\n“We posted another fundamentally strong quarter, particularly in our inpatient services business, as earnings growth benefited from higher than expected Medicaid rates, continued reduction in nurse agency costs, and improved collections of older accounts receivable, resulting in lower bad debt expense,” continued Hager. “Furthermore, our rehabilitation services segment demonstrated improved operating results compared to our most recent quarter, but operating margins continued to be pressured by the high demand for therapists.”
\r\n\r\nInpatient Services
\r\n\r\nInpatient services net revenue of $357.5 million in the quarter ended December 31, 2004 grew 8.1%, or $26.7 million, from $330.9 million in the comparable period in the prior year. Scheduled rate increases and higher patient acuity, offset by slightly lower occupancy and lower non-Medicaid patient mix, contributed $20.3 million to the revenue growth. The remaining $6.4 million ofrevenue growth in the quarter ended December 31, 2004 was attributed to the consolidation of two inpatient centers previously managed by GHC, which were consolidated in the second quarter of fiscal 2004, and are therefore not included in the revenue results for the quarter ended December 31, 2003 .
\r\n\r\nInpatient services EBITDA of $50.1 million in the quarter ended December 31, 2004 grew 20.8%, or $8.6 million, from $41.5 million in the comparable period in the prior year. The consolidation of the two previously described inpatient centers contributed $1.3 million of EBITDA growth, while improved collections of older accounts receivable resulted in $1.4 million in reduced bad debt expense.
\r\n\r\nIn addition, the Company’s operational improvement plan continues to benefit the inpatient services segment. Agency labor costs decreased this quarter by 35.2% on a per patient day basis versus the comparable period in the prior year, primarily due to a reduction in professional (RN/LPN) agency utilization. This improvement was achieved while continuing a commitment to high quality care and without a significant change in overall nursing hours per patient day.
\r\n\r\nRehabilitation Services
\r\n\r\nRehabilitation services revenues grew to $52.0 million in the quarter ended December 31, 2004 versus $45.6 million in the comparable period in the prior year. EBITDA declined slightly to $2.5 million in the quarter ended December 31, 2004 versus $2.6 million in the comparable period in the prior year due to continued pressure on labor costs associated with a shortage of therapists.
\r\n\r\nBalance Sheet and Cash Flow
\r\n\r\nGHC generated operating cash flow of $24.5 million in the quarter. During the quarter, the Company repaid $26.4 million of debt, including an $11.0 million, 11.0% fixed rate mortgage and approximately $14.0 million on the Term Loan B component of the senior credit facility. GHC ended the quarter with $118.3 million in cash and $378.3 million of total debt.
\r\n\r\nCapital spending in the quarter was $11.1 million, up from GHC’s previous run-rate. “We are improving our systems infrastructure and plan to invest more actively in our physical plant,” said James V. McKeon, Chief Financial Officer. “As the year progresses, we expect to increase incrementally our quarterly levels of capital spending, as we modernize our facilities. In addition, we continue to groom our portfolio, focusing on centers with strong market share in core markets. Accordingly, we sold our two remaining properties in the State of Wisconsin, and since quarter end, we terminated a lease in New Jersey, purchased a previously leased skilled nursing facility for $15.8 million, including the assumption of $9.5 million of debt, and acquired our joint venture partner’s interest in a skilled nursing facility for $0.5 million and the assumption of $6.0 million of debt, all of which was repaid at the closing of the transaction.”
\r\n\r\n“Our continued ability to generate strong cash flow has allowed us to post another strong quarter from an earnings, balance sheet, leverage, and capital investment perspective,” concluded McKeon. “We remain focused on our operational improvement plan and margin expansion initiatives, but we will also look to develop a best-in-class finance, information, and administrative services organization in our continuing effort to enhance quality in all areas.”
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial information through November 30, 2003 was prepared on a basis which reflects the historical financial information of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003 , the accompanying financial information has been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial information prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nDiscontinued Operations
\r\n\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of” (“SFAS 144”). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. EST on Wednesday, February 2, 2005 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nA bout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 21 states and the District of Columbia .
\r\n\r\nVisit our website at www.genesishcc.com.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 21 states and the District of Columbia .
\r\n\r\nVisit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, voluntary debt repayments, share repurchases, provider tax assessments and increases in state Medicaid rates. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the nature, timing and amount of provider tax assessments; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-first-quarter-fiscal-2005"}}},{"node":{"field_happening_s_date":"2005-01-01","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION SELLS AN ADDITIONAL $30.0 MILLION OF 2.5% CONVERTIBLE SENIOR SUBORDINATED DEBENTURES","body":{"value":"Kennett Square, PA -- 01/01/2005 --
\r\n\r\n\r\n\r\n
\r\n\r\n
Genesis HealthCare Corporation (\"GHC\" or the \"Company\") (NASDAQ: GHCI) today announced that it sold an additional $30.0 million aggregate principal amount of its 2.5% convertible senior subordinated debentures due 2025 to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the \"Securities Act\"). The debentures issued today were sold pursuant to the exercise in full of an option the Company had granted to the initial purchasers of the debentures sold on March 2, 2005. The debentures will be convertible upon the occurrence of certain events into cash and, in some circumstances, shares of GHC common stock at an initial conversion rate of 18.4493 shares of GHC common stock per $1,000 principal amount of the debentures, subject to adjustment in certain circumstances.
