Manor nursing homes function under their operating group, HCR Manor Care. As the largest nursing home chain in the United States, they are the leading owner and operator of long-term care centers throughout the United States and short term post-acute medical care and rehabilitation. Manor Nursing homes operate under the names Heartland, Manor Care, and Arden Courts.
With an operating network of close to 300 skilled nursing homes, all Medicare and Medicaid certified, they also have over 50 Alzheimer's assisted living facilities, all involving high quality medical care provided through registered nurses and licensed practical nurses as well as certified assistance. Manor Care also provides outpatient rehabilitation clinics, and with hospice and home health care offices, Manor health care employs close to 60,000 employees with the objective of providing high-quality nursing home care for patients and residents through their network with the goal of being the leading care provider in the industry.
Coming in at number 565 on the top 1000 list of largest U.S. corporations by Fortune, Manor Care was once a part of Owens-Illinois, Inc. and began to acquire health care facilities across the U.S. in the 1980's. It then became Health Care and Retirement Corp. and merged with Manor Care Inc. of Gaithersburg, Maryland in 1998.
Now, with headquarters in downtown Toledo, Carlyle group, a global private equity firm owns stakes in more than 500 companies and real estate developments is expected to purchase Manor Care for close to 6.3 billion and expects to complete the deal by the end of the year 2007.
What does this mean for the future of Manor homes? That's difficult to say but what it means for Manor health care CEO Paul Ormond, is $118 million to $186 million as reports indicate after he cashes in his 1.8 million shares of company stock when the deal is completed.
Even though the future of Manor nursing homes may not be known, the future of sixteen other top executives for Manor nursing homes is. Other top officers and recently retired officers will gain about $68 million for their stock.
Manor nursing homes receive the majority of revenue from their nursing facility chains and other nursing facility services through Medicaid or Medicare.
Advocates for Nursing Home Reform and Medicare advocates are put off that public health care dollars should not be spent on one man becoming filthy rich through government assistance programs but instead insist that money be put to use by employing thousands of certified nurse assistants and other registered nurses in nursing homes to provide a higher quality of care for elderly residents.
Regardless of the viewpoint, Manor nursing homes will be under the Carlyle Group when the deal is completed and public stock will be ended.
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