Path Medical, LLC

Client Profile

Path is a leading provider of acute trauma treatment and diagnostic imaging services in the State of Florida. With 28 medical offices, including 25 clinics, two of which also have diagnostic imaging technology (MRI), plus an additional three MRI-only locations, Path is among the largest multi-disciplinary medical practices in Florida. Path primarily treats patients who suffer acute injuries from, among other causes, slip and falls and automobile accidents. The Company is well-known for its strong advertising seen throughout Florida, namely its 1-800-411-PAIN and 1-800-PATH-247 campaigns.


In 2016, Path participated in an employee stock ownership plan transaction, which substantially leveraged the Company’s assets. A payor dispute in 2018 resulted in decreased revenues and the Company’s inability to service debt obligations to its senior secured lenders. The Company began to recover financially in 2019 but suffered a sharp decline in patient volumes and net revenue in early 2020 as the COVID-19 pandemic and associated stay-at-home orders limited in-office visits and reduced pedestrian and vehicular traffic. Path’s patient visits were slow to rebound throughout the later phases of the pandemic.


Path filed for protection under Chapter 11 of the U.S. Bankruptcy Code in August 2021. In October 2021, the Company retained SSG as its exclusive investment banker to conduct a comprehensive sale process and solicit interest from strategic and financial buyers. The process attracted significant interest from multiple parties and resulted in several offers, with the bid from an affiliate of Physicians Group, LLC, proving to be the highest and best offer for substantially all of the Company’s assets. SSG’s special situations expertise and experience in the healthcare sector resulted in a competitive environment that maximized stakeholder value, preserved jobs and allowed the business to move forward under a new operator.