9 healthcare bankruptcies so far in 2017
From reimbursement landscape challenges to dwindling patient volumes, many factors lead hospitals and other healthcare organizations to file for bankruptcy.
Here are nine healthcare organizations that have filed for bankruptcy since Jan. 1, beginning with the most recent.
1. York, Pa.-based medical device company Unilife Corp., which develops and markets injectable drug delivery systems, filed for Chapter 11 bankruptcy in early April. "We have conducted an extensive review of alternatives to address Unilife's capital structure, and we believe pursuing a balance sheet restructuring or sale through Chapter 11 is the best path forward at this time," said John Ryan, CEO of Unilife.
2. Green Valley (Ariz.) Hospital filed for Chapter 11 bankruptcy April 3. In its bankruptcy documents the hospital says it was "poorly managed" and "undercapitalized" since it opened about two years ago.
3. Naperville, Ill.-based Vital Wellness Home Health, which provides home health and private duty services in the Chicago, Phoenix and Denver areas, filed for Chapter 11 bankruptcy March 2. In its bankruptcy petition the company listed its liabilities as $2.3 million, and the total value of its assets as about $1 million.
4. California Proton Treatment Center, the San Diego-based investment group that owns Scripps Proton Therapy Center, filed for Chapter 11 bankruptcy March 1. According to documents filed with the court, the proton therapy center "has not operated on a profitable or even a break-even basis" since it opened in February 2014.
5. Humble (Texas) Surgical Hospital filed for Chapter 11 bankruptcy Feb. 24. The hospital filed its bankruptcy petition after a judge ordered it to pay Hartford, Conn.-based Aetna $51.4 million in a seven-year-old court battle over the hospital's out-of-network charges.
7. Aventura, Fla.-based Advanced Neuro Spine Institute, a medical group specializing in neurology, neurosurgery and pain management, filed for Chapter 11 bankruptcy Jan. 25.
8. North Texas Medical Center in Gainesville, which is owned by the Gainesville Hospital District, filed for Chapter 9 bankruptcy Jan. 17. With the hope of regaining its financial footing, the hospital's board approved a partnership with King of Prussia, Pa.-based Universal Health Services in December.
9. The public trust that operates Atoka (Okla.) County Medical Center filed for Chapter 9 bankruptcy Jan. 10. At that time, the critical access hospital was about $16 million in debt.
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