13 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 13 healthcare organizations that have filed for bankruptcy since Jan. 1, beginning with the most recent. 

1. Milledgeville, Ga.-based Oconee Regional Medical Center filed for Chapter 11 bankruptcy protection May 10. Prime Healthcare Foundation, the nonprofit affiliate of Ontario, Calif.-based Prime Healthcare Services, is in the process of acquiring Oconee Regional Medical Center. 

2. Campbellton-Graceville (Fla.) Hospital filed for Chapter 11 bankruptcy protection May 5 to lower its high debt load. The hospital will remain open during the bankruptcy process.

3. Lewisville, Texas-based Adeptus Health, the largest operator of freestanding emergency rooms in the U.S, filed for Chapter 11 bankruptcy protection April 19. All of the company's owned and joint-venture freestanding ERs will continue to operate as normal during the bankruptcy process.

4. 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.

5. Green Valley (Ariz.) Hospitalfiled 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.

6. Bostwick Laboratories, an anatomic pathology laboratory based in Glen Allen, Va., filed for Chapter 11 bankruptcy March 15. In its bankruptcy petition, the lab listed its assets as between $1 million and $10 million and its liabilities as between $50 million and $100 million.

7. 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.

8. California Proton Treatment Center, the San Diego-based investment group that owns Scripps Proton Therapy Center, filed for Chapter 11 bankruptcy March 9. 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.

9. 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.

10. Louisiana Heart Hospital in Lacombe filed for Chapter 11 bankruptcy Jan. 30. The hospital shut down Feb. 10 and closed its 16 medical clinics Feb. 28.

11. Aventura, Fla.-based Advanced Neuro Spine Institute, a medical group specializing in neurology, neurosurgery and pain management, filed for Chapter 11 bankruptcy Jan. 25. 

12. 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.

13. 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.

More articles on healthcare finance:

How CHS, Tenet, UHS, LifePoint and HCA fared in Q1
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6 hospitals receive credit downgrades in past month

 

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