8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 31, 2017

Adeptus Health Inc.

(Exact name of Registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation) 001-36520
(Commission
File Number) 46-5037387
(IRS Employer
Identification No.)

2941 Lake Vista Drive
Lewisville, Texas
(Address of principal executive offices) 75067
(Zip Code)

Registrant’s Telephone Number, Including Area Code: (972) 899-6666

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 7.01Regulation FD Disclosure

As previously reported by Adeptus Health Inc. (the “Company”), on April 19, 2017, the Company and its subsidiaries (such subsidiaries, together with the Company, the “Debtors”) filed voluntary petitions (collectively, the “Petitions” and, the cases thereby, the “Bankruptcy Cases”) with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”) for reorganization relief under chapter 11 of title 11 of the United States Code. The cases were consolidated for administrative purposes only under Case No. 17-31432.

On July 31, 2017, the Company filed its monthly operating report for the period of June 1, 2017 through June 30, 2017 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is attached to this Current Report on Form 8-K as Exhibit 99.1.

Cautionary Statements Regarding the Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope and has been prepared solely for the purpose of complying with requirements of the Bankruptcy Court. The Monthly Operating Report was not reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment. The financial information in the Monthly Operating Report was not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, non-cash items, accruals, valuations and disclosures. The Monthly Operating Report also contains information for periods which are different from the historical periods required in the Company’s reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Company’s financial condition or operating results for a period that would be reflected in the Company’s financial statements or its reports pursuant to the Exchange Act. Information set forth in the Monthly Operating Report should not be viewed as indicative of future results.

Cautionary Statements Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Any forward-looking statements herein are made as of the date of this filing, and the Company undertakes no duty to update or revise any such statements except as required by the federal securities laws. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”) from time to time and which are accessible on the SEC’s website at www.sec.gov, including in the section entitled “Risk Factors” in the Company’s Form 10-K for the fiscal year ended December 31, 2015 and its Form 10-Q for the three and nine months ended September 30, 2016. Among the factors that could cause future results to differ materially from those provided in this Current Report on Form 8-K are: (i) the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Bankruptcy Cases, (ii) the ability of the Company and its subsidiaries to consummate the transactions contemplated by the Plan of Reorganization (the “Plan”), (iii) the effects of the Company’s bankruptcy filing on the Company and on the interests of various constituents, (iv) Bankruptcy Court rulings in the Bankruptcy Cases and the outcome of the cases in general, (v) the length of time the Company will operate under the Bankruptcy Cases, (vi) risks associated with third party motions in the Bankruptcy Cases, which may interfere with the Company’s ability to consummate the transactions contemplated by the Plan, (vii) the potential adverse effects of the Bankruptcy Cases on the Company’s liquidity or results of operations, (viii) the ability to operate the Company’s business and consummate the transactions contemplated by the Plan, (ix) the transactions contemplated by the DIP Credit Agreement and the Plan being subject to closing conditions, which conditions may not be satisfied for various reasons, including for reasons outside of the Company’s control; (x) increased legal costs to execute the Company’s reorganization, and other risks and uncertainties, (xi) the Company’s

2

ability to maintain contracts, trade credit and other customer, joint venture partner and/or vendor relationships that are essential to the Company’s operations, and (xii) the Company’s ability to retain key executives and employees, and (xiii) the factors discussed in the section entitled “Risk Factors” in the Company’s Form 10-K for the fiscal year ended December 31, 2015 and its Form 10-Q for the three and nine months ended September 30, 2016.

The Company’s stockholders are cautioned that trading in shares of the Company’s Class A common stock during the pendency of the Bankruptcy Cases is highly speculative and poses substantial risks. Trading prices for shares of the Company’s Class A common stock may bear little or no relationship to the actual recovery, if any, by holders in the reorganization (who would receive no value under the Plan). Accordingly, the Company urges extreme caution with respect to existing and future investments in its Class A common stock.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. The filing of this current report (including Exhibit 99.1 attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.

Item 9.01Regulation FD Disclosure

Exhibit No.	Description
99.1	Monthly Operating Report for the Period from June 1, 2017 to June 30, 2017.

