14 Jun Coastal urgent care practice files for liquidation
Triangle Business Journal by Chris Bagley, Staff Writer
Date: Thursday, June 14, 2012, 10:26am EDT
An urgent care practice filed for Chapter 7 bankruptcy liquidation on June 12 after closing all four of its locations, citing $1.4 million in uncollected balances from patients and $780,000 in liabilities.
The practice, Onslow Urgent Care PLLC, closed its main location in Jacksonville earlier this year, according to its bankruptcy attorney, James White of Durham. The practice has also closed its three other clinics: Angier Urgent Care, Oak Island Urgent Care and Atlantic Beach Urgent Care, White said.
The company listed no major assets aside from the patient accounts. It classified $1.05 million of its accounts receivable as uncollectable.
“They’ve got a huge amount of a/r, which is why they’re there,” White said. “The cash flow was a major issue.”
White alleges that most of the uncollectable balance was due to faulty billing by the practice’s former billing service, which it is suing in federal court.