27 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 27 hospitals and healthcare companies that have filed for bankruptcy since Jan. 1, beginning with the most recent.

1. Cantrell Drug Co., a Little Rock, Ark.-based specialty pharmaceutical company, filed for Chapter 11 bankruptcy Nov. 7. The company's chairman and CEO cited two inspections by the FDA as the reason for the bankruptcy. The two inspections, which took place in the last year, led Cantrell to temporarily suspend product manufacturing and shipping.

2. GulfCoast Surgery Center in Sarasota, Fla., which was established in 2003, filed for Chapter 11 bankruptcy Nov. 3. In documents filed in the bankruptcy case, the surgery center listed its assets as $50,000 or less and its liabilities as between $1 million and $10 million.

3. Tulare (Calif.) Regional Medical Center, a 112-bed hospital formerly managed by Tulare-based HealthCare Conglomerate Associates, filed for Chapter 9 bankruptcy Oct. 1. The local healthcare district voluntarily suspended its license to operate the hospital, and the facility closed Oct. 29.

4. Cardiac Connection Home Health Care Nursing Services, a home healthcare company in Richmond, Va., filed for Chapter 11 bankruptcy Oct. 16. The company, which provides home care to patients with serious cardiac issues, plans to continue business as usual while it restructures its debt.

5. Chandler, Ariz.-based Phoenician Medical Centerfiled for Chapter 11 bankruptcy Aug. 24. Phoenician Medical Center includes East Valley Family Medical and 21st Century Family Medicine, which have locations across Arizona in Phoenix, Glendale, Gilbert, Casa Grande, Tempe, Ahwatukee, Chandler and Mesa.

6. Six urgent care centers in Southern California filed for Chapter 11 bankruptcy Aug. 3. The bankruptcy case includes the following six facilities: Cypress (Calif.) Urgent Care, Hoag Urgent Care-Anaheim (Calif.) Hills, Hoag Urgent Care-Huntington Harbour in Huntington Beach, Hoag Urgent Care-Orange (Calif.), Hoag Urgent Care-Tustin (Calif.), and Laguna Dana Urgent Care in Dana Point.

7. Morehead Memorial Hospital, a 108-bed nonprofit hospital in Eden, N.C., filed for Chapter 11 bankruptcy July 10. Morehead Memorial said the bankruptcy filing will allow it to restructure its debt and improve its chances of finding a strategic partner.

8. Kennewick, Wash.-based Trios Health filed for Chapter 9 bankruptcy June 30. Trios Health includes a full-service community hospital, a women's and children's specialty hospital, outpatient specialty offices and urgent care clinics.

9. Lafayette, La.-based Acadiana Management Group, which runs post-acute hospitals across several states, filed for Chapter 11 bankruptcy June 23. 

10. Oklahoma City-based Foundation HealthCare, which owns and operates surgical hospitals in Oklahoma and Texas, filed for Chapter 11 bankruptcy June 20. The company emerged from bankruptcy protection in October.

11. Premiere Medical Management Group, a Burbank, Calif.-based multispecialty medical group, filed for Chapter 7 bankruptcy June 15.

12. Keeler's Medical Supply, a medical equipment company in Yakima, Wash., filed for Chapter 11 bankruptcy June 15.

13. Walnut Hill Medical Center, a 100-bed for-profit hospital in Dallas, filed for Chapter 7 bankruptcy June 6 after abruptly closing just four days prior.

14. Fort Myers, Fla.-based 21st Oncology Holdings, a cancer care services provider, filed for Chapter 11 bankruptcy May 25. 

15. Milledgeville, Ga.-based Oconee Regional Medical Center filed for Chapter 11 bankruptcy May 10.

16. Campbellton-Graceville (Fla.) Hospital filed for Chapter 11 bankruptcy May 5 to lower its high debt load.

17. Lewisville, Texas-based Adeptus Health, the largest operator of freestanding emergency rooms in the U.S., filed for Chapter 11 bankruptcy April 19.

18. 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.

19. Green Valley (Ariz.) Hospital filed for Chapter 11 bankruptcy April 3. In its bankruptcy documents, the hospital said it was "poorly managed" and "undercapitalized" since it opened more than two years ago.

20. Bostwick Laboratories, an anatomic pathology laboratory based in Glen Allen, Va., filed for Chapter 11 bankruptcy March 15.

21. 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.

22. California Proton Treatment Center in San Diego 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.

23. 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.

24. 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.

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

26. North Texas Medical Center in Gainesville, which is owned by the Gainesville Hospital District, filed for Chapter 9 bankruptcy Jan. 17.

27. 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:

Healthcare bankruptcies more than triple in 2017
North Philadelphia Health System CEO to resign as part of cost-cutting plan
Insider selling: Interim CEO unloads $35M in Cerner stock

 

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