Medical staffing company American Physician Partners is closing and will transition to its hospital contracts.
Here is what ASCs need to know:
1. The Brentwood, Tenn.-based company is another physician staffing company to face economic distress following the implementation of the No Surprises Act. Earlier this year, Envision filed for bankruptcy, citing the No Surprises Act as a factor.
2. American Physician Partners provided services to more than 150 hospitals and health systems organizations in 18 states.
3. S&P Global Ratings downgraded APP Holdco, the parent company of American Physician Partners, to "CCC-" in 2021 after it pulled its $520 million term loan deal. S&P said the downgrade reflected the view that near-term default risk is high, with about $472 million in debt due in one week.