\r\n\r\nThis announcement is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
\r\n\r\nThe securities have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-sells-additional-300-million-25"}}},{"node":{"field_happening_s_date":"2004-11-22","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS FISCAL YEAR END 2004 RESULTS","body":{"value":"Kennett Square, PA -- 11/22/2004 --
\r\n\r\nKENNETT SQUARE, PA -- ( November 22, 2004) – Genesis HealthCare Corporation (“GHC”) (NASDAQ:GHCI) today announced income from continuing operations of $10.8 million, or $0.54 per diluted share, and net income of $10.8 million, or $0.53 per diluted share, for the quarter ended September 30, 2004 . For the fiscal year ended September 30, 2004 , pro forma income from continuing operations was $31.4 million, or $1.57 per diluted share, which assumes the December 1, 2003 spin-off of GHC from NeighborCare, Inc. (“NCI”) occurred on October 1, 2003 . (See attached pro forma financial information on page 13).
\r\n\r\nRevenues for the quarter ended September 30, 2004 grew 8.5% to $400.5 million from $369.1 million in the comparable period in the prior year. For the fiscal year ended September 30, 2004 , revenues grew 10.3% to $1,529.9 million from $1,386.5 million in the prior fiscal year.
\r\n\r\nEBITDA for the quarter ended September 30, 2004 was $36.7 million, compared to EBITDA of $25.9 million for the comparable period in the prior year. (See attached reconciliation on page 8). Included in EBITDA for the quarter ended September 30, 2004 was the net benefit of the recognition of the New Hampshire provider tax assessment totaling $3.5 million, or $0.11 per diluted share. EBITDA in the quarter ended September 30, 2004 was reduced by $0.4 million, or $0.01 per diluted share, for non-cash charges related to the early extinguishment of debt.
\r\n\r\nEBITDA and Adjusted EBITDA for the fiscal year ended September 30, 2004 was $125.6 million, compared to EBITDA and Adjusted EBITDA of $99.6 million and $98.4 million, respectively, for the prior fiscal year. (See attached reconciliation on page 8). EBITDA for the fiscal year ended September 30, 2004 was also positively impacted by the net benefit of the New Hampshire provider tax assessment totaling $3.5 million, or $0.11 per diluted share. EBITDA in the fiscal year ended September 30, 2004 was reduced by $1.7 million, or $0.05 per diluted share, for non-cash charges related to the early extinguishment of debt.
\r\n\r\nWhile the New Hampshire provider tax assessment was recognized retroactive to May 1, 2003 through September 30, 2004 , the net benefit has been recorded in the quarter ended September 30, 2004 . Click here to view New Hampshire Provider Tax Assessment table.
\r\n\r\nThe current quarter results were positively impacted by approximately $2.8 million of incremental pre-tax Pennsylvania Medicaid rate adjustments that were retroactive to July 1, 2003 . This benefit was partially offset by certain severance costs related to the rehabilitation services segment, an increase in the full year effective tax rate, and an increase in depreciation expense. The retroactive Pennsylvania Medicaid rate adjustments relate ratably to each of the prior five quarters.
\r\n\r\n“For the third consecutive quarter, overall results exceeded our expectations,” said George V. Hager, Jr., Chairman and Chief Executive Officer. “The first year of our operational improvement plan has produced strong growth in our profit margins, despite softness in our rehabilitation services segment. While the rehabilitation business continued to suffer from therapist shortages, which were amplified during this quarter’s summer vacation season, this decline was offset by the strong performance of our inpatient business.”
\r\n\r\nInpatient Services
\r\n\r\nInpatient services net revenue of $358.8 million in the quarter ended September 30, 2004 grew from $324.8 million in the comparable period in the prior year. The growth was primarily driven by an increase in Medicare and Medicaid revenues. Medicare rates grew 11.9% to $354 per patient day for the quarter ended September 30, 2004 from $316 per patient day in the comparable period in the prior year. This increase was a result of the October 1, 2003 Medicare rate increases, as well as higher Medicare patient acuity. Medicaid rates grew approximately $12 per patient day, or 7.7%, to $163 per patient day for the quarter ended September 30, 2004 versus the comparable period in the prior year due to approximately $1.60 per patient day from the current quarter impact of the New Hampshire provider tax assessment, a nd the remaining $10 per patient day principally from scheduled annual Medicaid rate increases and changes in acuity.
\r\n\r\nLastly, $8.5 million ofrevenue growth in the quarter ended September 30, 2004 was attributed to the consolidation of four inpatient centers previously managed by GHC, which were consolidated in financial statements earlier in the year, but are not included in the comparable period in the prior year.
