No layoffs as Provision reorganizes
KNOXVILLE, Tenn. (WVLT) - Provision CARES Proton Therapy centers have begun reorganization. As part of Chapter 11 bankruptcy proceedings, they have a plan to restructure their long-term debt.
The centers in Knoxville; Nashville and Hamlin, Fla. will continue to operate as usual. The company says they are continuing their commitment to care. Patients getting this state-of-the-art cancer diagnosis and treatment will not be affected. Safety measures started at the beginning of the pandemic are still in place.
Terry Douglass, Chairman of the Board for Provision said, “It always appears when something like this happens as being a negative. But from our perspective, it’s very possible that we will now have our centers structured in a way where the debt service has been reduced dramatically. That will allow us, one, to provide more charitable care because of uncertainty and reimbursement, and then be able to accept every patient that needs proton therapy.”
The pandemic played a part in this organizational restructure as there are fewer patients seeking care during the COVID-19 crisis, as well as Medicare reimbursements changes and a cyberattack on their data and information systems.
Officials said there will be no layoffs at this time. Provision employs almost 200 people in Tennessee.
Company leaders said they intend to remain focused on patient care and expect to announce long-term financial restructuring plans in the near future.
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