Genesis HealthCare, one of the nation’s largest nursing home owners — and operator of 16 skilled nursing facilities in New Hampshire, including Pheasant Wood Center in Peterborough — has filed for bankruptcy protection.
No facilities are expected to close due to the bankruptcy proceedings, a spokesperson for Genesis told VTDigger.
““There will be no expected impact to patient care as a result of this filing,” the spokesperson said. “Our daily operations remain unchanged, and our commitment to those we serve continues uninterrupted.”
Still, the news is jarring to some in the skilled nursing space in New Hampshire. As Genesis is the operator of 16 of New Hampshire’s 74 skilled nursing homes, “I’m worried about… any instability in the sector,” said Brendan Williams, president and CEO of the N.H. Health Care Association, adding, “I’m not suggesting there will be closures.”
Genesis, which is based in Kennett Square, Pa., filed for Chapter 11 bankruptcy protection on July 9 in the Northern District of Texas. VTDigger reported that the company’s debts include over $12 million owed to the New England Health Care Employees Pension Fund and $8 million per month “in settlement and defense costs arising from alleged personal injury and wrongful death claims, most of which date back many years.”
Genesis has a widespread presence in the Granite State, with locations in Bedford, Claremont, Concord, Exeter, Franklin, Hampton, Laconia, Lebanon, Keene, Manchester, Milford, Peterborough, Rochester and Winchester. All told, it has 218 facilities in 19 states.
Williams pointed out that any possible impact of the bankruptcy could be felt most acutely in towns in rural areas such as Sullivan County and the Monadnock region, where Genesis facilities have an outsized presence.
“If, for example, Genesis were to close its nursing home in Claremont, where would those people go?” he said.
New ownership at three facilities
At least three nursing home facilities previously run by Genesis HealthCare changed hands last year, when locations in Keene, Nashua and Bedford were taken over by 603 Healthcare. The company manages eight facilities across New Hampshire, according to a press release.
Sean Stevenson, owner and CEO of 603 Healthcare, was senior vice president of operations at Genesis until 2021. State documents show he has a 5% ownership stake in the companies that own the three formerly Genesis facilities, while the remaining 95% ownership is held by two New York-based brothers, Robert and Philip Rausman, who also own skilled nursing facilities in New York.
In a December 2024 story about the sale of Langdon Place of Keene, Stevenson told The Keene Sentinel, “We plan to enhance services for our customers in any way we can and continuously support our center caregivers.”
He added, “We have a tremendous opportunity and responsibility to collaborate with our local healthcare providers and to be a trusted partner in the continuum of care.”
To share tips or concerns about Genesis HealthCare, reach out to reporter Kelly Burch at burchcreative@gmail.com. These articles are being shared by partners in the Granite State News Collaborative. For more information, visit collaborativenh.org.