\r\n\r\nThe Company’s progress in its margin expansion initiatives continues to benefit the inpatient services segment. Drug and medical supply costs declined by 15.3% on a per patient day basis in the quarter ended September 30, 2004 versus the comparable period in the prior year. This decrease was driven by the company’s post spin-off pricing contract with NCI and improved utilization and drug management. GHC decreased agency labor costs by 30.4% on a per patient day basis. Professional (RN/LPN) agency utilization represented substantially all of this decline. This improvement was achieved while continuing a commitment to high quality care and without a significant change in overall nursing hours per patient day.
\r\n\r\nRehabilitation Services
\r\n\r\nRehabilitation services revenues were down slightly to $50.2 million in the quarter ended September 30, 2004 versus $51.3 million in the comparable period in the prior year. EBITDA declined to $0.9 million in the quarter ended September 30, 2004 versus $5.8 million in the comparable period in the prior year. The high demand for therapists in the quarter ended September 30, 2004 , amplified by the summer vacation season, led to increased therapist rates, which continued to increase labor costs in the Company’s rehabilitation services segment. The decline in EBITDA was further driven by reduced therapist efficiency in certain markets where the Company does not have significant density of external contract rehabilitation customers. The remainder of the change, approximately $2.0 million in EBITDA, was a result of modifications in pricing to the GHC inpatient services segment that became effective October 1, 2003 .
\r\n\r\nBalance Sheet
\r\n\r\nGHC generated operating cash flow of $48.2 million in the quarter and $148.4 million in the fiscal year ended September 30, 2004 . As a result, the Company repaid $26.2 million of debt in the quarter and has voluntarily repaid nearly $77.7 million of debt since the spin-off, including $15.0 million of debt assumed and repaid subsequent to the date of the spin-off. GHC ended the quarter with $126.1 million in cash and $403.1 million of indebtedness.
\r\n\r\nNet Days Sales Outstanding (DSO) for the fiscal year 2004 was 40 days, down from 47 days in the comparable period in the prior year.
\r\n\r\n“Our strong financial and operating performance in fiscal 2004 provides a solid foundation for continued organic growth in 2005,” said James V. McKeon, Chief Financial Officer. “We will continue the focus on our operational improvement plan next year and we expect to continue to use our free cash flow to repay debt to achieve our leverage targets while investing in our facilities and information systems to promote efficiencies.”
\r\n\r\nShare Repurchase Program
\r\n\r\nThe Board of Directors authorized the repurchase of up to $25.0 million of the Company’s common stock commencing in December 2004. Share repurchases, if any, may take place at management’s discretion and/or under pre-established, non-discretionary programs from time to time, depending on market conditions, in the open market, and in privately negotiated transactions.
\r\n\r\n“At today’s values, we find that buying back stock is a very attractive use of our cash and is accretive to earnings per share,” said Hager. “Given our solid financial performance and positive cash flow from operations, we have sufficient cash reserves to fund our capital expenditures and the share repurchase program without impacting our leverage, financial flexibility, or our strong liquidity position.”
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial information through November 30, 2003 was prepared on a basis which reflects the historical financial information of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003 , the accompanying financial information has been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial information prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nDiscontinued Operations
\r\n\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of” (“SFAS 144”). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. EST on Tuesday, November 23, 2004 to discuss the results. Investors can access the conference call by phone at (888) 798-1823 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare Corporation (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 12 eastern states. Genesis also supplies contract rehabilitation therapy to over 650 healthcare providers in 21 states and the District of Columbia .
\r\n\r\nVisit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may,\" “target,” “appears” and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, voluntary debt repayments, share repurchases, provider tax assessments and increases in state Medicaid rates. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the nature, timing and amount of provider tax assessments; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for and availability of qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-fiscal-year-end-2004-results"}}},{"node":{"field_happening_s_date":"2004-07-28","field_link_to_the_page":null,"title":"Genesis HealthCare Corporation Reports Third Quarter Fiscal 2004 Results","body":{"value":"Kennett Square, PA -- 07/28/2004 --
\r\n\r\nGenesis HealthCare Corporation (“GHC”) (NASDAQ:GHCI) today announced income from continuing operations of $7.8 million ($0.39 per diluted share) and net income of $6.7 million ($0.34 per diluted share) for the quarter ended June 30, 2004.
\r\n\r\nEBITDA for the quarter ended June 30, 2004 was $30.5 million, compared to EBITDA of $24.4 million for the comparable period in the prior year (see attached reconciliation on page 6). EBITDA was reduced in the quarter ended June 30, 2004 by $0.4 million ($0.01 per diluted share) for non-cash charges related to the early extinguishment of debt.
\r\n\r\nFor the year to date period, on a pro forma basis, assuming the December 1, 2003 spin-off of GHC from NeighborCare, Inc. (“NCI”) occurred on October 1, 2003, income from continuing operations was $20.6 million or $1.03 per diluted share (see attached pro forma financial information on page 11).
\r\n\r\nFor the year to date period, both EBITDA and Adjusted EBITDA were $88.9 million, compared to EBITDA and Adjusted EBITDA of $73.7 million and $72.6 million, respectively, for the comparable period in the prior year (see attached reconciliation on page 6). EBITDA and Adjusted EBITDA were reduced in the current year to date period by $1.3 million ($0.04 per diluted share) for non-cash charges related to the early extinguishment of debt.
