Encompass Health Corp. (HealthSouth), is an owner and operator of inpatient rehabilitation hospitals. Acquired by Select Medical Birmingham, Alabama, United States
Full Answer
When was Healthsouth Rehabilitation Corporation founded?
1994: HealthSouth surpasses the $1 billion mark in revenues. 1995: HealthSouth expands into outpatient surgery services with the acquisition of Surgical Health Corporation. Company History: HealthSouth Corporation is the leading provider of medical rehabilitation health care and outpatient surgery services in the United States.
How many locations does HealthSouth have?
HealthSouth is the largest owner and operator of inpatient rehabilitation facilities, with 123 IRFs in place as of March 31, 2017. Its 193 home health locations give it the ranking of fourth largest provider of Medicare-certified skilled home health services nationally. Advertisement
What is HealthSouth sports medicine and rehabilitation center?
When did HealthSouth buy ReLIFE?
Who owns HealthSouth Rehab Hospital?
Encompass Health CorporationEncompass Health Corporation, based in Birmingham, Alabama, is one of the United States' largest providers of post-acute healthcare services, offering both facility-based and home-based post-acute services in 36 states and Puerto Rico through its network of inpatient rehabilitation hospitals, home health agencies, and ...
Who owned HealthSouth?
Richard Marin Scrushyâ197?) Richard Marin Scrushy (born August 1952) is an American businessman and convicted felon. He is the founder of HealthSouth Corporation, a global healthcare company based in Birmingham, Alabama.
Is Encompass Health the same as HealthSouth?
HealthSouth Corp., an operator of inpatient rehabilitation hospitals and provider of home-based care, has changed its name to Encompass Health Corp. The operator has changed its ticker symbol on the New York Stock Exchange from âHLSâ to âEHC.âFeb 1, 2018
Who is April Anthony?
April Anthony, founder of leading home health care company Encompass Health, is being accused of breaching her employment contract by secretly meeting with employees after leaving the firm earlier this year, resulting in five high-ranking executives joining her new competing venture.Oct 26, 2021
What happened to Scrushy?
After serving about five years of his sentence, Scrushy was released from prison. He now lives in Houston and works as a small-business consultant. In 2018, Watkins was indicted on federal fraud charges, for a multi-million dollar scheme that involved defrauding people such as former NBA star Charles Barkley.May 14, 2020
What kind of company is HealthSouth?
HealthSouth Corporation is the leading provider of medical rehabilitation health care and outpatient surgery services in the United States.
Who is the CEO of Encompass Health?
Mark J. Tarr (Dec 29, 2016â)Encompass Health / CEO
Where is Richard Scrushy now?
Scrushy is now a small business consultant working in the Houston area. After his release from prison, Scrushy also wrote the book âWhen Building a Billion Dollar Company: Here Are a Few Things to Think About,â a book designed to help others build and grow their businesses.May 19, 2020
Is encompass a publicly traded company?
Has Encompass Health always traded on the NYSE under the ticker symbol EHC? On January 23, 1984, Amcare was incorporated in Birmingham, Alabama. The name changed to HealthSouth in 1985. On September 24, 1986, HealthSouth began trading as a public company on the NASDAQ as HSRC.
What is April Anthony's net worth?
How April Anthony Made A $700 Million Fortune In One Of The Toughest Corners Of U.S. Healthcare.Jun 22, 2020
What is April Anthony doing now?
Anthony stayed on with Encompass Health as CEO of the home health and hospice segment, growing the home health and hospice business to 241 home health location and 82 hospice locations. She stepped down from her role as in April of 2021, following announcements that the company planned to spin off the segment.Oct 28, 2021
Who created Homecare Homebase?
April Anthony: Homecare Homebase started as a spinoff from Encompass Home Health, a home health provider business I founded in 1998.Mar 31, 2014
About
Encompass Health Corp. (HealthSouth), is an owner and operator of inpatient rehabilitation hospitals.
Details
Encompass Health Corp. (HealthSouth), is an owner and operator of inpatient rehabilitation hospitals. In addition to HealthSouth hospitals, it manages three inpatient rehabilitation units through management contracts. In August 2011, the Company sold five long-term acute care hospitals (LTCHs).
M&A Details
Encompass Health Corp. was acquired by Select Medical for $245M on May 1, 2007. This deal was done in Cash.
Who is HealthSouth?
HealthSouth was the brainchild of Richard Scrushy. Scrushy grew up in Selma, Alabama, and earned a degree in respiratory therapy from the University of Alabama, Birmingham. By the age of 30 he had advanced to vice-president at Lifemark Corp., a Houston-based health care management firm.
How many locations does HealthSouth have?
