Envision Healthcare

Envision Healthcare is an American healthcare company and national hospital-based physician group.

Envision Healthcare
Subsidiary
Traded asNYSE: EVHC
IndustryHealthcare
HeadquartersNashville, Tennessee
Key people
Jay F. Grinney (Chairman)
[1]
RevenueUS$ 14.7 billion (2017)[2]
Number of employees
57,750 (2017)[3]
ParentKohlberg Kravis Roberts
Websiteevhc.net

In December 2016 Envison and AMSURG merged, and shortly thereafter the company's stock replaced Legg Mason in the S&P 500 index.[4][5] AMSURG had unsuccessfully sought to acquire TeamHealth in 2015.[6][7] The two company's businesses appeared to fit well together to provide more of hospitals' needs; AmSurg had strength in providing anesthesiologists, radiologists, and neonatologists, and had many ambulatory care centers, while Envision was strong in emergency doctors and hospital ambulance services.[8]

However, in 2017 the company began to seek ways to improve its profitability, as it was losing money and was under scrutiny due to healthcare consumers being shocked by catastrophically high medical bills from Envision's out-of-network healthcare providers.[9][10][11] For 2017, the company reported a net loss of $232.5 million on revenue of $7.8 billion.[8]

Early in 2018 Envision sold its ambulance unit, American Medical Response, for $2.4 billion to KKR, which combined it with a similar company it already owned.[12]

A Bloomberg analysis published in 2018 said that the combined company had executed the integration of the two businesses poorly, and had also been hit with uncertainty over the fate of the Affordable Care Act under the Trump administration, as well as natural disasters.[12]

In June 2018 KKR and Envision announced that KKR was acquiring the rest of Envision for $9.9 billion, including the assumption or repayment of debt.[12]

In February 2020, Envision Healthcare announced the appointment of James Rechtin as CEO.[13] In April 2020 they were considering bankruptcy.[14]

References
  1. "Company Overview of Envision Healthcare Corporation". Bloomberg. Retrieved June 11, 2018.
  2. "Fortune 500". Retrieved 2018-11-22.
  3. http://fortune.com/fortune500/envision-healthcare. Retrieved November 27, 2018. Missing or empty |title= (help)
  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. "Press release: Envision Healthcare and AMSURG Complete Transformational Merger". Envision. December 1, 2016.
  6. Picker, Leslie (November 2, 2015). "AmSurg Withdraws $7.6 Billion Takeover Offer for TeamHealth". New York Times.
  7. Barkholz, Dave (June 18, 2016). "AmSurg-Envision merger aims at hospital appetite for buffet of physician services". Modern Healthcare.
  8. Livingston, Shelby (June 11, 2018). "Envision Healthcare to be acquired by KKR". Modern Healthcare.
  9. de la Merced, Michael J. (June 10, 2018). "K.K.R. Said to Be Near Deal to Acquire Envision Healthcare". New York Times.
  10. Creswell, Julie; Abelson, Reed; Sanger-Katz, Margot (July 24, 2017). "The Company Behind Many Surprise Emergency Room Bills". New York Times.
  11. "The price of medical emergencies: Study examines out-of-network billing". YaleNews. 24 July 2017.
  12. Sutherland, Brooke (June 11, 2018). "Analysis | It's the Great Health-Care Buyout Shuffle". Bloomberg via the Washington Post.
  13. "Envision Healthcare names new CEO, says surprise billing inquiry didn't influence change". Radiology Business. Retrieved 2020-03-11.
  14. "Envision Healthcare to Consider Bankruptcy Filing". www.bloomberg.com. Retrieved 23 April 2020.
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