\r\n\r\nGHC revenues for the quarter ended June 30, 2004 grew 10.2% to $378.3 million from $343.3 million in the comparable period in the prior year. For the year to date period, revenues grew 11.0% to $1,129.4 million from $1,017.3 million in the comparable period in the prior year.
\r\n\r\n“We are pleased with our performance for the quarter as we continued to make progress towards the operational and margin expansion goals we established at the time of the spin-off,” said George V. Hager, Jr., Chairman and Chief Executive Officer. “Most notably, we continued to reduce our agency labor costs, which were down significantly in the quarter, contributing to an exceptional year-to-date improvement in this area while maintaining overall nursing hours per patient day. Furthermore, we are generating significant operating cash flow, which has allowed us to continue to strengthen our balance sheet through the repayment of over $30 million of debt.”
\r\n\r\nNet revenue growth in the quarter was driven by an increase in Medicare and Medicaid revenues. Medicare revenues increased as a result of the October 1, 2003 Medicare rate increases, as well as higher Medicare patient acuity. GHC’s Medicare rate grew 12.1% to $352 per patient day for the quarter ended June 30, 2004 from $314 per patient day in the comparable period in the prior year. In addition, $18.1 million ofrevenue growth in the quarter ended June 30, 2004 was attributed to the consolidation of eight eldercare centers previously managed by GHC, which were consolidated earlier in the year, but are not included in the comparable periods in the prior year.
\r\n\r\nEBITDA growth in the quarter was enhanced by continued progress in reducing reliance on agency labor. Agency labor costs declined 29.4% on a per patient day basis without a significant change in overall nursing hours per patient day during the quarter ended June 30, 2004 versus the comparable period in the prior year. Professional (RN/LPN) agency utilization represented the majority of this decline. EBITDA growth in the quarter was offset by continued earnings pressure in the rehabilitation therapy business as a result of a significant shortage of qualified therapists. The high demand for therapists has resulted in increased labor costs in that business.
\r\n\r\nDuring the quarter, GHC generated operating cash flow of $23.8 million, enabling the repayment of $31.8 million of debt. Nearly $30 million of the debt repayment was made voluntarily. GHC ended the quarter with $115.1 million in cash and $429.9 million of indebtedness. As anticipated, operating cash flow in the quarter was impacted by the timing of the funding of insurance programs which were renewed during the quarter, retirement programs and interest payments, offset by strong receivable collections. Year to date, operating cash flow totaled $100.2 million.
\r\n\r\n“At the time of the spin-off, we established a commitment to reducing our leverage, estimating that it would take two years to reduce debt to our targeted level,” said James McKeon, Chief Financial Officer. “Our strong operating cash flow and working capital management during the year has allowed us to reduce our leverage ahead of schedule. Furthermore, our borrowing costs continue to decline as early debt repayments have resulted in reduced interest expense and effective June 25, 2004, we successfully renegotiated certain terms of our senior term loan, reducing the interest rate spread by 50 basis points.”
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial information through November 30, 2003 have been prepared on a basis which reflects the historical financial information of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003 , the accompanying financial information has been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial information prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nDiscontinued Operations
\r\n\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 “Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of” (“SFAS 144”). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations. The net revenues and loss per diluted share of GHC’s discontinued operations for the three months ended June 30, 2004 were $6.4 million and $(0.06), respectively. The net revenues and loss per diluted share for the year to date period ended June 30, 2004 were $26.1 million and $(0.17), respectively.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. EDT on July 29, 2004 to discuss results for the quarter. Investors can access the conference call by phone at (800) 553-0288 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states operating under the Genesis ElderCare banner. Genesis also supplies contract rehabilitation therapy to over 730 healthcare providers in 21 states and the District of Columbia .
\r\n\r\nVisit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may\", “target”, “appears” and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, inflationary increases in state Medicaid rates and self-insurance retention limits. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-third-quarter-fiscal-2004"}}},{"node":{"field_happening_s_date":"2004-05-03","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS SECOND QUARTER FISCAL 2004 RESULTS","body":{"value":"Kennett Square, PA -- 05/03/2004 --
\r\n\r\n--Genesis HealthCare Corporation (\"GHC\") (NASDAQ:GHCI) today announced income from continuing operations of $6.1 million ($0.31 per diluted share) and net income of $5.6 million ($0.28 per diluted share) for the quarter ended March 31, 2004.
\r\n\r\nEBITDA for the quarter ended March 31, 2004 was $28.8 million, compared to EBITDA of $20.4 million for the comparable period in the prior year (see attached reconciliation on page 6). EBITDA was reduced in the quarter ended March 31, 2004 by $0.7 million ($0.02 per diluted share) for non-cash charges related to the early extinguishment of debt.
\r\n\r\nFor the year to date period, on a pro forma basis, assuming the December 1, 2003 spin-off of GHC from NeighborCare, Inc. (\"NCI\") occurred on October 1, 2003, income from continuing operations was $12.5 million or $0.63 per diluted share (see attached pro forma financial information on page 11).