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Adeptus Health Inc.
(Registrant)
By:	/s/ Frank R. Williams, Jr.
Name:	Frank R. Williams, Jr.
Title:	Chief Financial Officer

August 1, 2017

4

EXHIBIT INDEX

Exhibit No.	Description
99.1	Monthly Operating Report for the Period from June 1, 2017 to June 30, 2017.

5

EX-99.1

Exhibit 99.1

Monthly Operating Report

ACCRUAL BASIS

CASE NAME: ADPT DFW Holdings LLC, et al.

CASE NUMBER: 17-31432 (jointly administered)

JUDGE: Stacey G. C. Jernigan

UNITED STATES BANKRUPTCY COURT

NORTHERN & EASTERN DISTRICTS OF TEXAS

REGION 6

MONTHLY OPERATING REPORT

MONTH ENDING:	June	2017
	MONTH	YEAR

IN  ACCORDANCE  WITH  TITLE  28,  SECTION  1746,  OF  THE  UNITED  STATES  CODE,  I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1  THROUGH  ACCRUAL BASIS-7)  AND THE  ACCOMPANYING  ATTACHMENTS  AND, TO  THE  BEST  OF  MY  KNOWLEDGE,  THESE DOCUMENTS  ARE  TRUE,  CORRECT,  AND  COMPLETE. DECLARATION  OF  THE  PREPARER (OTHER  THAN  RESPONSIBLE  PARTY) IS  BASED  ON  ALL INFORMATION  OF  WHICH PREPARER  HAS  ANY  KNOWLEDGE.

RESPONSIBLE  PARTY:

/s/ Andrew Hinkelman	Chief Restructuring Officer
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY	TITLE
Andrew Hinkelman	7/31/2017
PRINTED NAME OF RESPONSIBLE PARTY	DATE
PREPARER:
ORIGINAL SIGNATURE OF PREPARER	TITLE
PRINTED NAME OF PREPARER	DATE

Monthly Operating Report

ACCRUAL BASIS-1

CASE NAME: ADPT DFW Holdings LLC, et al.

CASE NUMBER: 17-31432 (jointly administered)

	May 31, 2017		June 30, 2017		Notes:
ASSETS
Current assets
Cash	24,524,218		17,625,375
Accounts receivable , net of allowance	32,118,436		35,590,605
Other receivables and current assets	7,448,004		7,186,802		See detail below
Due from related party	(8,616,469	)	(5,734,448	)
Medical supplies inventory	4,762,782		4,766,395
Total Current Assets	60,236,970		59,434,729
Property and equipment, net	29,634,163		28,980,966
Investment in unconsolidated affiliates	45,607,135		39,780,263
Deposits	1,540,260		1,540,430
Deferred tax asset	202,384,237		202,384,237
Intangibles, net	16,900,000		16,900,000
Goodwill	51,390,058		51,390,058
Note receivable	11,000,000		11,000,000
Other long-term assets	2,224,711		2,235,583		See detail below
Total assets	420,917,534		413,646,266
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities - Debtor Post Petition
Accounts payable	1,427,357		1,764,457
DIP Loan (with accrued PIK interest)	20,069,014		25,688,215
Accrued expenses	19,587,441		26,736,553		Refer to General Notes
Accrued compensation	4,741,835		8,147,156		Refer to General Notes
Total current liabilities - Debtor Post Petition	45,825,647		62,336,381
Current liabilities - Debtor Pre Petition
Accounts payable - Debtor Pre-Petition	14,183,962		13,153,285		Refer to General Notes
Total current liabilities - Debtor Pre Petition	14,183,962		13,153,285
Current liabilities - Other
Accounts payable - Non-Debtor	15,568,843		13,391,010
Current deferred rent	925,082		920,950		(1)
Total current liabilities - Other	16,493,924		14,311,960
Total current liabilities	76,503,534		89,801,626
Long-term liabilities
Current maturities of capital lease obligations	120,518		120,673
Current maturities of long-term debt	16,379,722		11,392,421
Long-term debt, less current maturities	192,833,855		197,872,416
Payable to related parties pursuant to tax receivable agreement	237,913,559		237,913,559
Mandatorily redeemable preferred stock	28,685,682		28,877,729
Capital lease obligations, less current maturities	410,604		399,373
Deferred rent, less current maturities	4,696,647		4,762,338		(1)
Due to related party	59,160,274		54,804,458		(1)
Total long-term liabilities	540,200,862		536,142,966
Total liabilities	616,704,395		625,944,592
Shareholders’ equity (deficit)	(195,786,862	)	(212,298,326	)
Total liabilities and shareholders’ equity	420,917,534		413,646,266
Other receivables and current assets
A/R NIX	60,000		120,000
Employee Advances	27,431		23,709
Accounts Receivable - Officers	3,087		3,119
Receivable Cash in Transit	653,135		653,135
Accounts Receivable - MPT	4,760,035		4,407,168
Prepaid Insurance	541,925		366,894
Prepaid Rent	—		155,021
Other Prepaid Expense	542,942		395,732
Prepaid Facilities Supplies	16,773		16,785
Prepaid Maintenance Contracts	9,413		7,760
Prepaid Software Licenses	529,864		766,664
Prepaid Licenses	303,398		270,813
Total	7,448,004		7,186,802
Other long-term assets
Def Lease Asset - LT	133,359		130,617
Deferred Lease Cost	1,894,857		1,881,146
Interest Receivable	196,495		223,820
Total	2,224,711		2,235,583

