Careers at Genesis HealthCare
Genesis Healthcare Inc (“Genesis”) seeks to prove reliable, efficient, and effective post-acute care to patients across the US, and to develop innovative treatment methods.
Genesis was founded in 1985 by Michael R. Walker and Richard R. Walker via their acquisition of nine health care centres.
The pair based their business on the idea that nursing homes should be proactive centres of health care, rather than centres focused solely on custodial care for the elderly.
Between 1985 and 1998, Genesis, then operating under the name Genesis Health Ventures, grew significantly from a USD 32 million enterprise to a USD 2.4 billion public company, primarily through the targeted acquisition of nursing homes and centres for rehabilitation therapy, diagnostic testing, respiratory therapy, and pharmacy across the US.
In this period, the Company focused its attention on providing intensive nursing care, rehabilitation therapy, and other support services to high-acuity Medicare patients recovering from an acute illness or injury.
Genesis suffered following cuts to Medicare in the late 1990s and was ultimately forced to seek Chapter 11 bankruptcy protection in 2000. The Company, however, reorganised in and re-emerged in 2001. Two years later, the Company separated its in-patient care and pharmacy divisions.
In 2007, private equity investors Formation Capital and JER Partners privatised Genesis, marking the start of a new period of growth for the Company.
In 2012, it acquired Sun Healthcare Group Inc, and in 2015, the Company merged with Skilled Healthcare Group Inc. The newly combined entity listed on the New York Stock Exchange under the ticker symbol GEN.
Today, Genesis is one of the largest providers of post-acute care in the US, operating approximately 400 skilled nursing centres and senior living communities in 29 states nationwide.
Through its subsidiaries, the Company also provides rehabilitation therapy to approximately 1,500 locations in 46 states and the District of Columbia.
Business model of Genesis HealthCare
Genesis offers a range of rehabilitative and elderly care services.
As a health service provider, the Company typically serves members of the consumer populations, namely:
- Elderly Patients, comprising members of the population who are in old age and require ongoing specialised care services and professional support via the Company’s dedicated elderly care facilities and;
- Recovering Patients, comprising patients that are recovering from acute illness or injury and require specialised rehabilitative care over an extended period of time, typically as an inpatient.
Genesis is headquartered in the US and serves a large domestic customer base across 46 states and the District of Columbia, both via its skilled nursing centres and other rehabilitation therapy centres.
The Company does not appear to serve any international customers.
Genesis provides value to its clients in the following ways:
- Reputation and Standing – Since its foundation in 1985, Genesis has established itself as a leading provider of elderly care and rehabilitation therapy to patients in the US, and has earned a positive reputation as a provider of effective and reliable care;
- Size and Reach – Genesis is among the largest providers of elderly and rehabilitative care in the US, operating 400 skilled nursing centres and senior living communities and providing rehabilitation therapy across 1,500 locations, making its services easy for patients across the US to access;
- Innovation and Creativity – Genesis is dedicated to developing innovative treatments and therapies for the benefit of its patients, and seeks to identify creative methods of care across kits operating divisions;
- High Quality Care – Genesis offers patients high-quality care, with a focus on delivering treatments with compassion, honesty, and respect for its patients, ensuring that patients are comfortable at all times; and
- Experience and Expertise – Genesis employs highly trained health care professionals who have proven expertise or experience in the fields of rehabilitative and elderly care, ensuring that patients receive the best possible treatment.
Genesis serves its patients directly through its network of medical facilities across the US.
This includes the Company’s 400 skilled nursing centres and senior living communities across 29 US states, as well as network of 1,500 third-party health care locations spread across 46 states and the District of Columbia.
At these facilities, patients are treated directly by Genesis’ medical personnel, who deal in-person with patient conditions, problems, queries, and questions.
Genesis seeks to establish longstanding relationships with its patients, often providing care to patients over an extended period of time.
The Company’s trained nursing and medical treatment staff seek to provide treatment and guidance to patients with respect, compassion, and honesty, establishing close, in-person relationships.
Genesis operates a website at www.genesishcc.com, through which its provides information to existing and prospective patients on a self-service basis.
This includes information on the Company’s various treatments and services, its operating locations, its cooperation with managed payor schemes, an overview of what a stay at a Genesis facility might be like, and information on the Company’s leadership team.
The Company also operates a dedicated customer care team, which patients can contact online or over the phone in order to access personal assistance.
Genesis is additionally able to communicate directly with customers through its various social media accounts, including with Facebook, and LinkedIn, through which it can handle complaints and queries. It also provides updates and information through a news portal hosted on its website.
Genesis functions principally as a holding company, providing a range of post-acute, rehabilitation, and elderly care services through its network of subsidiaries.
The Company organises its operations into three segments: Inpatient Services, which includes the operation of skilled nursing facilities and assisted or senior living facilities; Rehabilitation Therapy Services, which includes the Company’s integrated and third-party rehabilitation and respiratory therapy services; and All Other Services.