\r\n\r\nFor the year to date period, both EBITDA and Adjusted EBITDA were $58.3 million, compared to EBITDA and Adjusted EBITDA of $49.2 million and $48.0 million, respectively, for the comparable period in the prior year (see attached reconciliation on page 6). EBITDA and Adjusted EBITDA were reduced in the year to date period by $0.8 million ($0.03 per diluted share) for non-cash charges related to the early extinguishment of debt.
\r\n\r\nGHC revenues for the quarter ended March 31, 2004 grew 13.3% to $383.3 million from $338.4 million in the comparable period in the prior year. For the year to date period, revenues grew 11.4% to $754.5 million from $677.5 million in the comparable period in the prior year.
\r\n\r\n\"Fundamentally, this was a very strong quarter for GHC and our results exceeded our expectations,\" said George V. Hager Jr., Chairman and Chief Executive Officer. \"The second quarter is typically one of our most challenging due to the January 1 reset of payroll taxes, the cost of inclement weather and seasonal census variability. However, as a result of our continued focus, we enjoyed stable occupancy, attracted higher acuity patients, and more efficiently utilized our nursing resources to reduce reliance on nursing agency services.\"
\r\n\r\nNet revenue and EBITDA growth was principally driven by an increase in Medicare and Medicaid rates per patient day. GHC's Medicare rate grew 10.8% to $347 for the quarter ended March 31, 2004 from $313 in the comparable period in the prior year. Medicare revenues increased as a result of the October 1, 2003 Medicare rate increases, as well as higher Medicare patient acuity and census. In addition, revenue and EBITDA growth in the quarter ended March 31, 2004 of $18.2 million and $0.7 million, respectively, were attributed to the consolidation of eight eldercare centers that were not included in the comparable period in the prior year.
\r\n\r\nThe rehabilitation therapy business, which represents approximately 9% of revenues, showed improved results from the first quarter given the postponement of the therapy caps beginning in December 2003 and a 1.5% increase in the Medicare Part B therapy fee schedule beginning January 1, 2004.
\r\n\r\nGHC continued to make progress in reducing its reliance on temporary staffing. While aggregate nursing labor costs grew 4.9% per patient day in the quarter ended March 31, 2004 versus the comparable period in the prior year, agency labor costs declined by 27.1% on a per patient day basis from the comparable period in the prior year.
\r\n\r\nFrom a liquidity and capital resources perspective, GHC ended the quarter with $126.0 million of cash, $192.1 million of working capital, $72.9 million of available borrowings under its revolving credit facility, and $461.8 million of indebtedness. During the quarter, GHC repaid $19.9 million of fixed rate mortgage debt, $12.5 million of which was assumed during the quarter in connection with the acquisition of two skilled nursing facilities previously under joint ownership. Subsequent to quarter end, GHC repaid an additional $4.7 million of fixed rate mortgage debt.
\r\n\r\n\"Our cash balance of $126.0 million and our strong operating cash flow of $44.2 million reflects the quality of our earnings and will allow us to implement our debt repayment and other strategic priorities over the next two years,\" concluded Hager.
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial statements through November 30, 2003 have been prepared on a basis which reflects the historical financial statements of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003, the accompanying financial statements have been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial statements prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nDiscontinued Operations
\r\n\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 \"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of\" (\"SFAS 144\"). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations. The net revenues and loss per diluted share of GHC's discontinued operations for the three months ended March 31, 2004 were $7.1 million and $(0.03), respectively. The net revenues and loss per diluted share for the year to date period ended March 31, 2004 were $16.3 million and $(0.11), respectively.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. EDT on May 4, 2004 to discuss results for the quarter. Investors can access the conference call by phone at (888) 428-4480 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states operating under the Genesis ElderCare banner. Genesis also supplies contract rehabilitation therapy to over 730 healthcare providers in 21 states and the District of Columbia. Visit our website at www.genesishcc.com.
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may\", \"target\", \"appears\" and similar expressions. Such forward looking statements include, without limitation, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, inflationary increases in state Medicaid rates and self-insurance retention limits. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.rn
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-second-quarter-fiscal-2004"}}},{"node":{"field_happening_s_date":"2004-02-10","field_link_to_the_page":null,"title":"GENESIS HEALTHCARE CORPORATION REPORTS FIRST QUARTER FISCAL 2004 RESULTS","body":{"value":"Kennett Square, PA -- 02/10/2004 --
\r\n\r\nGenesis HealthCare Corporation (\"GHC\") (NASDAQ:GHCI) today announced income from continuing operations of $7.6 million and net income of $6.0 million for the quarter ended December 31, 2003.
\r\n\r\nOn a pro forma basis, assuming the December 1, 2003 spin-off of GHC from NeighborCare, Inc. occurred on October 1, 2003, income from continuing operations was $6.4 million or $0.32 per diluted share for the quarter ended December 31, 2003 (see pro forma financial information on page 10).
\r\n\r\nBoth EBITDA and Adjusted EBITDA for the quarter ended December 31, 2003 were $29.5 million, compared to EBITDA and Adjusted EBITDA of $28.7 million and $27.6 million, respectively, for the comparable period in the prior year (see attached reconciliation on page 6).
