Salt Lake City, Utah — PACS Group, one of the largest post-acute care platforms in the country, announced Monday that it has appointed Carey P. Hendrickson as its new Chief Financial Officer, effective immediately. The move caps a carefully planned leadership transition at a company that grew from two skilled nursing facilities in San Diego to more than 320 across 17 states.
Hendrickson takes over from co-founder Mark Hancock, who has served in the CFO role since the company’s founding in 2013 — including stepping back in as interim CFO in September 2025 after a leadership gap. Hancock will retire from day-to-day executive duties on June 30, 2026, though he’ll stay on the board as vice chairman.
The transition isn’t a crisis. It’s a handoff. And the timing says something about where PACS stands right now.
A company that quietly became a giant
Most people outside the industry don’t know PACS Group’s name, but the numbers are hard to ignore. The company serves more than 31,700 patients daily and posted $5.29 billion in revenue for full-year 2025 — a 29.3% increase year over year. It went public on the New York Stock Exchange in April 2024.
That growth didn’t happen by accident. Hancock, who co-founded the company alongside CEO Jason Murray, helped architect both the financial infrastructure and the balance sheet discipline that made PACS’s IPO possible. Now the company is bringing in someone with a different kind of experience — broad, multi-sector healthcare finance leadership — to take it through the next phase.
Hendrickson comes to PACS with nearly four decades in senior financial roles. He most recently served as CFO of U.S. Physical Therapy, a national operator of 779 outpatient clinics. Before that, he spent six years as CFO of Capital Senior Living — now known as Sonida Senior Living — where he directly managed the kind of reimbursement-sensitive, multi-state senior care portfolio that PACS operates in every day.
“He knows the world of senior and post-acute care from the inside,” Murray said in a statement. “He’s led M&A at organizations whose residents look a great deal like the patients we serve at PACS every day.”
What it means for skilled nursing
PACS isn’t just a financial story. It’s one of the fastest-scaling operators in the skilled nursing sector, and who runs its finances matters for the hundreds of facilities — and tens of thousands of patients — under its umbrella.
Hendrickson’s background in payor contract negotiations, revenue cycle management, and debt restructuring suggests PACS is preparing for a more complex operating environment. The post-acute sector is under significant reimbursement pressure heading into 2027, with Medicare rate proposals still being digested and Medicaid cuts looming across multiple states.
For Hancock, who helped navigate PACS through its earliest days and its public debut, the retirement marks the end of an era — but not a departure. He’ll continue as vice chairman, with an active voice in the company he helped build from scratch.
“When Mark and I first began discussing the idea that would become PACS 13 years ago, we set out to build something that would endure beyond our time at the company,” Murray said. “His fingerprints are embedded in the foundation of PACS.”
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