GenesisCare filed for bankruptcy on 01 June

Patience01
Patience01 Member Posts: 5 ✭
edited June 2023 in General discussion
I was diagnosed last month with early BC and live in Sydney. I was offered radiation at a public hospital (free treatment, with a waitlist) or immediate access to a private GenesisCare facility.

Now I've learnt that GenesisCare filed for bankruptcy on 01 June and has had financial problems for at least a year.  I was a bit uneasy with the cost and upfront payment anyway with GenesisCare so have decided to go on the public hospital waitlist.


It's incredibly demoralising and discouraging to have to consider a private provider's stability when making decisions in the throes of a surprise cancer diagnosis.  Ugh. 


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Comments

  • Cath62
    Cath62 Member Posts: 1,483 ✭
    I wonder if it is just Sydney or everywhere @Patience01. I have not got access to the article as i don't subscribe to the fin review. Yes not the best to have this happen when treatment is needed. Just as well there are other options. I feel sorry for anyone in the middle of treatment. 
  • Patience01
    Patience01 Member Posts: 5 ✭
    edited June 2023
    Hi Cath62, I don't have an AFR subscription either.  I Googled "GenesisCare" and then selected the 'News' filter.

    The AFR article was the first search result.  I clicked on it and was able to read it freely.  I've read it several times since, without a subscription.  The article is dated 09 June.

    The Wall Street Journal published an article on 25 May that GenesisCare was preparing to file for bankruptcy.  That article was the second search result but it's behind a paywall so I couldn't read it.  There are lots of news articles from the past year or so that report GenesisCare's financial problems.

    The bankruptcy presents the scenario of new investors or a new overall owner.  For me, this poses privacy issues.  If I'm treated at a public hospital, I'm reasonably assured of the privacy protocols inherent in the health system.  GenesisCare has global operations (Australia, USA, UK, and Spain) so I am concerned about where its servers holding patient records are located, and where patient records will be held in the future.  Servers can be anywhere in the world unless there are strict requirements that patient records must always be held domestically and can't be transferred to overseas servers.

    One of GenesisCare's biggest investors is Kohlberg Kravis Roberts (KKR), a giant American investment company.
  • arpie
    arpie Member Posts: 8,198 ✭
    edited June 2023
    That would be very scary & disconcerting for you @Patience01 .... I had all my rads in the public system & couldn't fault it - and I am sure that you be happy with your treatment.  Do you live in a city, or a regional/rural area?  You can add your 'general' location to your Profile ...

    I've just found this on their own webpage - looks like they are separating the US part of their business from the rest of the world .... 

    Following an in-depth review of our business, GenesisCare has filed for voluntary reorganisation under Chapter 11 of the United States Bankruptcy Code to restructure our business. This process will enable us to separate our US business from our businesses in Australia, Spain and the UK, ultimately ensuring a more sustainable financial and operational foundation and the continued delivery of high-quality care for our patients in all four regions.

    For GenesisCare in Australia, our priority is ensuring uninterrupted high-quality patient care. GenesisCare in Australia will continue to operate normally during the Chapter 11 process and patient care will not be affected.

    Our Australian business is showing strong momentum, with year-over-year growth in treatment volumes and nearly four in 10 radiation therapy patients nationwide treated by GenesisCare.

    We play a critical role in communities across Australia, and this will continue – at 41 sites across five states, we serve more than 30,000 patients each year to further our mission of helping people live longer, better quality lives.

    You can read the whole article here:
    https://www.genesiscare.com/au/about-us-our-vision-and-values/genesiscare-s-voluntary-reorganisation

    Attached below is the Financial Review article too ... thanks for saying how you found it, @Patience01 ;) 

  • Patience01
    Patience01 Member Posts: 5 ✭
    edited June 2023
    Hi @arpie, I wrote in my first post that I'm in Sydney so I'm fortunate to have had the choice between public or private radiotherapy.  I'm very comfortable with my decision to go for public hospital treatment and your reply is reassuring.
    Another disconcerting Google search result for GenesisCare was from the Adelaide Advertiser of a week ago.  The article is behind a paywall but this is the 'teaser' preview of the article:
    ---------------------------------------------------------------------------------- 

    ‘Fed up’ cancer workers walk off the job

    Dozens of radiation therapists who provide lifesaving cancer treatments will strike on Monday in a row over pay and conditions.'