\r\n\r\nGHC revenues for the quarter ended December 31, 2003 grew 9.5% to $371.2 million from $339.1 million in the comparable period in the prior year.
\r\n\r\n\"We ended the quarter as a standalone company with strong financial performance and significant momentum,\" stated George V. Hager Jr., Chairman and Chief Executive Officer of GHC. \"We are encouraged by a stabilizing reimbursement environment, led by the recovery of a portion of the 'Medicare Cliff' funding lost last year and the postponement of the rehabilitation therapy caps. At the same time, we continue to focus on providing high quality care while beginning a process to identify and implement efficiencies and improve our balance sheet.\"
\r\n\r\nFinancial Overview
\r\n\r\nNet revenue and EBITDA growth was principally driven by an increase in Medicare rates per patient day, which grew 11.8% to $347 for the quarter ended December 31, 2003 from $310 in the comparable period in the prior year. Medicare revenues increased as a result of the October 1, 2003 annual market basket adjustment and the implementation of a 3.26% rate adjustment to correct previous forecast errors, as well as higher Medicare patient acuity and census. In addition, revenue and EBITDA growth in the quarter ended December 31, 2003 of $12.2 million and $0.5 million, respectively, was attributed to the step acquisition of six eldercare centers, principally as a result of the ElderTrust transactions, that were not included in the comparable period in the prior year. Revenue and EBITDA growth was partially offset by the effect of payment limits or \"therapy caps\" on services provided by the rehabilitation therapy services segment, which were in place until December 8, 2003, and resulted in a significant decline in the EBITDA within this segment. The EBITDA of the rehabilitation therapy services segment declined in the current year quarter principally due to both the operational and financial impact of the therapy caps. Given the postponement of the therapy caps through December 2005 and a 1.5% increase in the Medicare Part B therapy fee schedule beginning January 1, 2004, management expects improvement in EBITDA of its rehabilitation therapy services segment next quarter.
\r\n\r\nAlso in the quarter ended December 31, 2003, GHC made continued progress in reducing its reliance on costly temporary nurses, reducing agency labor costs by 23.6% on a per patient day basis from the comparable period in the prior year. Agency labor on a per patient day basis represented 6.6% of total nursing labor costs in the first quarter of 2004 compared with 9.0% in the same period in the prior year. Aggregate nursing labor costs grew 4.4% per patient day in the quarter ended December 31, 2003 versus the comparable period in the prior year.
\r\n\r\nFrom a liquidity and capital resources perspective, GHC ended the quarter with $114.3 million of cash, $196.0 million of working capital, $73.1 million of available borrowings under its revolving credit facility, and $461.8 million of indebtedness.
\r\n\r\nReimbursement Update
\r\n\r\nAt this time, subject to Congressional approval, it appears that the payment add-ons authorized in the Balanced Budget Refinement Act of 2000 may continue through fiscal 2005, as cuts related to Medicare Resource Utilization Group (RUGS) refinement were not included in the President's budget introduction on February 2, 2004.
\r\n\r\nIn November 2003, Congress passed the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which the President signed on December 8, 2003. The law extended the moratorium on implementing payment caps on Medicare Part B rehabilitation therapy services from December 8, 2003 through calendar year 2005. Extension of the moratorium removes a significant financial threat to GHC's therapy business for the short-term as GHC previously estimated that the therapy caps would reduce annual net revenues by approximately $18.9 million and EBITDA by approximately $4.9 million.
\r\n\r\nEffective October 1, 2003, CMS increased Medicare per diems by approximately 6.26% (3% increase in the annual update factor and a 3.26% upward adjustment correcting previous forecast errors). The estimated increase to GHC's Medicare payment rate for the 3.26% upward adjustment approximates $10 per patient day or about $10.0 million in revenues and EBITDA annually.
\r\n\r\nOther
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial statements through November 30, 2003 have been prepared on a basis which reflects the historical financial statements of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003, the accompanying financial statements have been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial statements prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nDiscontinued Operations
\r\n\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 \"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of\" (\"SFAS 144\"). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations. The net revenues and loss per share of GHC's discontinued operations for the three months ended December 31, 2003 were $9.3 million and $(0.08), respectively.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. EST on February 11, 2004 to discuss results for the quarter. Investors can access the conference call by phone at (888) 428-4478 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nThe following unaudited pro forma condensed financial statement presented below should be read in conjunction with \"Management's Discussion and Analysis of Financial Condition and Results of Operation\" in GHC's annual report on Form 10-K filed on February 4, 2004.
\r\n\r\nThe following unaudited pro forma condensed consolidated statement of operations for the quarter ended December 31, 2003 is presented as if the spin-off of GHC occurred on October 1, 2003.
