Radiology Business May 16, 2024
A publicly traded healthcare group is buying three radiation therapy centers out of bankruptcy for $2.85 million.
San Francisco-based American Shared Hospital Services announced the deal May 9, with the company acquiring a 60% stake in the businesses. The centers are in Rhode Island and are expected to bring in between $9 million and $10 million in annual revenue, with ASHS also purchasing certain payer contracts.
Private equity-backed GenesisCare USA Inc., which filed for Chapter 11 bankruptcy protection in June 2023, previously operated the clinics. Headquartered in Sydney, Australia, the company broke into the U.S. market in 2020 by buying 21st Century Oncology. But the deal left GenesisCare saddled with debt leading to its financial troubles.
“This is a strong...
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