Vermont OKs Sale Of 5 Nursing Homes

Springfield, Vt. — Genesis Healthcare, a Pennsylvania-based holding company with more than 500 nursing homes nationwide, has won approval from regulators for a $39-million deal to acquire five Vermont nursing homes.

Culmination of the deal will make Genesis the largest nursing home operator, with about a 30 percent share of the inventory, in each of the Twin States. Genesis Upper Valley facilities include a 110-bed facility in Lebanon and the 68-bed Elm Wood facility in Claremont.

The approval was issued the same day that Genesis, which posted $5.6 billion in revenue in 2015, announced it had reached an agreement with the U.S. Justice Department to pay $52.7 million to settle allegations that Genesis violated “federal and state healthcare fraud and abuse laws and regulations.”

Genesis officials did not respond to telephone requests for comment on Monday.

Read more: http://www.vnews.com/Genesis-Vermont-Nursing-Homes-Purchase-Approved-by-Green-Mountain-Care-Board-3748677