\r\n\r\nThe unaudited pro forma condensed financial statement is presented for informational purposes only and is not necessarily indicative of what our financial position and results of operations actually would have been for the period presented if the spin-off occurred on October 1, 2003, nor does such financial statement purport to represent the results of future periods. The pro forma adjustments are based upon available information and certain assumptions that we consider reasonable and are described in the notes accompanying the unaudited pro forma condensed financial statement. No changes in operating revenues and expenses have been made to reflect the results of any modifications to operations that might have been made had the spin-off of GHC been completed on the aforesaid effective date for purposes of the pro forma results.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states operating under the Genesis ElderCare banner. Genesis also supplies contract rehabilitation therapy to over 730 healthcare providers in 21 states and the District of Columbia. Visit our website at www.genesishcc.com
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may\", \"target\", \"appears\" and similar expressions. Such forward looking statements include, without limitation, statements regarding the performance of our rehabilitation therapy services segment next quarter, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, inflationary increases in state Medicaid rates and self-insurance retention limits. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.rn
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
\r\n\r\n\r\n"},"path":{"alias":"/about-us/press/press-releases/genesis-healthcare-corporation-reports-first-quarter-fiscal-2004"}}},{"node":{"field_happening_s_date":"2004-02-10","field_link_to_the_page":null,"title":"Genesis HealthCare Corporation Reports Fiscal 2003 Year End Results","body":{"value":"
Kennett Square, PA -- 02/10/2004 --
\r\n\r\nGenesis HealthCare Corporation (\"GHC\") (NASDAQ:GHCI) today announced income from continuing operations of $7.6 million and net income of $6.0 million for the quarter ended December 31, 2003.
\r\n\r\nOn a pro forma basis, assuming the December 1, 2003 spin-off of GHC from NeighborCare, Inc. occurred on October 1, 2003, income from continuing operations was $6.4 million or $0.32 per diluted share for the quarter ended December 31, 2003 (see pro forma financial information on page 10).
\r\n\r\nBoth EBITDA and Adjusted EBITDA for the quarter ended December 31, 2003 were $29.5 million, compared to EBITDA and Adjusted EBITDA of $28.7 million and $27.6 million, respectively, for the comparable period in the prior year (see attached reconciliation on page 6).
\r\n\r\nGHC revenues for the quarter ended December 31, 2003 grew 9.5% to $371.2 million from $339.1 million in the comparable period in the prior year.
\r\n\r\n\"We ended the quarter as a standalone company with strong financial performance and significant momentum,\" stated George V. Hager Jr., Chairman and Chief Executive Officer of GHC. \"We are encouraged by a stabilizing reimbursement environment, led by the recovery of a portion of the 'Medicare Cliff' funding lost last year and the postponement of the rehabilitation therapy caps. At the same time, we continue to focus on providing high quality care while beginning a process to identify and implement efficiencies and improve our balance sheet.\"
\r\n\r\nFinancial Overview
\r\n\r\nNet revenue and EBITDA growth was principally driven by an increase in Medicare rates per patient day, which grew 11.8% to $347 for the quarter ended December 31, 2003 from $310 in the comparable period in the prior year. Medicare revenues increased as a result of the October 1, 2003 annual market basket adjustment and the implementation of a 3.26% rate adjustment to correct previous forecast errors, as well as higher Medicare patient acuity and census. In addition, revenue and EBITDA growth in the quarter ended December 31, 2003 of $12.2 million and $0.5 million, respectively, was attributed to the step acquisition of six eldercare centers, principally as a result of the ElderTrust transactions, that were not included in the comparable period in the prior year. Revenue and EBITDA growth was partially offset by the effect of payment limits or \"therapy caps\" on services provided by the rehabilitation therapy services segment, which were in place until December 8, 2003, and resulted in a significant decline in the EBITDA within this segment. The EBITDA of the rehabilitation therapy services segment declined in the current year quarter principally due to both the operational and financial impact of the therapy caps. Given the postponement of the therapy caps through December 2005 and a 1.5% increase in the Medicare Part B therapy fee schedule beginning January 1, 2004, management expects improvement in EBITDA of its rehabilitation therapy services segment next quarter.
\r\n\r\nAlso in the quarter ended December 31, 2003, GHC made continued progress in reducing its reliance on costly temporary nurses, reducing agency labor costs by 23.6% on a per patient day basis from the comparable period in the prior year. Agency labor on a per patient day basis represented 6.6% of total nursing labor costs in the first quarter of 2004 compared with 9.0% in the same period in the prior year. Aggregate nursing labor costs grew 4.4% per patient day in the quarter ended December 31, 2003 versus the comparable period in the prior year.
\r\n\r\nFrom a liquidity and capital resources perspective, GHC ended the quarter with $114.3 million of cash, $196.0 million of working capital, $73.1 million of available borrowings under its revolving credit facility, and $461.8 million of indebtedness.
\r\n\r\nReimbursement Update
\r\n\r\nAt this time, subject to Congressional approval, it appears that the payment add-ons authorized in the Balanced Budget Refinement Act of 2000 may continue through fiscal 2005, as cuts related to Medicare Resource Utilization Group (RUGS) refinement were not included in the President's budget introduction on February 2, 2004.
\r\n\r\nIn November 2003, Congress passed the Medicare Prescription Drug, Improvement and Modernization Act of 2003, which the President signed on December 8, 2003. The law extended the moratorium on implementing payment caps on Medicare Part B rehabilitation therapy services from December 8, 2003 through calendar year 2005. Extension of the moratorium removes a significant financial threat to GHC's therapy business for the short-term as GHC previously estimated that the therapy caps would reduce annual net revenues by approximately $18.9 million and EBITDA by approximately $4.9 million.
