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KKR backed Envision healthcare files for chapter 11.
Posted on 5/15/23 at 10:40 am
Posted on 5/15/23 at 10:40 am
The filing is expected to wipe out New York-based KKR’s entire investment in Envision, which first took the publicly traded physician group private in a $5.5 billion buyout initiated in 2018. Envision now carries some $7 billion in outstanding debt, WSJ noted, trading at about “10 cents on the dollar as the company’s finances have steadily deteriorated over the last two years.”
For those of you that aren't familiar. They are a physician staffing company. The have various specialties they provide. They pay the doctors way less than they make off of them.
Apparently they also have some surgery centers.
For those of you that aren't familiar. They are a physician staffing company. The have various specialties they provide. They pay the doctors way less than they make off of them.
Apparently they also have some surgery centers.
3
Posted on 5/15/23 at 10:52 am to GeauxTigers123
I don't believe they owned Surgery Centers.
AMSURG owns the surgery centers.
Envision just does staffing.
AMSURG owns the surgery centers.
Envision just does staffing.
Posted on 5/15/23 at 10:54 am to boomtown143
quote:
AmSurg merged with Nashville, Tenn. -based physician service provider Envision in 2016, creating one of the nation's largest providers.
IDK, Honestly. But this is what I read.
This post was edited on 5/15/23 at 10:56 am
Posted on 5/15/23 at 11:21 am to boomtown143
quote:
AMSURG owns the surgery centers.
Correct. The Amsurg arm makes the money and Envision bleeds it dry.
Posted on 5/15/23 at 12:08 pm to GeauxTigers123
Another LBO gone kaput?
Posted on 5/15/23 at 1:01 pm to LSUFanHouston
Most of the staffing companies incur a lot of debt by paying older doctors a big payout to sell their practice. Problem is then they want to pay new hires way less and have trouble hiring.
With envision there is a lot more complex stuff at play with some lawsuit with United and issues with their business model and no surprise billing laws.
With envision there is a lot more complex stuff at play with some lawsuit with United and issues with their business model and no surprise billing laws.
Posted on 5/15/23 at 8:05 pm to GeauxTigers123
quote:
Most of the staffing companies incur a lot of debt by paying older doctors a big payout to sell their practice. Problem is then they want to pay new hires way less and have trouble hiring.
A staffing company wouldn't buy a physician practice.
Posted on 5/15/23 at 9:27 pm to boomtown143
They could if they buy out a group of hospital based docs…like anesthesia or ED…and then turn around and contract with the hospital to provide them back at a fee or rate. They could probably do this with surgeons too that aren’t providing procedures outside of the hospital.
These are practices too but not dependent on four walls or a staff.
These are practices too but not dependent on four walls or a staff.
This post was edited on 5/15/23 at 9:31 pm
Posted on 5/15/23 at 11:57 pm to boomtown143
quote:
A staffing company wouldn't buy a physician practice.
You are wrong.
Envision, mednax, and others have spent many many millions to buy out physician owned practices in order to gain their contracts.
Posted on 5/16/23 at 6:18 am to GeauxTigers123
quote:
A staffing company wouldn't buy a physician practice.
I thought he meant a practice as in physicians along with a building etc.
Posted on 5/16/23 at 8:21 am to GeauxTigers123
Yikes I still have left over 401k through them… I better roll it over this week
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