GenesisCare out the other side of bankruptcy

2 minute read

Australia’s biggest radiation oncology provider will continue to operate after splitting its international concerns, but the sector may be under scrutiny.

GenesisCare, one of the world’s largest providers of cancer services and the largest provider of radiation oncology services in Australia, has completed the restructure required by the Texas Bankruptcy Court.

The company has also made an arrangement with the Australian Department of Health and Aged Care to deal with issues related to charging patients in full when they were supposed to have bulk billed them as a condition of receiving funding under the Radiation Oncology Health Program Grants Scheme, according to the Australian Financial Review.

“A GenesisCare spokesman declined to discuss the deal with the Health Department. A Health Department spokesman also declined to comment on its investigation into GenesisCare ‘due to legislated privacy and secrecy provisions’,” the AFR reported.

The AFR also reported that the government would undertake an independent review into the financial viability of the radiation oncology sector.

GenesisCare, which originated in Brisbane, filed for bankruptcy in the US court in June 2023 due to carrying too large a debt. It will continue operating in the US only in North Carolina and Florida, and has separated its US business from GenesisCare Australia, GenesisCare UK, and GenesisCare Spain, each run separately with its own board of directors.

It continued to run its clinics during the restructure thanks to a $200 million debtor-in-possession loan.

The organisation has secured funding of $86 million to continue running its operations under its new iterations. Its Australian business plans to open three new radiation oncology clinics this year.  

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