Villages Health Bankruptcy
 

The Philosophy Club had a meeting today and the topic was "Understanding The Bankruptcy of The Villages Healthcare System.”

The speaker said that most of the papers filed in the case are online.

The link is below.

The Villages Health System, LLC

Perhaps some of the lawyers or doctors on TOTV can go over the files and explain them to us.

I’ll bet there are 100 lawyers listed as being involved in the case and none of them could explain it.
How could someone hide $300,000,000 in losses from Medicare and United Health? Why would someone come along fat dumb and happy and try to buy into the mess?

Even an automobile that is considered a total loss after an accident has some value for parts , the price is relative to what is salvageable

Has value if they are not "buying" the debt/liabilities.

The developer-owned Daily Sun has access to all the details since TVHS is 70% owned by the developer. However, the Daily Sun first published a rose-tinted description of the bankruptcy and has since buried the story.

There are two other threads here and here that discuss this. What specific question do you have that is not covered in one of those?

From a patient's standpoint, the xxxxxxxx health care centers are trying to stay open and have been (or are in the process of being) acquired. Ideally, there will be few changes for the patient. Realistically, the new owners have their way of doing business which could have some effects.

I’m sure it would have been interesting to be a fly on the wall at the August 6th creditors meeting. Hopefully the bankruptcy court is prioritizing the best interest of TVH patients throughout this process?

seems like that would be a first, but lets hope so!

The value is in the assets, physical mostly. . the bankruptcy is in the debt portion being bigger than the asset portion. . .

TVH didn't hide anything, they just found a payment loophole and exploited it until they got caught. . The buyers saw an extremely profitable company and was looking to either buy it, get in on the profitability, ie competitive intelligence, or bankrupt it and buy the physical assets as distressed property.

having worked in M&A along time ago, many interested buyers are also looking for competitive intelligence, even after signing an NDA. . for their own interests. .

There is no hospital now and never has been one in the Villages Health care system. Nor is the hospital that used to be the Villages Hospital and now is UF Health Spanish Plaines undergoing any reorganization or sale or "trying to stay open". This is how misinformation and rumors spread.

There was a lot of discussion on those threads but few answers.

My specific questions are:

The speaker mentioned a loan to TVH paying 12% interest. The lender is PMA Lender, LLC.

Does anyone know anything about PMA?

The speak also said that UHC alleged that TVH had a “record of corporate misbehavior.”

Does anyone know what this refers to?

legal tactic, but potentially true, given the perceived omnipotence of the TV corporate empire abilities to control the local and state legal and political system with crony mafiaism. .

I wouldn't discount it, given my experiences with corporate america, and the quest for power/control and money. .

a monopoly is the first place winning trophy of any and every capitalistic venture. .

This is a list of all of the filed and scheduled claims.

The largest one is from the The Villages of Lake-Sumter, Inc., and is for $15,00,000. I didn't see a claim by the government for $361,000,000 and the claim from Humana is $0 and the claim by UHC is only $187.36.

The Villages Health System, LLC

He edited the word - it was what's commonly known as a brain-fart. Up here in the "old" section, the hospital and TVH are right next to each other, and it's easy for our fingers to type out one when we mean the other, because we see them as connected and by extension, synonymous. Even though they're obviously not the same thing.

Meanwhile - the doctors themselves have little to do with, and no say in the administrative events of the company they work for. They're not share-holders or even subcontractors. They're employees. So I'm thinking we will likely not see any change with regards to patient care, unless those doctors leave the company and move on to other groups or practices.

Referrals and billing procedures might change. Costs might go up. Co-pays might change. But the annual physical performed by your physician is likely to be exactly as it was the last time you had one.

I think the "value" isn't related to physical assets, as I don't think the TVH has much. As I understand it, they didn't own real estate and medical equipment is usually leased these days.

The "value" (if any) is in 2 things, in my opinion: Staffing & Subscribers (& perhaps some intellectual property (names, logos, software, domains, agreements, etc.).

This is what they stated in their bankruptcy filing.

TVH’s assets consist primarily of its top-tier workforce of medical providers and
dedicated support staff, and their relationships to the patients. TVH is a party to long-term leases for each of its Care Centers, and TVH leases much of the significant medical equipment used in the day-to-day operation of the Care Centers.

Is their workforce top-tier???