Vision Group Holdings filed for bankruptcy first — could more be next? Insights from Provident experts
West Palm Beach, Fla.-based and private equity-backed Vision Group Holdings said the COVID-19 pandemic worsened its financial issues when it filed for Chapter 11 bankruptcy at the beginning of June. As the ramifications of the virus continue to make themselves known, will this be a one-time occurrence or the beginning of a chain of similar filings?
Provident Healthcare Partners Director Eric Major and Associate Steven Grassa discussed the filing with Becker’s and predicted how ophthalmology-based investments were going to be hit by COVID-19.
While Chapter 11 bankruptcy is a common occurrence in the world of business, specifically in retail, it’s not as common in healthcare, because practices are more recession-proof than more cyclical businesses, Mr. Major said.
Vision Group Holdings and its associated brands, Laser Vision Institute and TLC Laser Eye Centers, focus primarily on performing Lasik eye surgery. In the pandemic-recessed economy, the financials around elective Lasik surgery aren’t as promising as a general ophthalmology practice.
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