Doctors News Hubb
Advertisement Banner
  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us
No Result
View All Result
Doctors News Hubb
No Result
View All Result
Home Healthcare

Envision Healthcare to file for chapter 11 bankruptcy: report

admin by admin
May 10, 2023
in Healthcare


Physician staffing company Envision Healthcare is planning to file for chapter 11 bankruptcy, the Wall Street Journal reported, citing people familiar with the matter.

The filing could happen as early as this weekend, the newspaper reported Tuesday. Much of Nashville, Tennessee-based Envision’s $7 billion in outstanding debt would be swapped for shares if the company restructures.

Private equity firm KKR, which bought Envision in a $10 billion deal in 2018, has already written off the investment, marking one of its biggest losses to date, according to the report.

Spokespeople for Envision and KKR declined to comment to Modern Healthcare.

Envision has struggled financially amid soaring labor costs and multiple legal disputes with UnitedHealth Group, which removed Envision from its provider networks in 2021.

Envision notched a win in March when a federal court ordered UnitedHealth to pay $91.2 million for violating its contract by reducing reimbursements and refusing to accept physicians into its networks.

The No Surprises Act also dealt a blow to Envision’s financial performance by prohibiting many types of out-of-network bills from which the company was profiting.

In September, Moody’s Investor Services downgraded Envision’s debt to a “C” rating, which is typically applied to debts in default that show little prospect for recovery. At the time, Moody’s said Envision’s capital structure was unsustainable and predicted a likely bankruptcy or major restructuring in the near future.



Source link

Advertisement Banner
Previous Post

Aditya Bansod, Luma Health – The Health Care Blog

Next Post

Why prescription digital therapeuticsis still a hot topic for health care reporters

Related Posts

Healthcare

The Check Up: Bobby Sepucha, InterWell Health

June 5, 2023
Healthcare

Debt ceiling deal impacts health programs, but could’ve been worse

June 4, 2023
Healthcare

Oak Street Health CEO Mike Pykosz seeks growth post-CVS Health deal

June 3, 2023
Healthcare

Hospital-at-home market to grow by 50% within 5 years: Chilmark

June 2, 2023
Healthcare

Don’t Blame Burnout – The Health Care Blog

June 2, 2023
Healthcare

Andy Roddick’s ViewFi partners with Glen Tullman’s Transcarent

June 1, 2023
Next Post

Why prescription digital therapeuticsis still a hot topic for health care reporters

Recommended

Best Mattress for Snoring of 2022

7 months ago

12 Best Hospital TV Shows

5 months ago

COVID-19 Vaccination During Pregnancy Benefits Neonates and Pregnant Individuals

5 months ago

Tips to help journalists cope with pandemic and other stress 

6 months ago

Long-Acting Injectable Preferred for HIV Preexposure Prophylaxis

4 months ago

© Doctors News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Healthcare
  • Public Health
  • Paramedic
  • Nursing
  • Contact Us

© 2022 Doctors News Hubb All rights reserved.