Genesis’ services focus primarily on the medical and physical issues facing elderly patients and are provided by its skilled nursing companies, assisted or senior living communities, integrated and third-party rehabilitation therapy business, and other ancillary services.
The Company currently operates 400 skilled nursing centres and senior living communities and provides rehabilitation therapy via 1,500 locations across the US.
Genesis works with a wide range of partner companies and organisations across the US to ensure that its patients receive the best possible care.
These partners can be organised broadly into the following categories:
- Suppliers and Vendor Partners, including specialised suppliers of medical equipment and supplies, and other third-party providers of services that support the company’s corporate activities more broadly;
- Care and Service Partners, comprising various medical treatment facilities, care providers, and hospitals with which the Company collaborates and through which the Company provides a range of care services;
- Managed Care Payor Partners, comprising a range of health systems partners such as Medicare and Medicaid, as well as third party medical insurance providers through which consumers are able to access Genesis’ care services;
- Innovation Partners, comprising a range of medical research and medical technology companies with which the Company collaborates to find innovative and effective new treatments and techniques for its patients;
- Strategic Partners, comprising various other commercial enterprises with which the Company collaborates on other marketing and business development projects.
Genesis has a number of key partnerships in place. This includes an education tie-up with Stevenson University, and a real estate partnership with Next Healthcare Capital.
Genesis’ business model depends on its ability to provide reliable, effective, and high quality care services to patients across the US.
As such, the Company’s key resources are its network of medical facilities – including hospitals, clinics, and agencies, its third party health acre partners, its specialist nursing and care personnel, its inventory of medical equipment and drugs, its suppliers and supply chain infrastructure, its partnerships, and its IT and communications infrastructure.
The Company’s most significant resources are its physical properties, which comprise around 400 nursing centres across the US, as well as 1,500 rehabilitation therapy locations access via third parties.
Genesis incurs costs in relation to the operation of its medical and office facilities – including occupancy and utility costs, the procurement of medical supplies and equipment, the procurement of third party services, the payment of salaries and benefits to its personnel, the implementation of marketing and branding campaigns, the management and maintenance of its IT and communications infrastructure, and the management of its partnerships.
In 2018, Genesis’ largest cost was the payment of salaries and benefits to its employees, which represented a total of USD 2.79 billion for the year.
The Company also recorded other operating expense of USD 1.48 billion, and lease expenses of USD 149.18 million.
Genesis generates revenue through the provision of post-acute, elderly acre, and rehabilitation therapy services.
The Company derives its revenue in the form of service fees that are collected directly from customers or via a managed care payor system or third party medical insurance provider.
In 2018, Genesis recorded annual net revenue of USD 4.98 billion, down on the USD 5.37 billion recorded by the Company in 2017.
The bulk of this revenue, around USD 4.30 billion, was attributed to the Company’s Inpatient Services segment. The Company’s Rehabilitation Services segment recorded revenue of USD 889.06 million, and its Other Services segment recorded revenue of USD 160.91 million.
info: George V. Hager Jr. (“Hager”) has served as Chief Executive Officer and a member of the board of directors at Genesis since 2003. In this role, he is responsible for developing and implementing the Company's long-term objectives and growth strategies. Hager began his career at professional services firm KPMG, where he held a number of roles. From 1989 to 1992, he notably served as partner of the firm’s health care practice group for the Philadelphia region. Hager first joined Genesis in 1992, when he was appointed Vice President and Chief Financial Officer. He was later promoted to the position of Senior Vice President and Chief Financial Officer in 1994. Prior to assuming his current role, Hager was Executive Vice President and Chief Financial Officer and was responsible for corporate finance, information services, reimbursement and risk management.
info: Paul D. Bach (“Bach”) has served as Executive Vice President and Chief Operating Officer at Genesis since January 2017. In this capacity, he is responsible for overseeing the day-to-day operations of the Company’s network of clinics and medical centres across the US. Bach is a long-serving employee of Genesis, having first joined the Company in 1982. He has since held roles of increasing responsibility across the Company’s subsidiaries and operating divisions, including spells as Regional Vice President, Regional Director, Nursing Home Administrator, and Senior Vice President for the Capitol Region. Prior to assuming his current role, Bach led operations for Genesis’ Mid-Atlantic and Southeast Division, overseeing the operations of a total of 127 nursing centres and assisted senior living facilities throughout Eastern Pennsylvania, New Jersey, Ohio, Indiana, Florida, Alabama and Georgia.
info: Tom DiVittorio (“DiVittorio”) has served as Senior Vice President and Chief Financial Officer at Genesis since October 2008. In this role, he is responsible for leading the Company’s global financial strategy, as well as overseeing all areas of financial planning and reporting, including accounting services, corporate tax, and investor relations. DiVittorio began his career at professional services firm KPMG, where he held a series of management positions between 1990 and 1996. DiVittorio first joined Genesis in November 1996, and has since served in corporate finance positions of increasing responsibility. Most recently, DiVittorio served as the Company’s Vice President, Corporate Controller and Chief Accounting Officer and was responsible for the Company's accounting policy, financial reporting and budgeting.
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