Genesis Health Ventures announces acquisition of Eastern Medical.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--May 31, 1995--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) ) Wednesday announced that the company's subsidiary, ASCO ASCO American Society of Clinical Oncology ASCO Association of Schools and Colleges of Optometry (since 1941; Rockville, Maryland) ASCO Australian Standard Classification of Occupations ASCO Automatic Switch Company Healthcare Inc., has acquired Eastern Medical Supplies Inc. and its affiliate Eastern Rehab Services Inc., a home medical equipment provider headquartered in Baltimore. Eastern Medical generated 1994 annual revenues of approximately $3.4 million through the sale and rental of home medical equipment, respiratory products and services and rehabilitation equipment to patients at home. Eastern's access to the home health market is primarily through hospital affiliations, hospice contracts, and two retail locations. The purchase price was $2.0 million. The acquisition will strengthen the Genesis Network and, in particular, the company's regional market concentration in the Baltimore/Washington metropolitan area by expanding the company's ability to provide care to patients at home. "The acquisition of Eastern Medical establishes Genesis as a JCAHO JCAHO Joint Commission on Accreditation of Healthcare Organizations, see there accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. provider and, along with our investment in the VNA VNA abbr. Visiting Nurse Association of Maryland, expands our home health care capabilities," stated Michael R. Walker, Genesis chairman and chief executive officer. "Consistent with our philosophy of further developing the Genesis Network, we continue to add strategic acquisitions in each of our five major markets," stated Walker. Besides ASCO Healthcare, Eastern Medical joins a number of other subsidiaries doing business in Maryland, including Team Rehabilitation and Genesis Physician Services. Genesis Health Ventures Inc. is a recognized innovator in the delivery of geriatric healthcare. The company, founded in 1985, develops and manages healthcare networks designed to provide cost-effective, outcome-oriented services in select regional markets in the Eastern United States. CONTACT: Genesis Health Ventures, Kennett Square George V. Hager Jr., 610/444-6350 |
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