Naples-based Landmark Holdings of Florida, which owns and operates long-term acute care hospitals, has filed for Chapter 11 bankruptcy protection.
Landmark owns and operates five hospitals in Georgia and Missouri. It also operates Landmark Hospital of Southwest Florida in Lehigh Acres.
Landmark does not plan to close any of the locations, according to the March 9 filing in U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division.
“Importantly, Landmark has sufficient cash on hand to fund ongoing operations of the hospitals to ensure that their patients have continued access to critical care,” the company said.
The hospitals provide critical care to patients that require a higher level of care for a longer period of time than a typical hospital can provide. Following their stay, patients typically discharge to rehab, skilled or home locations.
Landmark cited loses from high costs and “plateaued” reimbursement rates in the years after the onset of the COVID-19 pandemic. The company said some of its hospitals were “more severely impacted by these developments due to geography and patient mix.”
Landmark leases each of its hospitals from one of two real estate investment trusts through a master lease arrangement.
Landmark employs about 625 workers, 340 full time.
According to the filing, Landmark brought in revenue of $79.4 million for the year ended Dec. 31, 2023.
“Landmark determined that it was in the best interest of all of its stakeholders to seek protection under Chapter 11 in order to pursue a value-maximizing transaction and ensure the preservation of jobs and the continued availability of healthcare services in the underserved communities in which Landmark operates,” the filing said.
