To our valued team,
We would like to provide an update on our current financial position and next steps as a company. As you know, we have been actively exploring strategic options to strengthen our financial footing to take APP into the next phase of our growth. Unfortunately, these efforts did not result in a solution which would enable us to continue operations, and therefore, we will begin transitioning our hospital contracts and winding down operations in the coming weeks.
As we shared two weeks ago, our strained financial position and goal of maintaining continuity led us to enter into a Letter of Intent with SCP Health. This transaction did not materialize, as we were unable to come to an agreement that would maximize value and provide the necessary continuity for our hospital and health system partners, clinicians, employees, and the patients we serve.
While our management team, board, and advisors have worked tirelessly to explore all possible pathways, unfortunately, we no longer have the liquidity to continue operations. Therefore, we are in the process of transitioning our clients to other strategic emergency medicine companies or an insourced model with the respective hospitals or systems by July 31, 2023. We will also be ceasing operations at our Support Center in the coming weeks.
Through this process, our priority is to minimize disruption for our hospital and health system clients, physicians, APCs, and Support Center employees, and to create as seamless a transition as possible for all stakeholders. This news comes with a heavy heart, as we understand the impact it has on each and every one of you and the communities we serve.
To learn more about what this means for APP and our team, you will receive an invitation shortly for one of the following two Town Halls this afternoon:
• 2:00pm CT – Support Center Employees
• 3:00pm CT – Clinicians
If you are unable to attend the Town Hall, please reach out to your supervisor, site medical director or regional medical director for an update.
In the coming weeks, we expect that you will have questions, and we are committed to doing our best to provide information and resources to support a smooth transition. Thank you for your understanding, professionalism, and the incredible mark you have left on APP and the communities we serve.
Sincerely,
Tony Briningstool, MD, Chief Medical Officer
Andy McQueen, Chief Development and Legal Officer
Matt Stapleton, Chief Operating Officer
What a crock of ****?