Genesis Finishes Transition
By Patrick Cronin
Hampton Union, Friday, December 5, 2008
[The following article is courtesy of the Hampton Union and Seacoast Online.]
HAMPTON -- The Partridge House Assisted Living Community and the Oceanside HealthCare and Rehabilitation facility in Hampton are under new management.
Genesis HealthCare took over managing the facilities in September from its previous owner Haven Healthcare, which filed for bankruptcy in 2007. Formation Capital, which owns Genesis HealthCare, purchased the company's assets in bankruptcy court this summer for base price of $84.75 million.
The purchase included 14 of the 15 homes it ran in Connecticut and 10 in the other New England states, including four in New Hampshire.
The company recently sent out a press release regarding some of the changes since it took over ownership of the two Hampton facilities. The only change at the Partridge House Assisted Living Community, which is the only assisted living community in town, is its name. The home at 777 Lafayette Road will now be known as just the Partridge House.
"We are pleased to join the Genesis HealthCare team and work with them to continue providing high-quality care and services to our residents," said Executive Director Denis Donovan.
Oceanside, which is at 22 Tuck Road, also changed its name to better reflect the change in management and services now offered to patients of the center, Donovan said. It will now be called Oceanside Skilled Nursing and Rehabilitation and will be led by new director Patricia Coughlin.
Genesis' extensive regional management and clinical team offers Oceanside additional experts in dietary, dementia care, regulatory compliance, recreational therapy and more.
Genesis HealthCare is one of the nation's largest long-term care providers operating more than 200 skilled nursing centers and assisted living residences in 13 eastern states.
Haven Healthcare filed for bankruptcy in 2007 in the aftermath of a Connecticut newspaper's investigative series on Haven's spiraling debt and its fines for patient-care deficiencies and deaths.
The company owed tens of millions of dollars to creditors, including $13.7 million to Kentucky-based Omnicare Value Health Care, which provides pharmaceutical care to the elderly. Proceeds from the sale are expected to pay off Haven's secured creditors — namely its chief lender, CapitalSource Finance.