ProMedia’s purchase of eight bankrupt nursing homes a move to “redefine health care”

Eight nursing homes in the region that had been in bankruptcy proceedings are now owned by ProMedica, a Toledo-based health network, according to the Dayton Daily News.

HCR ManorCare, the second-largest nursing home owner in the U.S., operated nursing homes in the area under its Heartland brand. Earlier this year, it filed for Chapter 11 bankruptcy after falling behind on its rent for years.

The deal to sell the HCR to ProMedica closed earlier this week.

This news organization previously reported that ProMedica was planning to buy the nursing homes.

The combined organization is now a $7 billion company with 70,000 employees in 30 states, boosting ProMedica to the 15th-largest health system in the U.S. by revenue.

The complex deal involved changing the for-profit nursing homes to nonprofit entities.

Read the full story at the Dayton Daily News.

Topics: Finance , Operations , Uncategorized