Geriatrix Acquires For Health, Inc. to Form $20 Million Senior Care Management Organization.Business Editors & Health/Medical Writers SAN DIEGO--(BW HealthWire)--Jan. 8, 2001 Geriatrix, a leading senior care management organization based in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , announced today the acquisition of For Health, Inc. of Costa Mesa Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. in a stock transaction valued at $7.4 million. Following this acquisition, Geriatrix will have a base of annual revenues of approximately $20 million. The three-year-old Geriatrix is a leader in an emerging area of health care that provides enhanced care to institutionalized in·sti·tu·tion·al·ize tr.v. in·sti·tu·tion·al·ized, in·sti·tu·tion·al·iz·ing, in·sti·tu·tion·al·iz·es 1. a. To make into, treat as, or give the character of an institution to. b. seniors. Nationwide, Geriatrix is responsible for the provision of specialized services to over 10,000 elderly patients. Through its Enhanced Care Program and For Health, Inc.'s Care+Plus Program, Geriatrix manages the medical and social care of approximately 1,500 frail seniors who reside permanently in nursing homes. Geriatrix offers similar services, through its Post-Acute Services Program, to an additional 8,500 seniors who are temporarily receiving care in a nursing home following a hospital stay for illness or injury. Geriatrix currently has operations in Oklahoma, Michigan and Southern California's San Diego, Riverside and San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. Counties. With this acquisition, Geriatrix also serves seniors in Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. and Arizona plus the expanded Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, markets of Los Angeles and Orange Counties. Expansion into New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. is scheduled for early this year. "Through this acquisition, we have brought together two complementary companies who share the same dedication to enhancing the health care and quality of life of the seniors we serve," said Jill Mendlen, president and chief executive officer of Geriatrix. "We believe we now have an even stronger company to support both our members as well as our health care provider partners." "Many of the system and program strengths of For Health will continue as part of Geriatrix," said Charles Birmingham, chairman and chief executive officer of For Health, Inc. "By combining our two organizations, we believe we have created one of the most solid companies in our industry." Both Geriatrix and For Health, Inc. are part of a growing area of health care that provides enhanced Medicare services to 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. residents of nursing homes. The over-85 age group is the fastest growing segment of the senior population, and it is that age group to whom Geriatrix focuses its primary services. After enrolling in a Medicare+Choice health plan in each market, residents select Geriatrix Enhanced Care Program. Through nurse practitioners and physician assistants, these members enjoy more frequent provider visits and closer monitoring of current and emerging health conditions. The Budget Balance Relief Act recently passed by Congress will infuse in·fuse v. 1. To steep or soak without boiling in order to extract soluble elements or active principles. 2. To introduce a solution into the body through a vein for therapeutic purposes. an additional $11 billion into the Medicare+Choice program over the next five years. "This Act speaks very positively for the future of our industry and for our Company's ongoing growth and development," said Mendlen. Geriatrix, located in San Diego, was founded in 1998. Major investors include Pacific Venture Group, Blue Chip Investors and Pacific Life. Information on the Company may be obtained at www.Geriatrix.net. Information on For Health, Inc. can be found at www.ForHealth.org. |
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