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

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

History

In December 2016, Envison 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 James 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]

References

  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.

External links

Major corporations headquartered in the Nashville metropolitan area
Categories