Notes:

Letter of Credit Obligations are not recorded on the financial statements

June covers the balances as of 06/30/2017

May covers the balances as of 05/31/2017

(1) Amount shown reflects pre and post petition amounts. Company’s standard reporting does not provide breakdown of liability

Monthly Operating Report

ACCRUAL BASIS-2

CASE NAME: ADPT DFW Holdings LLC, et al.

CASE NUMBER: 17-31432 (jointly administered)

	May 31, 2017			June 30, 2017			Notes:
Revenue
Patient service revenue	$	32,569,756		$	24,214,346
Provision for bad debts	(14,986,886		)	(7,177,368		)
Net patient service revenue	$	17,582,870		$	17,036,978
Management and contract services revenue	(1,663,974		)	409,627
Total net operating revenue	$	15,918,895		$	17,446,605
Operating Expenses
Salaries, wages and benefits	$	(20,903,996	)	$	(14,944,733	)
Equity in earnings (loss) of joint ventures	(9,853,254		)	(7,149,864		)
General and administration costs	(2,746,954		)	(2,078,216		)
Depreciation and amortization	(996,524		)	(694,345		)
Other operating expenses	(4,674,066		)	(4,068,924		)
Gain (loss) on disposal of assets	—			—
Operating income (loss)
Financing charges	$	(2,061,474	)	$	(1,773,541	)
Reorganization costs, net	(2,091,353		)	(3,144,564		)
Other (Adjustments to Allowed Claims, debt valuation)	—			—
Loss before income tax	$	(27,408,726	)	$	(16,407,582	)
Income tax expense	(407,000		)	—			(1)
Net Loss	$	(27,815,726	)	$	(16,407,582	)

Notes:

June covers the period between 06/01/2017 and 06/30/2017

May covers the period between 04/20/2017 and 05/31/2017

(1) Federal income tax expense has not been recorded in 2017.  May income tax expense represents Texas Franchise tax which was due in May

Monthly Operating Report

ACCRUAL BASIS-3

CASE NAME: ADPT DFW Holdings LLC, et al.

