GEN DIGITAL INC Stock Price, News & Analysis

LTC ACO and Third Eye Health have partnered to form a new Virtual Care Network aimed at enhancing patient care in long-term care facilities. This initiative offers access to Third Eye Health's physicians and telehealth technology for over 6,000 beneficiaries across more than 200 facilities. The network aims to provide 24/7 physician access, improving quality of care and reducing hospital transfers. LTC ACO previously reported a 19.6% cost savings and a 94.5% quality score, indicating potential financial benefits for all parties involved.

Genesis Healthcare has announced the retirement of CEO George V. Hager, Jr., effective January 5, 2021. The Board has appointed Robert H. Fish, the current Chairman, as the new CEO. Fish, a board member since 2013 with extensive healthcare experience, will also maintain his role as Chairman. Hager will assist in a senior advisory role, facilitating a transition while focusing on the company's recovery amid COVID-19 challenges. Genesis operates over 325 skilled nursing facilities across 24 states, offering post-acute care services and rehabilitation therapy.

On December 23, 2020, Franklin Woods Center, affiliated with Genesis HealthCare (NYSE:GEN), became one of the first long-term care facilities in Maryland to administer COVID-19 vaccinations to residents and staff. The event was attended by Maryland Governor Larry Hogan and highlighted Genesis's partnership with CVS Health for vaccine distribution. Chief Nursing Officer Dr. JoAnne Reifsnyder emphasized the vaccine's critical role in combating the pandemic. Genesis is collaborating with state governments to expand vaccine availability across its facilities nationally.

Genesis HealthCare has made history by being the first long-term care facility in Connecticut to administer the COVID-19 vaccine. The event took place at The Reservoir Center, attended by healthcare workers and residents, marking a significant step in the fight against the pandemic. Genesis is collaborating with CVS Health for vaccine distribution, and efforts are underway to ensure vaccination availability for all staff and residents across its facilities nationwide. This initiative is vital for boosting community trust in vaccine efficacy.

Genesis HealthCare (NYSE:GEN) has begun vaccinating frontline healthcare workers at its affiliated nursing home in Dover, Delaware, marking a significant step in the fight against COVID-19. The event, attended by key personnel including the Chief Executive Officer and local officials, highlights the importance of vaccination for healthcare workers. Genesis aims to ensure widespread vaccine availability for all employees and residents, collaborating with CVS Health Corp. for vaccine administration across various states, as part of the Pharmacy Partnership for Long-Term Care Program.

LTC ACO, the first long-term care sponsored ACO in the U.S., has partnered with Eventus WholeHealth for the performance year starting January 1, 2021. This collaboration aims to enhance care for over 4,000 Medicare beneficiaries in Indiana's long-term care facilities. LTC ACO has demonstrated significant success, saving the Medicare program over $32 million in 2019 and achieving a quality score of 94.5%. The partnership will strengthen patient outcomes while improving cost efficiency, without passing any risk to Eventus or requiring capital outlay.

Genesis Healthcare (NYSE: GEN) reported a third-quarter revenue of $0.94 billion, down from $1.12 billion in 2019. The company faced a net loss of $62.8 million compared to a $46.1 million profit last year, as COVID-19 severely impacted its operations, particularly in the Mid Atlantic and Northeastern regions. Estimated COVID-19 costs exceeded $120 million against federal relief of $34 million. Occupancy dropped from 88.2% to 75.4% year-over-year. Despite ongoing challenges, Genesis received $254 million in federal support, but faces uncertainty regarding future funding and operational continuity.

Genesis HealthCare (NYSE:GEN) will announce its third-quarter results for the period ending September 30, 2020, before the market opens on November 9, 2020. A conference call at 8:30 a.m. ET will provide details about these results. Genesis HealthCare is one of the largest providers of post-acute care, operating over 350 skilled nursing facilities and assisted living communities across 25 states. Additionally, the company offers rehabilitation and respiratory therapy services to around 1,100 healthcare providers in 44 states, Washington D.C., and China.

LTC ACO, a subsidiary of Genesis HealthCare (GEN), has successfully achieved a positive reconciliation under the Medicare Shared Savings Program for the 2019 performance year, marking its second consecutive year of shared savings. The organization managed around 5,800 Medicare beneficiaries, generating an annual Medicare spend exceeding $160 million. In Q3 2020, LTC ACO recognized shared savings of approximately $18.8 million, with a net income of $17.0 million after provider distributions. With a 19.6% savings rate and a 94.5% quality score, the ACO is now contracted with over 200 long-term care facilities, emphasizing its growth potential.