Vibra Healthcare

Last updated
Vibra Healthcare, LLC
TypePublic
IndustryHealthcare
Founded2004
Headquarters
Mechanicsburg, Pennsylvania
,
United States
Key people
CEO: Brad Hollinger
Products Hospitals, Rehabilitation hospitals
Website www.vibrahealthcare.com

Vibra Healthcare, LLC is an operator of general and rehabilitation hospitals and other healthcare facilities. It is based in Mechanicsburg, Pennsylvania and was founded in 2004. Its 65 hospitals are located in several U.S. states. [1] Its CEO is Brad Hollinger, who also owns 10 percent of Williams Racing. [2] [3]

Contents


History

In 2006, the company's revenue was $149 million. [1] In 2014, their revenue was $749 million. [4]

Vibra acquired non-controlling interest in Post Acute Medical LLC in 2006. [1]

In 2016, the company settled with the US Department of Justice for $32.7 million over claims of Medicare fraud through medically unnecessary procedures from 2006 through 2013. [5] [6] The company also settled with the Department of Justice in 2019 for $6.25 million over a similar issue. [7]

During the 2020 COVID-19 pandemic, ProPublica reported the company received between $41.7 and $97 million in federally backed small business loans as part of the Paycheck Protection Program. PPP is designed for small companies and has a maximum of $10 million loan value, but Vibra received the loans split between 26 LLCs at the same address. 23 of the LLCs were funded by Orrstown Bank, and almost all were funded on the same day. Vibra also received $13 million in health care grants from CARES act and $41 million in Medicare payment advances. [2] [8]

Hospitals and subsidiaries

As of 2006 Vibra leases ten facilities from Medical Properties Trust (MPT), a REIT; three are inpatient rehabilitation and seven are for long-term acute care. The leases are triple-net leases. Some were purchased by Vibra, immediately sold to MPT, and leased from MPT in a leaseback arrangement. [9] [1] [10]

Vibra also operates facilities that were sold under triple-net leaseback to the MedEquities Realty Trust REIT (MRT), and others that were purchased with mortgage loans from MRT. By 2015, Vibra was approximately 25% of MRT's revenue. [4]

In 2013, Vibra purchased 17 facilities from Kindred Healthcare of Louisville, Kentucky for $183 million. The facilities included 15 hospitals with 1052 LTACH beds, one IRF with 44 beds, and one SNF with 135 beds. [11] [12]

The subsidiaries, mostly hospitals, are:

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References

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  2. 1 2 Paul Kiel; Jack Gillum. "Different Names, Same Address: How Big Businesses Got Government Loans Meant for Small Businesses". ProPublica. Retrieved 16 July 2020.
  3. ↑ Baldwin, Alan (25 February 2015). "Motor racing-Hollinger raises stake in Williams F1 to 10 pct". Reuters. Retrieved 16 July 2020.
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