Greenfield-based Advanced Pain Management, LLC and the Milwaukee-based company that provides its administrative services have filed a petition for receivership in Milwaukee County Circuit Court.
The action will allow APM Wisconsin MSO, LLC to wind down operations and liquidate its remaining assets under the supervision of a court-appointed receiver, according to a statement Tuesday.
The petition requests that Michael Polsky, an attorney with Beck, Chaet, Bamberger & Polsky, be appointed as receiver and lead a process aimed at selling the company’s assets and coordinating the transfer of patients to other providers and locations.
APM Wisconsin MSO provides administrative services at multiple affiliated ambulatory surgical centers that specialize in interventional pain management procedures and long-term therapies. Several of those entities have filed for receivership as part of the transaction. They include:
United Medical Center LLC, 9120 W. Capitol Drive in Milwaukee
Wisconsin Health Center, 4448 W. Loomis Road, Suite LL20 in Greenfield
Pain Centers of Wisconsin – Franklin, LLC, 4202 W. Oakwood Park Court
Pain Centers of Wisconsin – Kenosha, LLC, 9697 St. Catherine’s Drive in Pleasant Prairie
Pain Centers of Wisconsin – Fox Point, LLC, 7950 Port Washington Road, St. 300
Pain Centers of Wisconsin – West Bend, LLC, 1000 Gateway Court, St. 200
Pain Centers of Wisconsin – Appleton, LLC, 1616 N. Casaloma Drive, Suite 200
Pain Centers of Wisconsin – Sauk Prairie, LLC, 250 26th Street in Prairie du Sac
Access Medical Center LLC, 4216 Old Green Bay Road in Racine
Sheboygan Medical Center, LLC, 2124 Kohler Memorial Drive in Sheboygan
Surgical Center of Greater Madison, LLC, 34 Schroeder Court, St. 100 in Madison
In April, Advanced Pain Management warned that it would permanently lay off 50 employees and close clinics if it didn’t secure additional financing. Like health centers across the state, it closed its ambulatory medical centers and outpatient clinics earlier this year following Centers of Disease Control recommendations that medical providers delay all elective procedures during the COVID-19 emergency.
APM Wisconsin MSO received a Paycheck Protection Program loan this spring from Wisconsin Bank & Trust to retain 364 jobs, according to the Small Business Administration.
The APM MSO explored alternatives before filing its Chapter 128 petition for receivership, but was unable to finalize an agreement to sell the business to a new owner who would continue operations, according to the statement.
The company also provides administrative services to Advanced Pain Management, S.C., an independently-owned physician practice that has not filed for receivership.