================================================================================


                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                -----------------


                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 27, 2000


                        INTEGRATED HEALTH SERVICES, INC.
             (Exact name of registrant as specified in its charter)


            DELAWARE                      001-12306               23-2428312
(State or Other Jurisdiction      (Commission File Number)    (I.R.S. Employer
     of Incorporation)                                       Identification No.)



                               910 Ridgebrook Road
                             Sparks, Maryland 21152
                    (Address of Principal Executive Offices)

                                 (410) 773-1000
              (Registrant's telephone number, including area code)

================================================================================

<PAGE>

Item 5. Other Events

Joseph A. Bondi of the turnaround consulting firm of Alvarez & Marsal, Inc., has
been named as the Chief Restructuring Officer of the Company. In connection with
this appointment, Robert N. Elkins, a founder of IHS, has agreed to step down as
Chairman,  CEO and President upon approval by the U.S.  Bankruptcy Court for the
District of Delaware of an agreement  between Dr.  Elkins and IHS. At such time,
Mr. Bondi will be named as CEO.

Mr. Bondi and Alvarez & Marsal,  Inc. have extensive  experience in the field of
restructuring and reorganization.  Mr. Bondi's prior experience includes serving
as  Chairman-Restructuring  of MobilMedia,  Inc., Chief Restructuring Officer of
Iridium LLC and Senior Vice President of Republic Health Corporation.

If Dr. Elkins'  agreement is approved by the Bankruptcy  Court,  Dr. Elkins will
resign as an officer and  director of the Company and  surrender  to the Company
his equity interests in the Company,  Dr. Elkins will become a consultant to the
Company, and the Company will forgive the repayment of loans made to Dr. Elkins,
make  certain  payments  to Dr.  Elkins and  release  Dr.  Elkins  from  certain
potential claims.  In addition,  certain loans made by the Company to its senior
executives will automatically be forgiven. As a result, the Company will incur a
charge of approximately $70 million (of which  approximately $10 million relates
to loans to senior executives) in the quarter in which the agreement is approved
by the Bankruptcy Court.

Item 7. Exhibits

(c)  Exhibits

10.1  Agreement between Robert N. Elkins and Integrated Health Services, Inc.

10.2  Indemnification  Agreement between Alvarez and Marsal, Joseph A. Bondi and
      Integrate Health Services, Inc.

10.3  Engagement  Agreement  between Alvarez and Marsal Inc., Joseph A Bondi and
      Integrated Health Services, Inc.

<PAGE>

                                   SIGNATURES

         Pursuant to the requires of the  Securities  Exchange Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereuto duly authorized.

                                                INTEGRATED HEALTH SERVICES, INC.


Dated: July 31, 2000                            By: /s/ C. Taylor Pickett
                                                    ---------------------
                                                    C. Taylor Pickett
                                                    Executive Vice President and
                                                    Chief Financial Officer
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================================================================================

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                -----------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 27, 2000

                        INTEGRATED HEALTH SERVICES, INC.
             (Exact name of registrant as specified in its charter)

            DELAWARE                      001-12306               23-2428312
(State or Other Jurisdiction      (Commission File Number)    (I.R.S. Employer
     of Incorporation)                                       Identification No.)

                               910 Ridgebrook Road
                             Sparks, Maryland 21152
                    (Address of Principal Executive Offices)

                                 (410) 773-1000
              (Registrant's telephone number, including area code)

================================================================================
Item 5. Other Events

Joseph A. Bondi of the turnaround consulting firm of Alvarez & Marsal, Inc., has
been named as the Chief Restructuring Officer of the Company. In connection with
this appointment, Robert N. Elkins, a founder of IHS, has agreed to step down as
Chairman,  CEO and President upon approval by the U.S.  Bankruptcy Court for the
District of Delaware of an agreement  between Dr.  Elkins and IHS. At such time,
Mr. Bondi will be named as CEO.

Mr. Bondi and Alvarez & Marsal,  Inc. have extensive  experience in the field of
restructuring and reorganization.  Mr. Bondi's prior experience includes serving
as  Chairman-Restructuring  of MobilMedia,  Inc., Chief Restructuring Officer of
Iridium LLC and Senior Vice President of Republic Health Corporation.

If Dr. Elkins'  agreement is approved by the Bankruptcy  Court,  Dr. Elkins will
resign as an officer and  director of the Company and  surrender  to the Company
his equity interests in the Company,  Dr. Elkins will become a consultant to the
Company, and the Company will forgive the repayment of loans made to Dr. Elkins,
make  certain  payments  to Dr.  Elkins and  release  Dr.  Elkins  from  certain
potential claims.  In addition,  certain loans made by the Company to its senior
executives will automatically be forgiven. As a result, the Company will incur a
charge of approximately $70 million (of which  approximately $10 million relates
to loans to senior executives) in the quarter in which the agreement is approved
by the Bankruptcy Court.

Item 7. Exhibits

(c)  Exhibits

10.1  Agreement between Robert N. Elkins and Integrated Health Services, Inc.

10.2  Indemnification  Agreement between Alvarez and Marsal, Joseph A. Bondi and
      Integrate Health Services, Inc.

10.3  Engagement  Agreement  between Alvarez and Marsal Inc., Joseph A Bondi and
      Integrated Health Services, Inc.
SIGNATURES

         Pursuant to the requires of the  Securities  Exchange Act of 1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereuto duly authorized.

                                                INTEGRATED HEALTH SERVICES, INC.

Dated: July 31, 2000                            By: /s/ C. Taylor Pickett
                                                    ---------------------
                                                    C. Taylor Pickett
                                                    Executive Vice President and
                                                    Chief Financial Officer