The company also contracts with numerous cities and counties to provide healthcare to prisoners held in local jails some of Corizon’s larger municipal clients include Atlanta, Philadelphia and New York City (including the Rikers Island jail). “To that we add the insight of unparalleled experience assisting our client partners, and caring professionals serving the unique healthcare needs of patients.”Ĭorizon has around $1.5 billion in annual revenue and contracts to provide medical services for the prison systems in 13 states. “Corizon’s vision is firmly centered around service – to our clients, our patients and our employees,” Campbell said at the time.
The Nashville Business Journal reported the deal was valued at $250 million. The 2011 merger that created Corizon involved Valitás Health Services, the parent company of CMS, and America Service Group, the parent company of PHS. The company’s corporate headquarters is located in Brentwood, Tennessee and its operational headquarters is in St. In addition, Corizon employs around 14,000 staff members and contractors. At the same time that Hallworth was replaced, Corizon president Stuart Campbell also stepped down.Īccording to Corizon’s website, the company provides healthcare services at over 530 correctional facilities serving approximately 378,000 prisoners in 28 states. Hallworth, who had been appointed Corizon’s CEO in 2011, previously served as the president and CEO of PHS. Myers, Jr., the former chief medical officer at WellPoint Health.
On September 23, 2013, Moody’s again downgraded Corizon’s debt rating and changed the company’s rating outlook from “stable” to “negative.” The following month Corizon announced that it had replaced CEO Rich Hallworth with Woodrow A. Beecken’s other holdings are primarily in the healthcare industry.
Valitás Health Services is majority owned by Beecken Petty O’Keefe & Company, a Chicago-based private equity management firm. According to Moody’s, the rating downgrade was due to an “expectation of earnings volatility following recent contract losses, margin declines from competitive pricing pressure on new and renewed contracts, and Moody’s belief that Valitás will be unable to restore metrics to levels commensurate with the prior B1 rating over the near to intermediate term.” In April 2013, the debt-rating agency Moody’s downgraded Corizon’s nearly $360 million worth of debt to a rating of B2 – an indication the company’s debt is highly speculative and a high credit risk. Share: Share on Twitter Share on Facebook Share on G+ Share with emailĬorizon, the nation’s largest for-profit medical services provider for prisons, jails and other detention facilities, was formed in June 2011 through the merger of Prison Health Services (PHS) and Correctional Medical Services (CMS).
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