Becker’s has tracked eight healthcare bankruptcies so far in 2026 — five involving hospitals and three hitting the physician group, ASC and primary care space.
From a small Kentucky ASC with liabilities topping $100,000 to a San Francisco-based primary care company restructuring its way to new ownership, the cases reflect the financial pressures squeezing outpatient and independent practice operators from every direction.
1. Louisville, Ky.-based Vanguard Surgical, owned by Michael Hughes Jr., MD., has filed for Chapter 11 bankruptcy protection. The company made a voluntary filing March 31 in the U.S. Bankruptcy Court for the Western District of Kentucky, listing estimated assets of $50,000 or less and liabilities between $100,001 and $500,000. Operations for the center, which provides surgical services for gastroparesis and chronic pancreatitis, are expected to continue during the restructuring process. A meeting of creditors is scheduled for May 4.
2. Fort Walton Beach, Fla.-based physician group White Wilson Medical Center emerged from Chapter 11 bankruptcy through an acquisition by private equity firm Kain Capital, with funding earmarked for clinic expansion and a transition to value-based care. The independent physician group, which comprises more than 70 providers across nine clinic locations, sought Chapter 11 protection in October 2025. The group sought court authorization to continue paying wages, honor employee benefits and maintain patient care programs, while also filing an emergency motion for use of cash collateral to keep operations running while restructuring its debt.3. Carbon Health has filed for Chapter 11 bankruptcy as part of a pre-arranged financial restructuring aimed at recapitalizing the company or facilitating a sale.The San Francisco-based hybrid primary care company said Feb. 2 that it reached an agreement with its existing lenders on a restructuring plan that establishes a path to new ownership. The restructuring includes a dual-track, court-supervised process that allows Carbon Health to pursue confirmation of a Chapter 11 plan based on a debt-for-equity exchange while simultaneously marketing all or a portion of its assets for sale. The company said the approach is designed to maximize value and preserve flexibility.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.