\r\n\r\nEffective October 1, 2003, CMS increased Medicare per diems by approximately 6.26% (3% increase in the annual update factor and a 3.26% upward adjustment correcting previous forecast errors). The estimated increase to GHC's Medicare payment rate for the 3.26% upward adjustment approximates $10 per patient day or about $10.0 million in revenues and EBITDA annually.
\r\n\r\nOther
\r\n\r\nBasis of Presentation
\r\n\r\nThe accompanying financial statements through November 30, 2003 have been prepared on a basis which reflects the historical financial statements of GHC assuming the operations of NCI contributed in the spin-off were organized as a separate legal entity, owning certain net assets of NCI. Beginning December 1, 2003, the accompanying financial statements have been prepared on a basis which reflects the net operations of GHC as a stand alone entity. The allocation methodologies followed in preparing the accompanying financial statements prior to the December 1, 2003 spin-off may not necessarily reflect the results of operations, cash flows, or financial position of GHC in the future, or what the results of operations, cash flows or financial position would have been had GHC been a separate stand-alone entity for all periods presented.
\r\n\r\nDiscontinued Operations
\r\n\r\nGHC accounts for discontinued operations, including assets held for sale, under the provisions of Statement of Financial Accounting Standards, No. 144 \"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of\" (\"SFAS 144\"). Under SFAS 144, discontinued businesses including assets held for sale are removed from the results of continuing operations and presented as a separate line on the statement of operations. The net revenues and loss per share of GHC's discontinued operations for the three months ended December 31, 2003 were $9.3 million and $(0.08), respectively.
\r\n\r\nConference Call
\r\n\r\nGenesis HealthCare Corporation will hold a conference call at 10:00 a.m. EST on February 11, 2004 to discuss results for the quarter. Investors can access the conference call by phone at (888) 428-4478 or live via webcast through the GHC web site at http://www.genesishcc.com, where a replay of the call will also be posted for one year.
\r\n\r\nThe following unaudited pro forma condensed financial statement presented below should be read in conjunction with \"Management's Discussion and Analysis of Financial Condition and Results of Operation\" in GHC's annual report on Form 10-K filed on February 4, 2004.
\r\n\r\nThe following unaudited pro forma condensed consolidated statement of operations for the quarter ended December 31, 2003 is presented as if the spin-off of GHC occurred on October 1, 2003.
\r\n\r\nThe unaudited pro forma condensed financial statement is presented for informational purposes only and is not necessarily indicative of what our financial position and results of operations actually would have been for the period presented if the spin-off occurred on October 1, 2003, nor does such financial statement purport to represent the results of future periods. The pro forma adjustments are based upon available information and certain assumptions that we consider reasonable and are described in the notes accompanying the unaudited pro forma condensed financial statement. No changes in operating revenues and expenses have been made to reflect the results of any modifications to operations that might have been made had the spin-off of GHC been completed on the aforesaid effective date for purposes of the pro forma results.
\r\n\r\nGenesis HealthCare Corporation Financial Statements
\r\n\r\nAbout Genesis HealthCare Corporation
\r\n\r\nGenesis HealthCare (NASDAQ: GHCI) is one of the nation's largest long term care providers with over 200 skilled nursing centers and assisted living residences in 13 eastern states operating under the Genesis ElderCare banner. Genesis also supplies contract rehabilitation therapy to over 730 healthcare providers in 21 states and the District of Columbia. Visit our website at www.genesishcc.com
\r\n\r\nStatements made in this release, our website and in our other public filings and releases, which are not historical facts contain \"forward-looking\" statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These forward-looking statements may include, but are not limited to, statements containing words such as \"anticipate,\" \"believe,\" \"plan,\" \"estimate,\" \"expect,\" \"intend,\" \"may\", \"target\", \"appears\" and similar expressions. Such forward looking statements include, without limitation, statements regarding the performance of our rehabilitation therapy services segment next quarter, the effect of the spin-off on our operations, expected reimbursement rates, including RUGs changes, agency labor utilization, inflationary increases in state Medicaid rates and self-insurance retention limits. Factors that could cause actual results to differ materially include, but are not limited to, the following: costs, changes in the reimbursement rates or methods of payment from Medicare or Medicaid, or the implementation of other measures to reduce reimbursement for our services; the expiration of enactments providing for additional government funding; efforts of third party payors to control costs; the impact of federal and state regulations; changes in payor mix and payment methodologies; further consolidation of managed care organizations and other third party payors; competition in our business; an increase in insurance costs and potential liability for losses not covered by, or in excess of, our insurance; competition for qualified staff in the healthcare industry; our ability to control operating costs, and generate sufficient cash flow to meet operational and financial requirements; changes in interest expense; and an economic downturn or changes in the laws affecting our business in those markets in which we operate.rn
\r\n\r\nThe forward-looking statements involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control. We caution investors that any forward-looking statements made by us are not guarantees of future performance. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions to any of the forward-looking statements to reflect future events or developments.
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