CASE NUMBER: 17-31432 (jointly administered)

	May 31, 2017		June 30, 2017		Notes:
Beginning Cash (Bank Balance)	5,088,417		24,160,338
Cash Receipts - Patient Revenue Related	58,731,050		42,573,300
Cash Receipts - Debt Draw Related	19,900,000		5,583,400
Total Cash Receipts	78,631,050		48,156,700
Disbursements
Payroll, Payroll Taxes, and Benefits	20,564,918		14,207,993
Physician Payroll	15,193,699		15,305,429
Rent & Other Occupancy	6,313,035		5,909,349
Utilities	761,089		840,265
Equipment Leases	2,735,816		2,299,624
Lab Fees, Supplies & Other Patient Expenses	3,585,246		3,676,104
Insurance	2,008,517		456,578
Other Disbursements	6,028,695		8,044,666
Professional Fees	205,840		3,595,300		(1)
Deposits	729,419		—
Critical Vendors	17,175		338,908
503(b)(9)	—		—
Priority Claims	—		—
Taxes	1,415,680		732
Total Disbursements	59,559,129		54,674,948
Net Cash Flow	19,071,921		(6,518,249	)
Ending Cash (Bank Balance)	24,160,338		17,642,090
Closing Balance Reconciliation
Book Balance	24,524,218		17,625,375		Book Balance of Debtors
Non-Debtor Accounts and Adjustments	365,540		4,064,287		(2)
Escrow Accounts (Professional Fee and Utility)	(729,419	)	(4,047,572	)
Ending Cash (Bank Balance)	24,160,338		17,642,090		Available Bank Balance as of 06/30/2017

Notes:

Cash Receipts include receipts for non-debtor facilities

Cash Disbursements  include disbursements  for non-debtor facilities

(1)  Professional  Fees represent the funding of the professional  fee escrow account

(2)  Non-Debtor  Accounts and Adjustments  include the cash receipts that have not been swept to the Debtor’s Bank of America accounts (from Colorado’s JPM Account and other Non-Debtor  Bank of America accounts), as well as adjustments  to include the impact of outstanding checks and other accounting reconciling items to arrive at ending bank balance

