Landmark Hospitals Files for Bankruptcy, Plans to Stay Open

Landmark Hospitals, based in Naples, has filed for Chapter 11 bankruptcy but plans to keep its long-term care facilities in Georgia, South Carolina, and Missouri open, according to court documents. The company's difficulties stem from the COVID-19 pandemic, which initially increased patient volumes but also led to rising labor and operational costs, alongside stagnant reimbursements from Medicare. Landmark's bankruptcy filing reveals that it currently has both assets and liabilities ranging from $50 million to $100 million, along with a $30 million loan that has become increasingly burdensome due to variable interest rates.

The company has hired an investment firm to seek potential investors or buyers while ensuring operations continue at its hospitals, which are vital for patient care in underserved areas. Landmark's financial struggles have resulted in reduced staffing, deferred rent payments, and attempts to mitigate increasing costs, yet these measures have not returned the company to profitability. The filing highlighted the restrictive regulatory changes affecting patient eligibility for long-term care hospitals as a factor in its operational challenges.