Allcare Dental & Dentures shuts down operations, cites financial issues

[OhioChick]

Source: Newsnet5.com

Posted: 8:03 PM
Last Updated: 29 minutes ago

CLEVELAND - The large chain of dentistry offices “Allcare Dental & Dentures” suddenly closed down all of its operations Monday, citing financial reasons.

While the company’s main website, allcare.com is currently down, Allcare created a new site, allcareinfo.com , and posted information to patients.

Allcare said it ran out of money to keep operating, and it has no plans to reopen the offices.

“The reason for the closing is because the business became severely cash constrained and had no way to continue to operate going forward. Allcare was confident in their financial plan to avoid this situation. The plan was to wind down underperforming offices while at the same time raising capital from an equity group. However, the projected closing date for that equity deal was missed and the company did not have the time it needed to get to a closing with the capital group. Bridge financing was attempted to fill the financial gap but there was no success with obtaining that,” the company posted on the information website.

Allcare said it’s working to transfer patient records and unfinished dental work to dentists with offices located close to Allcare offices that were shut down. It will post this information on its website.

The company said it is notifying the State Dental Boards in states where the company did business. Allcare said it will post an update on its website Tuesday.


Read more: http://www.newsnet5.com/dpp/money/business_news/allcare-dental-and-dentures-shuts-down-operations-cites-financial-issues

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"Allcare has dozens of locations across the Midwest and East Coast. Every phone number is disconnected."

http://abclocal.go.com/wjrt/story?section=news/local&id=7876866

[Cirque du So-What]

1. When times are tough

dental care often takes a back seat to more pressing health issues. Then again, maybe this company has a lousy business plan. I'm not familiar with the name Allcare; I see innumerable Aspen Dental offices in my travels, however.

[Knight Hawk]

3. Probably see a lot more

I don't know for sure but I bet malpractice insurance premiums were killing them .

[madrchsod]

2. i checked the office near where i live.

they would`t take insurance but would fill out the paper work so one could collect from one`s insurance. strictly a "cash" only business model.onsite same day three levels of dentures. they also had regular dental care.

[jwirr]

4. Also states most often cut dental services from Medicaid when they

need to cut. We went from two visits a year to one unless it is an emergency.

[TheCowsCameHome]

5. That bites.

[Thor_MN]

6. A Dental Group couldn't get Bridge Financing ?