GenesisCare Emerges from Successful Chapter 11 Reorganization

Completes separation of GenesisCare U.S. into independent business positioned to deliver oncology and specialty care in Florida and North Carolina

FORT MYERS, Fla.--(BUSINESS WIRE)-- GenesisCare, a leading oncology and multispecialty network, has announced the successful completion of its reorganization process and emergence on February 16 from Chapter 11 protection. During this restructuring, GenesisCare has achieved the key goals it set out at the beginning of this process, including separating its U.S. business from its businesses in the rest of the world and right-sizing its balance sheet.

As part of its reorganization, GenesisCare will operate as four distinct businesses: a U.S. business, a business in Australia, one in the U.K., and one in Spain. Each business will have its own funding and governance structures, including a separate Board of Directors, and will be responsible for its own strategy, business priorities, and performance.

GenesisCare U.S. has secured new investment in its business going forward. The U.S. business will independently serve patients in Florida and North Carolina, offering services in radiation oncology, medical oncology, surgery, urology, diagnostics, and ENT. Operational improvements were also implemented throughout the organization to enhance efficiency and reduce costs, ensuring a more competitive market position.

“Today marks an exciting milestone establishing GenesisCare U.S. as a stronger and more resilient organization that will continue to serve our communities with excellent patient care for a long time,” said Shaden Marzouk, MD, MBA, Chief Executive Officer, GenesisCare U.S. “Thanks to the efforts of our physicians and staff, we are on solid financial and operational footing that will help us play a vital role in the lives of patients. We remain focused on delivering exceptional care and value as an industry leader in cancer, surgical and urological care.”

"We look forward to continuing our long-standing commitment of providing excellent healthcare to the communities we serve,” said Constantine Mantz, MD, Chief Policy Officer, GenesisCare U.S. “Our patients will continue to benefit from our organization's integration and expertise in treating cancer and other challenging medical conditions."

Read the global GenesisCare press release here.

About GenesisCare U.S.

An integrated oncology and multispecialty physician network in Florida and North Carolina providing care for more than 120,000 patients annually, GenesisCare U.S. offers community-based cancer care and other services at convenient locations. The company’s purpose is to redefine the care experience by improving patient outcomes, access, and care delivery. With advanced technology and innovative treatment options, skilled physicians and support staff offer comprehensive and coordinated care in radiation oncology, medical oncology, hematology, urology, diagnostics, ENT, and surgical oncology. For more information, visit genesiscare.com/us.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240220757490/en/

Adriaan Epps
SVP Payer Strategy, Managed Care and Commercial Functions.
[email protected]
713-574-0808

Source: GenesisCare U.S.

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