From a shuttered 26-physician practice to multiple Vermont physician practices closing down, Becker's ASC Review has reported on four medical group closures so far this year.
Here are three reasons driving those closures:
1. Contracting: Gilford N.H.-based Advanced Orthopaedic Specialists disbanded at the end of March when Laconia, N.H.-based Lakes Region General Hospital decided not to renew a service agreement. The agreement dated back to 2004, and the hospital was acquired by Concord (N.H.) Hospital.
2. Financial struggles: Santa Rosa-based Northern California Medical Associates planned to close May 1 and laid off 26 physicians, citing financial decline and natural disasters.
Advanced Pain Management, a Wisconsin-based chain of pain management practices and surgery centers, shut down several locations last year, leaving pain physicians to rebuild their practices. The company that provided services to Advanced Pain Management filed for Chapter 128 receivership, a bankruptcy alternative, in September.
3. Physician moves: Four independent physicians operating out of a shared building in Shelburne, Vt., planned to close their practices in May. Two of the physicians retired, and the other two joined larger organizations.