Genesis Cancer Care is a private provider of cancer diagnostics and treatment. The company has 14 outpatient clinics across the UK. Recent years has seen its income from self-pay patients who would normally wait for NHS care rise substantially. The company is a subsidiary of Genesis Care Pty Ltd, an Australian company, that also has operations in Spain and the USA. Genesis Care Pty Ltd is majority owned by Asia Pacific Investments Ltd and Asia GCMIV Holdings II, both private equity style investment funds. The company has recently had financial difficulties in the USA.
Strategy
GenesisCare UK, operating as Genesis Cancer Care, provides diagnostics and cancer treatments primarily to self-pay and PMI patients. The company has reported that its business is being driven by increased self-pay patients who would previously have waited for NHS care.
The company operates 14 centres across England and is will open a centre in Guildford in partnership with the Royal Surrey Country Hospital Foundation Trust in early 2024. This will offer adaptive radiotherapy and theragnostic services.
In 2022 Genesis published a “white paper” setting out what the NHS could do to mitigate the “cancer crisis”. The white paper included a section on the importance of increased of collaboration between the NHS and independent sector, in a similar way to that seen in the diagnostic sector with community diagnostic hubs:
"we believe the scale of the challenge now needs new models. This will encompass the delivery of care, which may require hybrid assets and facilities that provide access to both public and privately funded patients. Many IS clinicians are leading experts in the novel approaches outlined above, and IS facilities may have greater access to capital to invest in new technologies or capacity – not tapping into this will represent a significant missed opportunity."
The report adds that the new model will have to be UK-wide rather than confined to the current model of single partnerships between individual
trusts or private providers and academic institutions.
Genesis Cancer Care's parent company Australian Genesis Care Pty Ltd has undergone financial difficulties in the US and had to reorganise and seek new financing for the company (see financial section).
Financials
The most recent accounts for GenesisCare UK Ltd, as Genesis Cancer Care Ltd, are for the year to end June 2023 filed in February 2024. The company reported a profit for the year of £3.43 million, up from £17,000 in the year to June 2022. Revenue rose 20% to £122.5 million from £100.4 million in 2022.
In early 2023, Genesis Care Pty Ltd's subsidiary in the USA filed for schedule 11 bankruptcy in Texas which affected Genesis Care Pty Ltd and 52 affiliated companies that also had to file schedule 11 claims. The company has since restructured in a way that separates its non-US operations from the bankrupt US company and secured new ownership with new financing.
The reorganisation was finalised in February 2024 and the company was able to emerge from Chapter 11 bankruptcy in Texas.
Outside of the USA, GenesisCare now consists of three distinct businesses: GenesisCare Australia, GenesisCare UK, and GenesisCare Spain. The company’s new owners will retain certain operations in the USA as a separate investment. Each business will have its own governance structures, including a separate Board of Directors, and be responsible for its own strategy, business priorities, and performance.
According to the company's most recent accounts to the year ending June 2023 filed in the UK in February 2024, the company is 66% owned by Asia Pacific Healthcare Investments Ltd and Asia GCMIV Holdings II PFE Ltd, both are private equity-style investment funds. The remainder of the shareholding is owned by employees. These were the owners listed in the 2023 accounts. However, in a press release in February 2024, the company refers to 'new owners' several times and notes that it has received US$56 million (AU$86 million) in new money financing from its 'new owners'.
Contracts
Genesis Cancer Care has reported that its business is increasing due to the long waiting times for NHS patients. The company is treating self-pay patients who feel they can not wait for NHS care.
