Vibra Healthcare


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. Its CEO is Brad Hollinger, who also owns 10 percent of Williams Racing.

History

Vibra Healthcare formed in 2004, receiving a loan of $41.4 million from Medical Properties Trust to purchase the operations of six rehabilitation and long-term acute care hospitals owned by MPT in Kentucky, Colorado, California, and New Jersey. Upon this transaction, Vibra became a tenant of MPT.
In 2006, the company's revenue was $149 million. In 2014, their revenue was $749 million.
Vibra acquired non-controlling interest in Post Acute Medical LLC in 2006.
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. The company also settled with the Department of Justice in 2019 for $6.25 million over a similar issue.
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.

Hospitals and subsidiaries

As of 2006 Vibra leases ten facilities from Medical Properties Trust, a REIT; three are inpatient rehabilitation facilities 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.
Vibra also operates facilities that were sold under triple-net leaseback to the MedEquities Realty Trust REIT, and others that were purchased with mortgage loans from MRT. By 2015, Vibra was approximately 25% of MRT's revenue.
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 skilled nursing facility with 135 beds.
The subsidiaries, mostly hospitals, are: