The story of APP:
Expanded by borrowing money, bought up contracts, gave prior dudes who owned contracts “equity” in APP, borrowed more money to fund “expansion,” brought in dudes who had equity to be “management” level regional directors and became very top heavy, debt load becomes unsustainable because of no more balance billing and COVID 2020, proceed to cut coverage throughout the organization, over pay for staffing because they burn bridges with docs everywhere, borrow more money to cover being horrible CMG to work for, Goldman Sachs (bank) comes to them and says “your company sucks and we are taking over because you owe use so much debt,” Goldman starts axing dudes left and right, CEO John Rutledge gets guillotined, Tony becomes full fledged CEO (he was the acting CEO during all this because John was a demented old man), the company continues to spiral down while putting on the face that everything is ok, Tony looks for a way out while he knows the ship is sinking, Goldman brings in tons of expensive “consultants” who charge out the arse for hourly fees, Goldman pillages the coffers while getting as much of their owed debt as possible, Goldman finally pulls all the money out of APP accounts, Goldman books an artificial loss and walks away, APP goes belly up, Tony heads to Sound to be CEO of Emergency Medicine, APP keeps billing for months while delaying bankruptcy, Tony gets paid on his way out the door, dudes with “equity” get shafted, docs get double fisted (no pay and no medical malpractice tail), Tony starts day one at Sound as if nothing happened.
Now keep in mind multiple dudes with “equity” lose their shirts. Most notably Congressman Mark Green who was rumored to own $20-25 million in APP equity.
This is the business of Emergency Medicine.