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Summary: Genoa Healthcare Group LLC Jun 11
Standard & Poors, June 2011
The low speculative-grade rating on Tampa-based Genoa Healthcare Group LLC reflects its vulnerable business risk profile that is subject to the company's concentration in one state, and its exposure to uncertain third-party reimbursement and economic trends. Moreover, its financial risk profile is highly-leveraged. Genoa's portfolio of nursing homes is composed of about 60 leased facilities in Florida. Because of its single-state concentration, the company receives over 40% of its revenues from the Florida Medicaid system. Consequently, it is vulnerable to Florida state program changes. Current weak economic conditions underscore this vulnerability because states often cut or forego increases in Medicaid rates during times of budgetary stress. For example, Florida recently approved legislation to reduce payments to nursing homes by 6.5%...
Companies mentioned in this report are: Genoa Healthcare Group LLC
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Genoa Healthcare Group LLC