YAKIMA, Wash. -- The owner of a longtime medical supply business said he plans to stay open despite filing for bankruptcy earlier this month. <\/p>\n
Chuck Vetsch, president of Keeler's Medical Supply, said several issues, including changes in federal Medicare and Medicaid programs, led the company to file for Chapter 11 bankruptcy on June 15 with the Eastern District of Washington of U.S. Bankruptcy Court. <\/p>\n
Keelers Medical Supply, which has been in business since 1948, sellsa variety of home medical equipment including walkers, bathroom safety products and breast pumps. <\/p>\n
Vetsch said he tried to keep the business operating in recent years despite reductions in reimbursements from Medicare and Medicaid programs the business once received. In addition, the business was dealing with several audits which the business is fighting that led both programs to reclaim distributed payments. <\/p>\n
Sales fell from just under $10 million in 2010 to a little over $1.6 million in 2016, Yakima attorney Roger Bailey wrote in a court document. As of June 1, the company had about $785,000 in assets including pending payments for sales, inventory and office supplies. <\/p>\n
Court document show that the company liabilities include nearly $1 million owed in various federal and state taxes, including $862,000 with the Internal Revenue Service. <\/p>\n
When it became clear that issues would not be resolved quickly, the company decided to file so it could negotiate payment plans with its creditors, Vetsch said. <\/p>\n
We just needed everyone to take a breather, he said. <\/p>\n
This story will be updated. <\/p>\n
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Yakima medical supply business to remain open during bankruptcy process - Yakima Herald-Republic<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" YAKIMA, Wash. Continue reading