Companies can take a few years to get their financial reporting processes and internal controls in order to become public. John Jolley of the Workiva capital markets team talked to PACS Group Chief Accounting Officer Michelle Lewis about the steps PACS took ahead of its initial public offering, plus how it used the Workiva platform as a private company for financial reporting, as well as for its IPO.
In a broad ranging interview with Skilled Nursing News, Josh Jergensen, COO, discussed hot topics such as surveys, staff makeup and retention, and also outlined the company’s wins with its unique administrator-in-training (AIT) program.
Scaling up by empowering regional operators has long been a successful strategy for nursing home giant PACS Group (NYSE: PACS), but this growth hasn’t come at the expense of losing its identity nor by over-leveraging itself using high-interest debt, according to CEO Jason Murray.
Following significant leadership changes recently at PACS Group, new initiatives are afoot at the nursing home giant as it continues to expand its footprint.
For nursing home operators with rapidly expanding portfolios, there are a lot of challenges and rewards to consider. Joseph Lee, Senior VP of Support Services at PACS, knows this first-hand.
Using a model that invests in strong administrators and frees them to lead locally, Providence Group has edged itself into position as one the nation’s five largest nursing home operators over the last two years.
To build relationships that can weather hurdles and succeed in a “new era” for nursing homes, owners and operators should focus on how they can drive mutual growth over time, through symbiotic, creative deals generating long-term value.
