Korey Daniel, CPA’s Post

Physicians in private practice should do a check-up. In this article, I saw that in 2023, healthcare bankruptcies surged by 71 percent from the previous year, marking the highest number in five years. The healthcare sector, including pharmaceuticals, senior care, hospitals, and clinics, experienced widespread financial distress, with hospitals facing the highest level of bankruptcies since 2019, and a net closure of 48 hospitals from 2018 to 2022. While the last quarter of 2023 saw a decrease in bankruptcy filings, ongoing financial challenges such as high-interest rates, regulatory limitations on mergers, and 𝗶𝗻𝘀𝘂𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝘁 𝗽𝗮𝘆𝗲𝗿 𝗿𝗮𝘁𝗲𝘀 𝗮𝗺𝗶𝗱𝘀𝘁 𝘀𝗵𝗶𝗳𝘁𝗶𝗻𝗴 𝗽𝗮𝘁𝗶𝗲𝗻𝘁 𝗰𝗮𝗿𝗲 𝘀𝗲𝘁𝘁𝗶𝗻𝗴𝘀, 𝘀𝘂𝗴𝗴𝗲𝘀𝘁 𝘁𝗵𝗮𝘁 𝘀𝗺𝗮𝗹𝗹𝗲𝗿 𝗵𝗲𝗮𝗹𝘁𝗵𝗰𝗮𝗿𝗲 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻𝘀 𝗺𝗮𝘆 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝘁𝗼 𝗳𝗮𝗰𝗲 𝘀𝗲𝘃𝗲𝗿𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗱𝗶𝗳𝗳𝗶𝗰𝘂𝗹𝘁𝗶𝗲𝘀 𝗶𝗻 𝟮𝟬𝟮𝟰. https://lnkd.in/gGJrf9rF

Healthcare bankruptcies hit 5-year high!! 73 healthcare companies, including 12 hospitals and health systems, filed for bankruptcy in 2023, the highest number of filings since 2019, according to a Jan. 25 report published by Gibbins Advisors, a healthcare restructuring consulting firm. Hospital bankruptcy filings spiked in 2023 with 12 filings compared to a total of 11 filings from the previous three years combined. The senior care and pharmaceutical sectors comprised nearly half the total healthcare bankruptcy filings in 2023, in line with previous trends. Healthcare contnues to face various financial headwinds except for underpayment recovery from insurers. Larry G. Potter Senior Underpayment Recovery Advisor Lgpotter33@gmail.com Text: 1-847-872-4047

The 12/19 Healthcare Labyrinth Newsfeed is live! Click below to read! Some of today's topics: -- Antitrust guidelines finalized -- DOJ opposes Humana RADV suit -- DOJ Fights IRA Medicare drug pricing suit -- Will there be biosimilar uptake? -- Findings on the underinsured #healthcare #healthinsurance #healthcarereform #healthcarelabyrinth

The current spike in healthcare bankruptcies is a complex tale of common challenges and industry-specific nuances. Companies like Envision Healthcare and American Physician Partners share a struggle against regulatory changes, particularly the No Surprises Act, leading to delayed payments and financial hurdles. Coupled with the ongoing impact of the post-pandemic era, these dynamics underscore the urgency for strategic financial planning. However, the differences in industry sectors are stark. Rite Aid faces legal complexities tied to opioid oversupply, while Pear Therapeutics grapples with slow payer reimbursements for digital therapeutics. It's evident that while a common thread of financial strain runs through, tailored solutions are vital. Companies' responses to bankruptcy vary, but one thing is certain: This period demands adaptability. #Healthcare #Bankruptcies #Adaptability

Potrero Medical Files for Chapter 11 Bankruptcy, Aims to Reorganize and Refocus on Patient Care - HIT Consultant #PotreroMedicalFilesforChapter11Bankruptcy #ReorganizeandRefocusonPatientCare Potrero Medical, a healthcare technology company, has filed for Chapter 11 bankruptcy in order to reorganize and refocus on patient care. The company aims to continue providing its innovative solutions to improve patient outcomes and reduce healthcare costs. #BackgroundandReasonsforBankruptcy Potrero Medical's decision to file for Chapter 11 bankruptcy comes as a result of financial challenges faced by the company. The bankruptcy filing will allow Potrero Medical to restructure its debts and liabilities, giving it an opportunity to regain financial stability and continue its operations. #ImpactonCustomersandPartners Despite the bankruptcy filing, Potr ai.mediformatica.com #medical #this #bankruptcy #health #patientcare #digitalhealth #healthit #healthtech #healthcaretechnology @MediFormatica (https://buff.ly/4a5qYyl)

Join us in welcoming our newest Practus partner, Ryan Cuthbertson! Ryan uses his upbringing as the son of a physician, his appreciation for the work health care providers do, and his decade-long service as a USAF Officer to effectively represent his clients within health care fields. He provides guidance to health care providers on a range of transactional, operational, and compliance legal matters. Ryan handles health care transactions from concept to consummation with a particular interest in complex joint ventures, practice acquisitions, real estate transactions, and leasing arrangements. Whether you need legal representation in regulatory diligence, contract negotiation, or CHOW issues, Ryan is there to help. His clients typically include pharmacies, laboratories, substance abuse treatment facilities, durable medical equipment suppliers, hospital systems, dialysis providers, long-term care facilities, and medical practices. When he’s not practicing law, you can find him enjoying the outdoors with his wife and two kids at the beach, hiking, snowshoeing, or exploring coastal New England towns. After receiving Best Lawyers Ones to Watch in Health Care Law for 2024, Super Lawyers, part of Thomson Reuters of Massachusetts - Health Care, Rising Star from 2019-2023, and many other awards across industries, we’re excited he’s part of the Practus team! Learn more about Ryan here: https://loom.ly/vFf29-Q #thepractusway #practuslaw #healthcarelaw #regulatoryattorney #compliance #jointventures #mergersandaquisitions #legalinsights #workculture

Private Equity (PE) funds often invest in medical practices through management services organizations (MSOs), a model that has recently faced criticism in several states for alleged corporate practice of medicine violations and for generally increasing health care costs. Structuring PE-owned MSOs as Benefit Corporations may help to mitigate those concerns. Read more in this new article from Frier Levitt Founding Partner Daniel Frier here: https://lnkd.in/de5TFjeW #FrierLevitt #MSOs #PrivateEquity #BenefitCorporations

Calling all strategic buyers in the health care industry, including private equity investors. The Federal Trade Commission (FTC) has taken action against U.S. Anesthesia Partners and private equity group Welsh, Carson, Anderson & Stowe, alleging anticompetitive practices in the Texas anesthesia market through a series of acquisitions that were individually all below the Hart-Scott-Rodino premerger reporting thresholds. This marks the first time in years that the FTC has targeted a "roll-up" under Section 2 of the Sherman Act, aiming to prevent market consolidation and increased prices for consumers. Click the image below to read the article by James Burns to learn more. #antitrustlaw #legalalert #healthcare

Is a transaction right for your organization? Attorney Gary Herschman and Dana Jacoby, CEO of VectorMedicalGroup, discuss what ASCs and physician groups should consider when partnering with private equity, in an article for Becker's Healthcare. #MergersAndAcquisitions #Physicians #Healthcare

Our latest Gibbins Advisors Healthcare Restructuring report for 2023 has just been released and I enjoyed speaking with Modern Healthcare's Caroline Hudson about the key drivers and interesting trends we are seeing. Download a free copy of the report on our website here: https://lnkd.in/dz_BqdZX and contact me or Tyler Brasher if you have any questions. #healthcare #restructuring #bankruptcy