With more than 1,900 locations in the United States, the United Kingdom, and Australia, HealthSouth provides physical and other therapy in its rehabilitation facilities, offers imaging services through its diagnostic centers, and provides nonemergency surgical services at its outpatient surgery centers.
What is HealthSouth Rehabilitation?
HealthSouth, now renamed as Encompass Health Corporation, is a leading healthcare and rehabilitation company which provides outpatient services in more than 1900 locations in United States, United Kingdom, Australia etc. It was incorporated in Birmingham, Alabama as a Delaware company in 1984 as Amcare, Inc. by Mr. Richard M. Scrushy. He was the founder and the CEO of the company. In the year 1985, the company changed its name to Healthsouth Rehabilitation Corporation. An year later, the company became public by listing of its shares on the NASDAQ Stock Exchange for the first time. The company started expanding at a rapid rate. By the year 1993, it was the largest company in its field with more than 50 centres throughout the USA. In that time, the annual revenue of Healthsouth touched the mark of $1 billion for the first time. Throughout 1990s, the company kept expanding through mergers and acquisitions. In the year 1995, the company changed its name again to âHealthsouth Corporationâ to reflect its wholesome services related to healthcare and not only rehabilitation. Healthsouth managed to make agreements with all major insurance companies, major corporations for managed care plans. Big companies which had memorandum of understanding signed with Healthsouth includes Walmart and Goodyear.The company constructed various rehabilitation centres throughout 1990s, and the cost efficient and effective services became the reason of its success. It also made alliances with professional sports clubs and schools for supply of rehabilitation and medicinal services. The company kept on flourishing as it acquired various small and big corporations in their field. Healthsouth made major acquisitions in the 1990s by purchasing National Surgery Centres. With its dominant position in rehabilitative health care, outpatient surgery and diagnostic imaging market, Healthsouth adopted the slogan âThe Healthcare Company of the 21 st Centuryâ in order to maintain its standing as the leader in their field.
How did HealthSouth grow?
The growth strategy of HealthSouth was based on the presumption that medicare is a no-loss business as the government as well as the individual people will always invest in here. The government provided subsidies and large reimbursements to medicare facilitators. The main scheme of HealthSouth was to aggressively acquire all the competing companies, which will cut the competition as well as pave path for receiving more of the governmentâs money. The strategy worked impeccably in the initial years so much so that the core business of rehabilitation was expanded and the company ventured into outpatient surgery, medicine and hospital services. However, in 1997, the government largely minimised the reimbursement that was going to hospitals, precisely to the point that the downfall of Medicare started. Approximately 40% of the revenue of Healthsouth was dependent on the same, the revenue hit real hard. The company could not cope with sudden losses. The flaws in its operations began to show. There was a huge loss in the number of patients visiting, yet the sales never declined. The company explained this magical growth occurred due to raising revenues through increased efficiency and cost cutting, but the reason was apparent. The numbers never went low because they didnât exist, it was all fictitious.
What was the HealthSouth scandal?
HealthSouth, one of the largest healthcare services of the USA, was accused of a huge corporate accounting scandal, the infamous $2.8 billion accounting scandal which went for years, 1996 to 2002, to be precise. The founder and CEO of the company directed its employees to report highly exaggerated profits for the company to woo more investors.
What was Scrushy charged with?
An independent law firm was hired by Healthsource to review the matter, which concluded that the two events were unrelated. This report could not satisfy the SEC. The FBI agents searched the companyâs headquarters but could not collect any major evidence. After a trial which ran for 2 years, Scrushy was acquitted of the 36 charges of accounting Fraud which couldnât be proved against him, one being the violation of Sarbanes-Oxley Act.
How long was Scrushy in jail?
He was acquitted of most charges levied against him, but for the accounting fraud which happened in his connivance, he was convicted a jail sentence of five years.
What was the first violation of the Securities Exchange Act?
The first ever violation by HealthSouth came into notice in the year 1998 when it was accused under the Securities Exchange Act for misrepresentation of the financial position of the company and the failure to disclose the negative trends. This was handled by the company until it became major, by the year 2002. Larger problems started accumulating after the company sold $75 million worth shares right before the company posted a huge loss in its financial statements. The SEC accused the company of an accounting fraud by inflating the income/profits of company as high as $1.4 billion, which is more than 10% of the assets of the company. It was found out that the CEO of the company, Richard M Scrushy instructed the senior officials of the company to falsify the earnings of the company in the account books so as to be able to control the control the stocks of the company, to woo new investors and meet the expectations of the current shareholders. Allegedly, it began in the year 1996, which means that this continued for seven years. In some fiscal years, the company even overstated its profits at the rate of 4700% of its real annual profit. Interestingly, based on the inflated income, the company had to pay more amount as corporate taxes than its actual income.