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Envision Healthcare

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Envision Healthcare
FormerlyEmergency Medical Services Corporation
Company typePrivate
NYSE: EVHC
IndustryHealthcare
HeadquartersNashville, Tennessee, U.S.
Key people
Jay F. Grinney (chairman)
[1]
RevenueIncrease$14.7 billion (2017)[2]
OwnerKohlberg Kravis Roberts
Number of employees
57,750 (2017)[3]
Websiteevhc.net

Envision Healthcare is a United States healthcare company and national hospital-based physician group.

History

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In December 2016, Envision and AMSURG merged, and shortly thereafter the company's stock replaced Legg Mason in the S&P 500 index.[4]

In 2017, the company's subsidiary EmCare, came under scrutiny due to healthcare consumers being shocked by high medical bills from Envision's out-of-network healthcare providers.[5][6][7] In August 2017, Envision sold its ambulance unit, American Medical Response, for $2.4 billion to KKR, which it subsequently merged with a similar company it had already owned.[8] In 2017, the company reported a net loss of $232.5 million on revenue of $7.8 billion.[9]

In June 2018, KKR announced that it was acquiring the rest of Envision for $9.9 billion, including the assumption or repayment of debt.[9]

In February 2020, Envision appointed Jim Rechtin as CEO.[10] In April 2020, they were considering bankruptcy.[11] In October 2020, it was announced that Cigna and Envision had renewed their agreement to include Envision's clinicians as in-network providers to Cigna's members.[12]

In September 2022, Moody's warned that Envision Healthcare could be at risk of bankruptcy.[13]

On May 15, 2023, Envision Healthcare filed for Chapter 11 bankruptcy.[14] Later that October, a U.S. bankruptcy court approved Envision's restructuring plan to split into two companies—Envision Physician Services and AMSURG—the former specializing in staffing doctors to hospital emergency rooms, intensive care units, and birthing suites. The latter will manage outpatient surgery centers specializing in gastroenterology and orthopedic care.[15]

In November 2023, Henry Howe was named interim CEO, succeeding Jim Rechtin, who left to become CEO of Humana.[16][17]

In April 2024, the company named Jason Owen its president and CEO.[18]

References

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  1. ^ "Company Overview of Envision Healthcare Corporation". Bloomberg. Retrieved June 11, 2018.
  2. ^ "Fortune 500". Archived from the original on 2019-05-02. Retrieved 2018-11-22.
  3. ^ "Envision Healthcare". Archived from the original on 27 May 2018. Retrieved November 27, 2018.
  4. ^ "Press release: Mid-America Apartment Communities, AmSurg to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600" (PDF). S&P Indices. November 29, 2016.
  5. ^ de la Merced, Michael J. (June 10, 2018). "K.K.R. Said to Be Near Deal to Acquire Envision Healthcare". New York Times.
  6. ^ Creswell, Julie; Abelson, Reed; Sanger-Katz, Margot (July 24, 2017). "The Company Behind Many Surprise Emergency Room Bills". New York Times.
  7. ^ "The price of medical emergencies: Study examines out-of-network billing". YaleNews. 24 July 2017.
  8. ^ "Envision to sell ambulance business to KKR in $2.4 billion deal". Reuters. 2017-08-08. Retrieved 2020-07-10.
  9. ^ a b Livingston, Shelby (June 11, 2018). "Envision Healthcare to be acquired by KKR". Modern Healthcare.
  10. ^ "Envision Healthcare names new CEO, says surprise billing inquiry didn't influence change". Radiology Business. Retrieved 2020-03-11.
  11. ^ "Envision Healthcare to Consider Bankruptcy Filing". Bloomberg. 20 April 2020. Retrieved 23 April 2020.
  12. ^ Hackett, Mallory (22 October 2020). "Cigna renews partnership with Envision Healthcare to give in-network access to its Florida members". Healthcare Finance News. Retrieved 2020-11-11.
  13. ^ Muoio, Dave (2022-09-22). "Envision Healthcare at high risk of bankruptcy or major restructuring, Moody's warns". Fierce Healthcare. Retrieved 2022-12-15.
  14. ^ "KKR-backed Envision Healthcare files for bankruptcy". Yahoo! Finance. May 15, 2023. Retrieved May 15, 2023.
  15. ^ Knauth, Dietrich (October 11, 2023). "Bankrupt Envision Healthcare approved to split in two, cut debt". Reuters.
  16. ^ "Envision Healthcare emerges from bankruptcy restructuring". Healthcare Dive. 7 November 2023. Retrieved 2024-11-05.
  17. ^ "Humana CEO to step down next year". Healthcare Dive. 11 October 2023. Retrieved 2024-11-15.
  18. ^ "Envision Healthcare names permanent CEO". Healthcare Dive. 17 April 2024. Retrieved 2024-11-05.
[edit]
  • Official website
  • Business data for Envision Healthcare Holdings, Inc.:
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