- One of the largest nursing home chains in the US, HCR ManorCare has filed for bankruptcy protection this week
- HCR ManorCare runs 500 skilled-nursing and rehabilitation centers, assisted living facilities, hospice, and home health agencies
- Employing 50,000 people, HCR MC last year posted a pretax loss of $267 million on revenue of close to $4 billion, 82% of which derived from the long-term care business
- HCR ManorCare listed approximately $4 billion in assets and $7 billion in total liabilities
- HCR ManorCare treated 143,000 patients in 2017 and has experienced declining Medicare reimbursements due to the growing Medicare Advantage plans offered through private insurers
- Medicare was stripped of more than $716 billion over a ten year period in order to fund Obamacare – This affected seniors and their medical care, including their ability to keep their doctors and find specialists
- The departing CEO, Paul Ormond received $115 million in deferred compensation and severance even though HCR is approximately $230 million in debt.
