National family physician chain Co-Med narrowly escapes bankruptcy
The commercial general practitioner chain Co-Med escaped bankruptcy at the last minute by deciding to pay an outstanding debt during a court hearing in Maastricht. A creditor had filed for bankruptcy because an account of “several tens of thousands of euros” was still open, and Co-Med opted on Tuesday to pay it in the end.
The creditor, CareAbout, withdrew the bankruptcy petition after the payment. Director and founder Timothy Hoolhorst confirmed this after a report in the Volkskrant. CareAbout supplied workers to staff Co-Med’s family physician offices.
Co-Med emerged a few years ago and grew quickly by buying doctor’s office across the country, mainly from general practitioners who wanted to retire and could not find a successor.
Co-Med itself only confirmed that the petition for bankruptcy was withdrawn. The company would not comment on payment of the bill. The Limburg court had initially delayed the hearing from Tuesday morning until Tuesday afternoon, but it has since announced that the case has been dismissed.
It is not known how many others are still waiting for money from Co-Med. Health insurers had already developed an emergency plan so that the 50,000 patients at Co-Med practices could continue to receive care.
“That plan will remain on the shelf for the time being. Bankruptcy has been averted for now, but we will continue to check whether Co-Med is accessible enough,” health insurer CZ said, also on behalf of the other insurers.
For CareAbout the matter is now as good as completed. The company is still demanding more than 100,000 euros from PCC Tele-Services, the call center division of Co-Med that was declared bankrupt earlier this year. That claim rests with the curator. Furthermore, CareAbout has ended its collaboration with Co-Med.
Critics have accused Co-Med of trying to squeeze out as much profit as possible as a primary goal, with the provision of care as being secondary. make as much money as possible, and providing care is secondary. Co-Med currently has offices in Amsterdam, The Hague, Eindhoven, Tilburg, Breda, Enschede, Helmond, Oirschot, Anna Paulowna and Breezand. The chain decided to close its practice in Zwolle last week.
Hoolhorst is not happy with the way things are going. “It is strange that insurers allowed Co-Med to continue for so long when this is not in order. I question how they have organized their administration. If there are so many creditors in line, insurers must realize that Their business operations are not correct. That surprises me.”
