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CCS Oncology Bankrupt

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Privately-held Comprehensive Cancer Services Oncology, P.C. (CCS) (D/B/A CCS Oncology, D/B/A CCS Healthcare) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of New York, case number 18-10598. The Company is based in Orchard Park, NY and headed by Won Sam Yi as President and CEO.  CCS is represented in bankruptcy proceedings by Arthur G. Baumeister of Baumeister Denz LLP.

Buffalo News states, “CCS Oncology and its related practices employed 60 physicians at their peak, but will shrink to just eight physicians within a few weeks as the financially struggling CCS refocuses on treating cancer patients. The company plans to cut its overall workforce from the 181 employees it had in the months before it filed for bankruptcy protection…to 74 employees in the coming weeks. Those are two of the notable disclosures included in motions and documents submitted…by CCS as part of its filing for Chapter 11 reorganizational bankruptcy. The documents offer new details on CCS’ financial struggles that prompted the bankruptcy filing and on how the company plans to successfully emerge from the reorganization process.  In a Declaration filed with the U.S. Bankruptcy Court in Buffalo (New York), Dr. W. Sam Yi, CCS’ chief executive officer, said the company lost about 40 percent of its revenue after Independent Health, the Amherst-based health insurer, dropped CCS Oncology from its network at the end of 2016. He said all of the practice’s financial difficulties trace back to that loss of patients.”

In other court filings, CCS estimates is has up to 1,000 creditors and cites estimated assets at $0 to $50,000, with estimated liabilities at $10 to $50 million.

Read more medical bankruptcy news.

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