DaVita Inc. – Wikipedia

DaVita Inc. - Wikipedia
January 1, 2021 0 Comments

American dialysis supplier

DaVita Inc. gives kidney dialysis companies by way of a community of two,753 outpatient dialysis facilities in the USA, serving 206,900 sufferers, and 259 outpatient dialysis facilities in 10 different nations serving 28,700 sufferers. The corporate primarily treats end-stage renal illness (ESRD), which requires sufferers to endure dialysis 3 instances per week for the remainder of their lives except they obtain a donor kidney. The corporate has a 37% market share within the U.S. dialysis market. It’s organized in Delaware and based mostly in Denver.[2]

In 2019, 69% of the corporate’s revenues got here from Medicare and different government-based medical health insurance packages. In 2019, 90% of the corporate’s sufferers had been coated by government-based medical health insurance packages. Business payers, which accounted for 31% of revenues in 2019, generate the entire firm’s revenue as they reimburse at a a lot larger charge than government-based medical health insurance packages.[2]

The corporate is ranked 188th on the Fortune 500.[3]

The title “DaVita” is derived from the Italian language phrase “Dare Vita”, which suggests “giving life”.[4]

Historical past[edit]

The corporate was based in 1979 as Medical Ambulatory Care, Inc., a subsidiary of Nationwide Medical Enterprises, Inc. (now Tenet Healthcare).[5]

In August 1994, 70% of the corporate was acquired by DLJ Service provider Banking Companions in a leveraged buyout for $75.5 million,[6] together with a $10.5 million funding by DLJ.[7] The corporate then modified its title to Complete Renal Care Holdings, Inc.

In October 1995, the corporate turned a public firm through an preliminary public providing, elevating $107 million.[5]

By December 1996, DLJ had made a 386% return on its $10.5 million funding.[7]

On February 27, 1998, the corporate acquired Renal Remedy Facilities for $1.3 billion in inventory.[5][8]

The mixing went poorly and in July 1999, the CEO and CFO resigned. After tripling in worth between 1995 and 1998, by July 1999, the inventory value was down 71% year-to-date.[9][10]

In October 1999, Kent J. Thiry, then 43 years outdated, was named CEO.[11]

In 2000, the corporate bought its non-U.S. operations.[12]

In October 2000, the corporate was renamed DaVita Inc.[13]

In October 2005, the corporate acquired Gambro Healthcare.[14]

In October 2014, the corporate agreed to pay $350 million to settle claims that it supplied unlawful kickbacks to medical doctors.[15]

In June 2015, the corporate agreed to pay $450 million to settle allegations that it unnecessarily disposed of medicine after which billed the U.S. federal authorities for this waste.[16]

In June 2018, a jury awarded the households of three of the corporate’s sufferers $383 million in wrongful dying claims after the sufferers died from cardiac arrest after present process therapy at DaVita facilities.[17]

Healthcare Companions[edit]

In 2012, DaVita acquired Healthcare Companions for $4.42 billion.[18] In 2014, it acquired Colorado Springs Well being Companions, with 600 staff and 110,000 sufferers.[19] In March 2016, it acquired The Everett Clinic Medical Group, a 20-site physicians apply with 315,000 sufferers within the Seattle space, for $385 million.[20] In September 2016, Healthcare Companions was renamed DaVita Medical Group. In Might 2017, it acquired WellHealth High quality Care.[21] In October 2018, it agreed to pay $270 million to settle allegations that it violated the False Claims Act by offering inaccurate data that brought on Medicare Benefit Plans to obtain inflated funds. James Swoben, a whistleblower, acquired $10 million.[22] In June 2019, the division was bought to UnitedHealth Group’s Optum division for $4.3 billion.[23]

References[edit]

  1. ^ Davita Inc. Proxy Assertion
  2. ^ a b c “DaVita Inc. 2019 Kind 10-Okay Annual Report”. U.S. Securities and Change Fee.
  3. ^ “Fortune 500: Davita”. Fortune.
  4. ^ “About DaVita”. DaVita.
  5. ^ a b c “TOTAL RENAL CARE HOLDINGS, INC. 1998 Kind 10-Okay Annual Report” (PDF). U.S. Securities and Change Fee.
  6. ^ “NME SELLING 70% STAKE IN DIALYSIS COMPANY”. Trendy Healthcare. April 25, 1994.
  7. ^ a b Zweig, Phillip L. (December 23, 1996). “At Dlj, Will Lbo Lightning Strike Twice?”. Bloomberg L.P.
  8. ^ ABRAM, SUSAN (November 20, 1997). “Dialysis Agency to Buy Rival for $1.2 Billion”. Los Angeles Instances.
  9. ^ PELTZ, JAMES F. (July 20, 1999). “Complete Renal Care Inventory Takes 2nd Massive Drop of Yr”. Los Angeles Instances.
  10. ^ Wartzman, Rick (July 19, 1999). “Complete Renal’s CEO and CFO Give up As Agency Points a Outcomes Warning”. The Wall Road Journal.
  11. ^ Rundle, Rhonda L.; Lublin, Joann S. (October 19, 1999). “Complete Renal Care Names Kent Thiry, Veteran in Dialysis Trade, as CEO”. The Wall Road Journal.
  12. ^ “Complete Renal Care Proclaims the Signing of Definitive Agreements for the Sale of Chosen Non-Continental U.S. Operations” (Press launch). PR Newswire. January 20, 2000.
  13. ^ “Complete Renal Care Holdings, Inc. Proclaims Authorized Identify Change to DaVita Inc” (Press launch). PR Newswire. October 4, 2000.
  14. ^ “DaVita Closes Gambro Healthcare Acquisition” (Press launch). PR Newswire. October 5, 2005.
  15. ^ “DaVita to Pay $350 Million to Resolve Allegations of Unlawful Kickbacks” (Press launch). United States Division of Justice. October 22, 2014.
  16. ^ “DaVita to Pay $450 Million to Resolve Allegations That it Sought Reimbursement for Pointless Drug Wastage” (Press launch). United States Division of Justice. June 24, 2015.
  17. ^ “Hagens Berman Proclaims $383.5 Million Jury Verdict In opposition to Dialysis Supplier, DaVita, in Wrongful Demise Lawsuits” (Press launch). Enterprise Wire. June 27, 2018.
  18. ^ Barr, Paul (November 2, 2012). “DaVita completes HealthCare Companions deal”. Trendy Healthcare.
  19. ^ Rubenfire, Adam (October 23, 2014). “DaVita HealthCare Companions acquires Colorado Springs apply”. Trendy Healthcare.
  20. ^ WALLACE, ALICIA (March 1, 2016). “DaVita completes $385M Everett Clinic acquisition”. The Denver Put up.
  21. ^ “HealthCare Companions Nevada Completes Acquisition of WellHealth High quality Care” (Press launch). PR Newswire. Might 2, 2017.
  22. ^ “Medicare Benefit Supplier to Pay $270 Million to Settle False Claims Act Liabilities” (Press launch). United States Division of Justice. October 1, 2018.
  23. ^ “Optum completes acquisition of DaVita Medical Group from DaVita” (Press launch). Optum. June 19, 2019.

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