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Four years after netting $26 million, the S&B Surgery Center in Beverly Hills, Calif., declared bankruptcy. The stunning fall can be blamed on issues that have grounded other high-flying centers: excessive spending, deadweight docs and questionable investment decisions. Today, S&B Surgery Center has a new name, a new equity distribution, a growing revenue stream and renewed hope for a return to past successes. But to truly appreciate and maintain their current turnaround, the center's physician-investors must always remember and learn from what went so very wrong.
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