Envision Healthcare is a United States healthcare company and national hospital-based physician group.
History
In December 2016, Envision and AMSURG merged, and shortly thereafter the company's stock replaced
Legg Mason in the
S&P 500
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...
index.
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. 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. In 2017, the company reported a net loss of $232.5 million on revenue of $7.8 billion.
In June 2018,
KKR announced that it was acquiring the rest of Envision for $9.9 billion, including the assumption or repayment of debt.
In February 2020, Envision appointed
Jim Rechtin as CEO. In April 2020, they were considering
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...
. 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.
In September 2022,
Moody's
Moody's Ratings, previously and still legally known as Moody's Investors Service and often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its histo ...
warned that Envision Healthcare could be at risk of bankruptcy.
On May 15, 2023, Envision Healthcare filed for
Chapter 11 bankruptcy
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...
. Later that October, a U.S. bankruptcy court approved Envision's restructuring plan to split into two companiesEnvision Physician Services and AMSURGthe former specializing in staffing doctors to hospital emergency rooms, intensive care units, and birthing suites. The latter will manage outpatient surgery centers specializing in gastroenterology and orthopedic care.
In November 2023, Henry Howe was named interim CEO, succeeding
Jim Rechtin, who left to become CEO of
Humana
Humana Inc. is an American for-profit health insurance company based in Louisville, Kentucky. In 2024, the company ranked 92 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky. It is the fourth l ...
.
In April 2024, the company named Jason Owen its president and CEO.
References
External links
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Companies based in Nashville, Tennessee
Companies formerly listed on the New York Stock Exchange
Health care companies based in Tennessee
Medical outsourcing companies of the United States
Companies that filed for Chapter 11 bankruptcy in 2023
2018 mergers and acquisitions
Kohlberg Kravis Roberts companies