DaVita Inc. – Wikipedia
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.
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.
The corporate is ranked 188th on the Fortune 500.
The title “DaVita” is derived from the Italian language phrase “Dare Vita”, which suggests “giving life”.
The corporate was based in 1979 as Medical Ambulatory Care, Inc., a subsidiary of Nationwide Medical Enterprises, Inc. (now Tenet Healthcare).
In August 1994, 70% of the corporate was acquired by DLJ Service provider Banking Companions in a leveraged buyout for $75.5 million, together with a $10.5 million funding by DLJ. 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.
By December 1996, DLJ had made a 386% return on its $10.5 million funding.
On February 27, 1998, the corporate acquired Renal Remedy Facilities for $1.3 billion in inventory.
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.
In October 1999, Kent J. Thiry, then 43 years outdated, was named CEO.
In 2000, the corporate bought its non-U.S. operations.
In October 2000, the corporate was renamed DaVita Inc.
In October 2005, the corporate acquired Gambro Healthcare.
In October 2014, the corporate agreed to pay $350 million to settle claims that it supplied unlawful kickbacks to medical doctors.
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.
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.
In 2012, DaVita acquired Healthcare Companions for $4.42 billion. In 2014, it acquired Colorado Springs Well being Companions, with 600 staff and 110,000 sufferers. 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. In September 2016, Healthcare Companions was renamed DaVita Medical Group. In Might 2017, it acquired WellHealth High quality Care. 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. In June 2019, the division was bought to UnitedHealth Group’s Optum division for $4.3 billion.
- Davita Inc. Proxy Assertion
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- “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.
- “Complete Renal Care Holdings, Inc. Proclaims Authorized Identify Change to DaVita Inc” (Press launch). PR Newswire. October 4, 2000.
- “DaVita Closes Gambro Healthcare Acquisition” (Press launch). PR Newswire. October 5, 2005.
- “DaVita to Pay $350 Million to Resolve Allegations of Unlawful Kickbacks” (Press launch). United States Division of Justice. October 22, 2014.
- “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.
- “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.
- Barr, Paul (November 2, 2012). “DaVita completes HealthCare Companions deal”. Trendy Healthcare.
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- WALLACE, ALICIA (March 1, 2016). “DaVita completes $385M Everett Clinic acquisition”. The Denver Put up.
- “HealthCare Companions Nevada Completes Acquisition of WellHealth High quality Care” (Press launch). PR Newswire. Might 2, 2017.
- “Medicare Benefit Supplier to Pay $270 Million to Settle False Claims Act Liabilities” (Press launch). United States Division of Justice. October 1, 2018.
- “Optum completes acquisition of DaVita Medical Group from DaVita” (Press launch). Optum. June 19, 2019.