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


                       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): JANUARY 15, 2001


                        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

On January 15, 2001,  Integrated  Health  Services,  Inc. (OTC  Bulletin  Board:
IHSVQ)  announced  that  Joseph A. Bondi of the  turnaround  consulting  firm of
Alvarez & Marsal,  Inc.,  had been named as the Chief  Executive  Officer of the
Company.  Mr. Bondi had been serving as the Chief  Restructuring  Officer of the
Company since July 27, 2000 pending  approval by the U.S.  Bankruptcy  Court for
the  District  of  Delaware  of an  agreement  between  Robert N. Elkins and IHS
pursuant  to which Dr.  Elkins  would  step aside as CEO of IHS.  The  financial
effects of the agreement have been disclosed in previous filings.

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.



Item 7. Exhibits

(c)  Exhibits

10.1  Agreement between Robert N. Elkins and Integrated Health Services, Inc.
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{"company-data": {"conformed-name": "INTEGRATED HEALTH SERVICES INC", "cik": "0000785814", "assigned-sic": "8300", "irs-number": "232428312", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12306", "film-number": "1511441"}, "business-address": {"street1": "10065 RED RUN BLVD", "city": "OWINGS MILLS", "state": "MD", "zip": "21117", "phone": "4109988400"}, "mail-address": {"street1": "100065 RED RUN BLVD", "city": "OWINGS MILLS", "state": "MD", "zip": "21117"}}
================================================================================

                       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): JANUARY 15, 2001

                        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

On January 15, 2001,  Integrated  Health  Services,  Inc. (OTC  Bulletin  Board:
IHSVQ)  announced  that  Joseph A. Bondi of the  turnaround  consulting  firm of
Alvarez & Marsal,  Inc.,  had been named as the Chief  Executive  Officer of the
Company.  Mr. Bondi had been serving as the Chief  Restructuring  Officer of the
Company since July 27, 2000 pending  approval by the U.S.  Bankruptcy  Court for
the  District  of  Delaware  of an  agreement  between  Robert N. Elkins and IHS
pursuant  to which Dr.  Elkins  would  step aside as CEO of IHS.  The  financial
effects of the agreement have been disclosed in previous filings.

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.

Item 7. Exhibits

(c)  Exhibits

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