Genesis selling nursing homes in eight mid-western states
Genesis Healthcare Inc., a Kennett Square nursing home operator, said Thursday it will halt inpatient operations in eight midwestern states, divesting 61 facilities.
The facilities in Kansas, Kentucky, Indiana, Iowa, Missouri, Montana, Nebraska, and Ohio have annual revenues of $432 million, or 9 percent of inpatient revenue, but have been a disproportionate drag on earnings, Genesis said.
For the third quarter, Genesis had $1.42 billion in revenue, about the same as in the same period a year ago. The company's quarterly net loss was $20.46 million, an improvement over at $28.95 million lost a year ago.
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