VICTORY HEALTH SERVICES

Case Highlights

• Close interaction with Illinois Attorney General to complete disposition and claims payment
• Coordinated work among third-party providers and other professionals

Case Narrative

Victory Health Services and its affiliates were unable to attract the necessary capital to ensure their long term viability.  After a lengthy sale process, subject to a Consent Decree and Final Judgment, Victory’s hospital operations and substantially all of the assets of the non-profit hospital were sold, followed by a sale of the assisted living facilities, operations and assets.  The Illinois Attorney General’s conversion agreement to the sales was conditioned on net proceeds being turned over to a newly-created charitable foundation, Healthcare Foundation of North Lake County.

DSI was retained to wind down the affairs of the various entities and to maximize the net sales proceeds to be turned over to Access.  These efforts included reconciliation of pre- and post-sales accounting, review of disbursements and management and coordination of risk management services, including work on the malpractice and workers’ compensation details. DSI also managed the reconciliation and payment of outstanding payables, Medicare reimbursements, and all outstanding workers compensation and medical malpractice claims.  Additionally, DSI worked to wind down the various pension plans, an amalgamation of 403(b) plans, and other health and welfare matters.  During this process, DSI worked closely with the Illinois Attorney General’s Office and Access Health Care Foundation.