Florida nursing home chain goes public
Tandem Health Care filed an initial public offering on Oct. 7, becoming the latest nursing home chain to enter the market since 2001.Previously, the last company to opt to be publicly traded was Five Star Quality Care, which went on the market at the end of 2001. Changes to Medicare laws sent the industry into a tailspin in 1998, leading to many operator bankruptcies and stunting growth.
Tandem, which is based in Maitland, FL, owns, leases or manages 78 facilities in Florida, Ohio, Pennsylvania, Virginia, New Jersey, Tennessee and Maryland. Skilled nursing makes up more than 90% of the total beds.