Health service company files for Chapter 11 Bankruptcy
Posted on Wednesday, April 6th, 2016 at 10:42 pm
Pioneer Health Services in Magee, Mississippi, recently filed for Chapter 11 Bankruptcy in hopes to sustain its business operation and recover from financial problems, an April 2 article of Becker’s Hospital CFO reported.
The company reportedly has hospitals in several different states, including North Carolina. Pioneer Health Services sought bankruptcy protection due to financial issues caused by delays in payments from insurance companies, a surge in high deductible health plan use, and the need to invest in a new record system. Pioneer Hospital of Stokes assistant CEO, Pam Tillman, stated that the main purpose of filing bankruptcy is to secure and sustain business operation to better serve patients and the community. Hospital employees, according to Tillman, will continue to receive their salary during the period of transition.
Filing for bankruptcy, fortunately, is a viable option available for companies that are dealing with serious financial problems. If you have decided to take this legal route, working with a lawyer can be essential if you are unaware of the complicated process. Find out how a lawyer from the Bradford Law Offices, PLLC in Raleigh may represent you today by calling (919) 758-8879.