General practitioner chain Co-Med not bankrupt, but new creditors are reporting

This article was last updated on June 4, 2024

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General practitioner chain Co-Med not bankrupt, but new creditors are reporting

The commercial GP chain Co-Med has averted bankruptcy for the time being. During a hearing in the Maastricht court, the chain agreed to pay the outstanding bill of 20,000 euros with the secondment agency CareAbout. That agency had filed for bankruptcy because Co-Med had not paid its invoices for months.

The threat of bankruptcy has not yet completely disappeared for the GP chain that provides care to almost 60,000 patients spread across the country. Fred Louwerens, who claimed the debt from the judge on behalf of CareAbout, says that he will now also claim the money from Co-Med on behalf of other creditors. “I hope that these claims will also be paid. If they say that they are financially healthy, that will not be a problem,” says Louwerens.

It is not yet clear which creditors he is referring to and what amounts are involved. “Two new creditors reported this morning,” Louwerens said after the hearing. “I expect two more to follow this afternoon.”

Subsidiary already bankrupt

In April, a subsidiary of Co-Med closed still bankrupt. It involved a call center that took calls from patients of Co-Med practices. That subsidiary had a debt of 1.6 million euros.

The creditors, including CareAbout, subsequently reported to the parent company. Co-Med believes that it does not have to pay that debt and points to the bankrupt subsidiary. The plaintiffs see this differently and believe that the parent company should repay the debt.

The chain is also under a magnifying glass by the Healthcare and Youth Inspectorate (IGJ). He announced measures because Co-Med practices pose major risks to patient safety. The practices were difficult to reach. In emergencies, practices appeared not to be reachable within 30 seconds.

The health insurers previously announced that an emergency plan is ready when the curtain falls on Co-Med. The plan must ensure that patients are not left without a GP. The GP chain has twelve practices throughout the country. The insurers stated in a joint response that they are monitoring the situation at Co-Med. “We were prepared and the scenarios remain on the table.”

Big profit

Co-Med has existed since 2020 and was founded in Maastricht. The commercial GP chain has taken over practices throughout the country, mainly from GPs who quit and could not find successors.

Last week, Co-Med published last year’s annual accounts. This shows that the company has made a lot more profit than a year earlier, about 1.9 million euros. At the end of 2022, this was still 1.2 million euros. Co-Med announced today after the hearing that the company is “financially healthy”.