Kennett Square, Pa.-based Genesis HealthCare, one of the largest post-acute care providers in the U.S., has agreed to transition operations of 19 facilities to New Generation Health, a healthcare consulting firm.
On Feb. 1, Genesis sold the real estate and operations of six skilled nursing facilities and transferred the leasehold rights to 13 skilled nursing, behavioral health and assisted living facilities to New Generation.
The facilities included in the $79 million deal are in California, Washington and Nevada.
"This relationship is another example of the creative models we have employed to execute on our portfolio optimization strategy," Genesis CEO George V. Hager Jr. said in a news release. "This transaction enables Genesis to leverage NewGen's commitment of capital as well as its extensive experience and intimate knowledge of the West Coast skilled nursing market, allowing for increased operational focus on our core strategic markets where we have functional and geographic density."
Genesis will retain a 50 percent interest in the facilities and continue to provide administrative, back-office and therapy services.