PACS Holdings, LLC, a subsidiary of PACS Group, Inc. (NYSE: PACS), has established itself as one of the largest skilled nursing facility owners in South Carolina, according to recent CMS data analysis. The company currently owns 19 skilled nursing facilities in South Carolina, matching its footprint in Colorado while maintaining a significant national presence across nine states.
Portfolio Overview
Data from the most recent CMS upload reveals that PACS Holdings owns a total of 181 skilled nursing facilities nationwide. The company’s portfolio is heavily concentrated in California with 118 facilities, representing 65% of its total operations. South Carolina and Colorado each host 19 facilities (10.5% each), followed by Kentucky (7), Ohio (6), Nevada (4), Arizona (4), Texas (2), and Missouri (2).
Ownership Structure, Leadership and Business Model
The company maintains full ownership (100%) of 179 of its 181 facilities, demonstrating a strong preference for complete operational control rather than partial ownership arrangements.
Founded in 2013, PACS Group has grown rapidly under the leadership of co-founders Jason Murray (Chairman and CEO) and Mark Hancock (Executive Vice Chairman). The company employs a decentralized operating model that empowers local facility administrators while providing centralized back-office support services.
PACS Holdings’ business strategy focuses on acquiring underperforming long-term care facilities and converting them into high-acuity, short-term transitional care centers. This approach involves significant investments in clinical teams, technology, staffing, and facility improvements.
South Carolina Market Dynamics
The state has implemented favorable changes, with Medicaid reimbursement rates for long-term care facilities increasing by 1.8% as of October 2024, representing approximately $15 million in additional annual aggregate expenditures. Additionally, Medicare Part A payments to skilled nursing facilities have seen a 4.2% net increase for fiscal year 2025.
Investment Outlook
PACS Group’s recent public offering on the NYSE in April 2024 raised approximately $450 million, providing capital for potential further expansion. For investors and industry stakeholders, PACS Holdings’ concentrated portfolio in California and growing presence in states like South Carolina and Colorado represents a strategic approach to geographic diversification while maintaining operational scale in key markets.
