Genesis HealthCare CEO George Hager is optimistic about his company’s prospects despite a difficult 2017, writes Alex Spanko for Skilled Nursing News.

The Kennett Square-based company lost $89.2 million in the last quarter and a total of $579.0 million last year.

“As healthcare reform continues to transform the delivery of healthcare by changing reimbursements and holding providers accountable for costs and quality of care provided,” said Hager, “the industry continues to experience declining total occupancy.”

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He also pointed out that nurse wages are growing faster than government reimbursements and that the population growth is at an all-time low. This led to a drop in occupancy and profits.

However, he presented a significantly more upbeat look for this year, pointing to the company’s recent financial restructuring plan and its asset-based loan of $555 million. He said that Genesis will also take steps to improve its liquidity.

“I expect that 2018, again, will be a busy year of transactional activity that will position our portfolio of facilities with greater concentration in our core markets,” said Hager.

Read more about Genesis HealthCare from Skilled Nursing News here.

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