		May 31, 2017				June 30, 2017
Case Number	Legal Entity Name	Receipts		Disbursements		Receipts		Disbursements		Notes
17-31432	ADPT DFW Holdings LLC	$	—	$	—	$	—	$	—
17-31434	Adeptus Health Inc.	—		—		—		—
17-31435	Adeptus Health LLC	—		—		—		—
17-31436	First Choice ER, LLC	39,226,369		—		28,243,499		—		Includes receipts related to non-debtor entities
17-31437	East Mesa Medical Center LLC	—		—		—		—
17-31438	League City Medical Center LLC	—		—		—		—
17-31439	East Pflugerville Medical Center LLC	312,579		276,358		249,010		128,901
17-31440	Antoine Medical Center LLC	890,092		420,427		618,790		273,269
17-31441	Legacy Trails Medical Center LLC	490,525		310,288		312,154		181,077
17-31442	East Riverside Medical Center LLC	—		217,161		—		87,741
17-31443	ECC Management, LLC	—		10,166,921		—		9,365,045		Disbursements for non-debtors shown at bottom.
17-31444	Arizona General ER LLC	—		—		—		—
17-31445	Lewis Center Medical Center LLC	—		—		—		—
17-31446	Litchfield Park Medical Center LLC	—		—		—		—
17-31447	FCER Management, LLC	—		197		—		—
17-31448	Adeptus Health Colorado Holdings LLC	—		—		—		—
17-31449	Atascocita 1960 Medical Center LLC	—		2,647		—		11,369
17-31450	Louetta Medical Center LLC	—		—		—		—
17-31451	First Texas Hospital Cy-Fair LLC	10,009,855		8,142,241		7,194,983		4,787,755
17-31452	Rosenberg Medical Center LLC	—		—		—		—
17-31453	Marrero Medical Center LLC	—		—		—		—
17-31454	Austin Brodie Medical Center LLC	338,874		318,070		370,613		170,544
17-31455	Adeptus Health Management LLC	—		—		—		—
17-31456	Baytown Medical Center LLC	—		—		—		—
17-31457	Meadowbrook Heights Medical Center LLC	—		—		—		—
17-31458	Medical Center of Crosby Lynchburg LLC	—		—		—		—
17-31459	Bella Terra Medical Center LLC	—		—		—		—
17-31460	Roy Richard Medical Center LLC	—		—		—		—
17-31461	Adeptus Health Phoenix Holdings LLC	—		—		—		—
17-31462	Medical Center of Spring Rayford Richards LLC	—		—		—		—
17-31463	San Antonio Nacogdoches Medical Center LLC	232,761		322,361		217,338		170,352
17-31464	Four Points Medical Center LLC	—		—		—		—
17-31465	Mesa Tierra Medical Center LLC	—		—		—		—
17-31466	Adeptus Health Ventures LLC	—		—		—		—
17-31467	San Tan Valley Medical Center LLC	—		—		—		—
17-31468	Bender’s Landing Medical Center LLC	—		—		—		—
17-31469	Friendswood Medical Center LLC	343,012		310,901		306,215		172,520
17-31470	Midlothian Medical Center LLC	—		—		—		—
17-31471	ADPT Columbus Holdings LLC	—		—		—		—
17-31472	Seguin Foster Medical Center LLC	—		—		—		—
17-31473	Mountain Park Ranch Medical Center LLC	—		—		—		—
17-31474	FTH Houston Partners LLC	—		—		—		—
17-31475	Blacklick Woods Medical Center LLC	—		—		—		—
17-31476	Sienna Plantation Medical Center LLC	—		—		—		—
17-31477	Garland Centerville Medical Center LLC	—		—		—		—
17-31478	National Medical Professionals of Arizona LLC	2,339,485		2,267,166		1,749,297		2,255,183
17-31479	ADPT Houston Holdings LLC	—		—		—		—
17-31480	South Bend Medical Center LLC	—		—		—		—
17-31481	Gilbert Medical Center LLC	—		—		—		—
17-31482	Briar Forest-Eldridge Medical Center LLC	—		—		—		—
17-31483	National Medical Professionals of Ohio LLC	—		—		—		—
17-31484	South Carrier Medical Center LLC	—		—		—		—
17-31485	Gleannloch Farms Medical Center LLC	—		—		—		—
17-31486	ADPT New Orleans Holdings LLC	—		—		—		—
17-31487	South Green Oaks Medical Center LLC	—		—		—		—
17-31488	Broad Wagoner Medical Center LLC	—		—		—		—
17-31489	Glendale Medical Center LLC	—		—		—		—
17-31490	Goodyear Medical Center LLC	—		—		—		—
17-31491	Spanish Oaks Medical Center LLC	—		—		—		—
17-31492	Greenville Stacy Medical Center LLC	—		—		—		—
17-31493	ADPT New Orleans Management LLC	—		166		—		2,364
17-31494	Brushy Creek Medical Center LLC	304,642		324,261		183,342		168,158
17-31495	Spring 2920 Medical Center LLC	—		—		—		—
17-31496	Guadalupe River Medical Center LLC	—		—		—		—
17-31497	ADPT-AZ MPT Holdings LLC	—		—		—		—
17-31498	Camelback 83rd Medical Center LLC	—		—		—		—
17-31499	Hampden Tower Medical Center LLC	—		—		—		—
17-31500	Spring Green Medical Center LLC	147,417		293,083		120,217		134,980
17-31501	Helotes Medical Center LLC	257,310		333,513		136,944		181,439
17-31502	ADPT-AZ RE Holdings LLC	—		—		—		—
17-31503	SSH Medical Center LLC	406,108		356,523		336,029		183,371
17-31504	Hilliard Medical Center LLC	—		—		—		—
17-31505	Cedar Park Lakeline Medical Center LLC	—		—		—		—
17-31506	Sterling Ridge Medical Center II LLC	—		—		—		—
17-31507	Houston 9520 Jones Medical Center LLC	—		—		—		—
17-31508	ADPT-CO MPT Holdings LLC	—		—		—		—
17-31509	Centennial Medical Center LLC	—		—		—		—
17-31510	New Orleans East Medical Center LLC	—		—		—		—
17-31511	Houston FM 1960 Medical Center LLC	—		—		—		358
17-31512	ADPT-CO RE Holdings LLC	—		—		—		—
17-31513	Sterling Ridge Medical Center LLC	—		—		—		—
17-31514	Katy ER Center LLC	—		—		—		—
17-31515	Summerwood Medical Center LLC	—		—		—		—
17-31516	Center Street DP Medical Center LLC	—		—		—		—
17-31517	Keller Medical Center LLC	—		—		—		—
17-31518	Surprise Medical Center LLC	—		—		—		—
17-31519	ADPT-Columbus MPT Holdings LLC	—		—		—		—
17-31520	Kingwood Medical Center LLC	—		—		—		—
17-31521	Chandler Germann Medical Center LLC	—		—		—		—
17-31522	SW Chandler Medical Center LLC	—		—		—		—
17-31523	ADPT-Columbus RE Holdings LLC	—		—		—		—
17-31524	Kuykendahl Medical Center LLC	—		—		—		—
17-31525	Chandler Heights Medical Center LLC	—		—		—		—
17-31526	La Porte Medical Center LLC	274,649		288,639		192,413		163,474
17-31527	ADPT-DFW MPT Holdings LLC	—		—		—		—

