Bankruptcies Are Hitting America's Health Care Giants

Written By Andrew Lieu

In an article by Hugh Cameron of Newsweek, America’s largest health care companies are facing mounting financial distress, with several billion-dollar firms filing for Chapter 11 in 2025.

According to a recent report from Gibbins Advisors, there were 79 health care bankruptcy filings in 2023 and 57 in 2024, both well above the annual average of 42 from 2019–2022. While filings in 2025 remain elevated, this year has been notable for the scale of companies involved, with Prospect Medical Holdings, LifeScan Global, and Genesis HealthCare — each with assets over $1 billion — seeking Chapter 11 protection.

Andrew Lieu
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