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


                       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): MARCH 4, 1998.


                        INTEGRATED HEALTH SERVICES, INC.
             (Exact name of registrant as specified in its charter)
<TABLE>
<CAPTION><S>         <C>             <C>                         <C>
            DELAWARE                       001-12306                         23-2428312
(State or Other Jurisdiction of     (Commission File Number)    (I.R.S. Employer Identification No.)
         Incorporation)
</TABLE>

                             10065 RED RUN BOULEVARD
                          OWINGS MILLS, MARYLAND 21117
                    (Address of Principal Executive Offices)

                                 (410) 998-8400
              (Registrant's telephone number, including area code)

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







<PAGE>




ITEM 5.  OTHER EVENTS

     In a press release dated March 4, 1998,  Integrated  Health Services,  Inc.
(the  "Company")  reported  its revenues  and  operating  results for the fourth
quarter and year ended  December 31,  1997. A copy of the press  release and the
Company's consolidated statement of earnings is included as Exhibit 99.01 hereto
and incorporated by reference herein.


<PAGE>




         (c)      Exhibits.

                          Exhibit No.                            Document

                            99.01       Press  Release  dated  March 4, 1998 and
                                        the Company's  consolidated statement of
                                        earnings.



               





<PAGE>




                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  Registrant  has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.

                                           INTEGRATED HEALTH SERVICES, INC.

                                           By: /s/
                                               ________________________
                                           Name:    C. Taylor Pickett
                                           Title:   Executive Vice President and
                                                    Chief Financial Officer

Dated:  March 12, 1998


<PAGE>




                                  EXHIBIT INDEX

                                                           SEQUENTIALLY NUMBERED
  EXHIBIT NO.                       DOCUMENT                        PAGE 
  -----------                       --------                        ---- 
    99.01                   Press Release dated March 4,              6
                            1998   and   the   Company's
                            consolidated   statement  of
                            earnings.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 3334}]
{"company-data": {"conformed-name": "INTEGRATED HEALTH SERVICES INC", "cik": "0000785814", "assigned-sic": "8051", "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": "98564622"}, "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): MARCH 4, 1998.

                        INTEGRATED HEALTH SERVICES, INC.
             (Exact name of registrant as specified in its charter)
DELAWARE                       001-12306                         23-2428312
(State or Other Jurisdiction of     (Commission File Number)    (I.R.S. Employer Identification No.)
         Incorporation)
10065 RED RUN BOULEVARD
                          OWINGS MILLS, MARYLAND 21117
                    (Address of Principal Executive Offices)

                                 (410) 998-8400
              (Registrant's telephone number, including area code)

================================================================================
ITEM 5.  OTHER EVENTS

     In a press release dated March 4, 1998,  Integrated  Health Services,  Inc.
(the  "Company")  reported  its revenues  and  operating  results for the fourth
quarter and year ended  December 31,  1997. A copy of the press  release and the
Company's consolidated statement of earnings is included as Exhibit 99.01 hereto
and incorporated by reference herein.
(c)      Exhibits.

                          Exhibit No.                            Document

                            99.01       Press  Release  dated  March 4, 1998 and
                                        the Company's  consolidated statement of
                                        earnings.
SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  Registrant  has duly caused this Current Report on Form 8-K to be
signed on its behalf by the undersigned hereunto duly authorized.

                                           INTEGRATED HEALTH SERVICES, INC.

                                           By: /s/
                                               ________________________
                                           Name:    C. Taylor Pickett
                                           Title:   Executive Vice President and
                                                    Chief Financial Officer

Dated:  March 12, 1998
EXHIBIT INDEX

                                                           SEQUENTIALLY NUMBERED
  EXHIBIT NO.                       DOCUMENT                        PAGE 
  -----------                       --------                        ---- 
    99.01                   Press Release dated March 4,              6
                            1998   and   the   Company's
                            consolidated   statement  of
                            earnings.