    ----------------------------------------------------------------------------------

    Quite frankly, I don't have the emotional or mental reserves to attend a medical facility where the staff are distracted or dispirited by their employment conditions, or are in strife with their employer.


  • arpie
    arpie Member Posts: 8,198 ✭
    edited June 2023
    .....Quite frankly, I don't have the emotional or mental reserves to attend a medical facility where the staff are distracted or dispirited by their employment conditions, or are in strife with their employer.....

    I totally agree, @Patience01 ..... and it is disappointing that the staff are taking this action - when the company appears to be reassuring them all that it is 'business as usual' at this point in time ... 

    My Rad Onc (and Medical Onc) are both the most wonderful women, and both are in the Public System in Regional Hospitals .... I have total faith in both of them.
  • Jenny_BCNA
    Jenny_BCNA Administrator, Staff, Member, Moderator Posts: 149 ✭
    @Patience01and @arpie

    Just wanting to let you know that I reached out to our Policy & Advocacy team on this issue for any further information that we could provide. They referred back to GenesisCare Australia's statement that Arpie mentioned above. BCNA has a strong working relationship with GenesisCare Australia and will continue to monitor the situation. We will communication to our network if/when there are any changes that impact how care is delivered here in Australia.
  • Patience01
    Patience01 Member Posts: 5 ✭
    edited June 2023
    @Jenny_BCNA Thank you for informing us about BCNA's liasion with GenesisCare.
    GenesisCare is a business.  When undertaking due diligence it is beneficial to look beyond what can  be corporate spin on a website, for third-party information.  That's why I filtered Google search results by 'News' last weekend and learnt about the recent bankruptcy filing.
    After reading your comment I refreshed my search and discovered today's (14 June 2023) Australian Financial Review article, which is the first Google search result - 'GenesisCare bankruptcy descends into Medicare overcharging'.  Google 'GenesisCare' and filter the results by 'News'.  The article is not behind a paywall.
    Notable information includes:
    'A key factor in the group’s future earnings potential will be how many doctors decide to stay with the company under new management. The Australian doctors are in the process of appointing their own adviser.'

  • Jenny_BCNA
    Jenny_BCNA Administrator, Staff, Member, Moderator Posts: 149 ✭
    edited June 2023
    Thanks for your response @Patience01. BCNA is aware of this article and our understanding is the Medicare overcharging has not affected patients to date but we will continue to keep monitoring.

    We can certainly understand that what is happening with GenesisCare may have an impact on their staff which may be concerning to you. BCNA's immediate priority is making sure that continuity of care will continue in Australia

    The Policy & Advocacy team gathers information and insights from a variety of sources including out clinical-experts on our Strategic Advisory Group to ensure we are getting unbiased and factual advice to inform our members.
  • Patience01
    Patience01 Member Posts: 5 ✭
    edited June 2023
    Last weekend when I stumbled upon the Australian Financial Review's reporting of GenesisCare's 01 June bankruptcy filing, I had no idea that a regular release of information would follow.
    Today's (15 June) AFR article is titled 'GenesisCare charged patients in full even when obliged to bulk bill'. 
    The first paragraph of the article:  'The country’s largest cancer care provider, GenesisCare, charged patients for treatment when they were contractually required by the federal government to only bulk bill them, company disclosures show.'
    The article is not behind a paywall and can be found by Googling 'GenesisCare' and filtering the search results by 'News'. 


  • Jinni
    Jinni Member Posts: 11 ✭
    This is apparently only the US Genesis Care
  • Abbydog
    Abbydog Member Posts: 517 ✭
    I opted from the start to have my Radiotherapy done in the public system, and I have no regrets.
    My 25 sessions went smoothly, and they applied Mepitel over my radiated area. And reapplied as needed.
    I had no burning or redness. I believe I saved myself around $3000.
    Good luck with your treatment.

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