Genesis Health Ventures Announces Relationship With Jefferson Health System.KENNETT SQUARE, Pa.--(BW HealthWire)--July 23, 1998--Genesis Health Ventures, Inc. (NYSE NYSE See: New York Stock Exchange :GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ), a leading provider of eldercare eld·er·care n. Social and medical programs and facilities intended for the care and maintenance of the aged. services in the eastern and midwestern United States, today announced a deleveraging transaction involving Jefferson Health System's assumption of the Company's lease at Wayne Center, Genesis ElderCare Network, a 118-bed eldercare center located in Wayne, Pennsylvania. Genesis is currently leasing Wayne Center from ElderTrust (NYSE:ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ), a healthcare real estate investment trust. In addition, Genesis has entered into a long-term agreement to manage the Center for Jefferson. "This transaction aligns Genesis with a healthcare leader in the Philadelphia marketplace," states George V. Hager, Senior Vice President and Chief Financial Officer. "We hope this is the first of many strategic initiatives with Jefferson Health System to truly change the way services are provided to elders and their family members in the greater Philadelphia area." The goal of Jefferson Health System is to provide a "seamless," integrated healthcare delivery system that provides a continuum of care for citizens of the Delaware Valley. One of Jefferson Health System's current goals is to build a system that will meet the health need of all older adults, from the self-reliant senior to the person who needs support in the home, to the frail elderly frail elderly, n.pl older persons (usually over the age of 75 years) who are afflicted with physical or mental disabilities that may interfere with the ability to independently perform activities of daily living. requiring long term care. Including the Wayne Center, JHS JHS Junior High School JHS Jefferson High School JHS Jacksonville High School (Jacksonville, Alabama) JHS Journal of Hellenic Studies JHS Jordan High School (Sandy, Utah) now either owns, leases, or is affiliated with 3,750 long term care beds in the Delaware Valley. Jefferson Health System, with revenues in excess of $1.4 billion, is composed of Thomas Jefferson University It began as Jefferson Medical College in 1824. On July 1, 1969 the institution officially became Thomas Jefferson University. The university is made up of three colleges:
Frankford Health Care System is expected to finalize its affiliation agreement with Jefferson Health System later this year, becoming the System's fourth founding member. Other components of Jefferson Health System include Jefferson HealthCARE Physicians, a primary care network; Jefferson Health Network, a managed care contracting organization; and Jefferson Home Health. Genesis Health Ventures, Inc., a recognized innovator in the healthcare industry, was founded in 1985 to redefine how America cares for the elderly and is dedicated to helping older adults live a full life as independently as possible in their later years. The Company, which consolidated its businesses under the brand name Genesis ElderCare in 1996, has established Genesis ElderCare Networks in five regional markets in the eastern United States and currently serves more than 150,000 customers daily.
CONTACT: Genesis Health Ventures, Inc.
George V. Hager, Jr.
Senior Vice President and
Chief Financial Officer
610/444-6350
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