		May 31, 2017				June 30, 2017
Case Number	Legal Entity Name	Receipts		Disbursements		Receipts		Disbursements		Notes
17-31528	Sycamore School Medical Center LLC	—		—		—		—
17-31529	Cinco Ranch Medical Center LLC	—		—		—		—
17-31530	Lakewood Forest Medical Center LLC	—		—		—		—
17-31531	Tempe McClintock Baseline Medical Center LLC	—		—		—		—
17-31532	ADPT-DFW RE Holdings LLC	—		—		—		—
17-31533	ADPT-Houston MPT Holdings LLC	—		—		—		—
17-31534	Tempe Rural-Baseline Medical Center LLC	—		—		—		—
17-31535	Colonial Lakes Medical Center LLC	—		—		—		—
17-31536	ADPT-Houston RE Holdings LLC	—		—		—		—
17-31537	Texas Regional Hospital LLC	—		—		—		—
17-31538	Northwest Harris County Medical Center LLC	—		—		—		—
17-31539	Colorado General Hospital LLC	—		—		—		—
17-31540	Ohio General ER LLC	—		—		—		—
17-31541	Victory Lakes Medical Center LLC	165,247		311,207		108,862		162,597
17-31542	ADPT-LA MPT Holdings LLC	—		—		—		—
17-31543	Wadsworth-Belleview Medical Center LLC	—		—		—		—
17-31544	Conroe Medical Center LLC	—		—		—		—
17-31545	ADPT-LA RE Holdings LLC	—		—		—		—
17-31546	Waterside Medical Center LLC	—		—		—		—
17-31547	Ohio General Hospital LLC	—		—		—		—
17-31548	AJNH Medical Center LLC	325,830		287,605		268,269		129,239
17-31549	Opfree Licensing LP	—		—		—		—
17-31550	White Settlement Medical Center LLC	—		—		—		—
17-31551	Converse Medical Center LLC	350,204		326,625		235,747		168,530
17-31552	Wilderness-Hardy Oak Medical Center LLC	7,835		62,715		3,998		54,824
17-31553	Alamo Heights SA Medical Center LLC	—		—		—		—
17-31554	Copperwood Medical Center LLC	—		—		—		—
17-31555	William Cannon Medical Center LLC	—		—		—		—
17-31556	Algiers Medical Center LLC	—		—		—		—
17-31557	Creekside Forest Medical Center LLC	—		—		—		—
17-31558	OpFree RE Investments, Ltd.	—		—		—		—
17-31559	Culebra-Tezel Medical Center LLC	357,289		279,070		240,585		133,524
17-31560	De Zavala Medical Center LLC	545,648		321,881		323,858		187,149
17-31561	Alvin Medical Center LLC	334,459		298,460		290,107		167,698
17-31562	OpFree, LLC	—		—		—		—
17-31563	Dublin Medical Center LLC	—		—		—		—
17-31564	Anthem Medical Center LLC	—		—		—		—
17-31565	Eagles Nest Medical Center LLC	—		—		—		—
17-31566	Pearland 518 Medical Center LLC	—		—		—		—
17-31567	Pearland Parkway Medical Center LLC	425,871		314,559		346,854		183,756
17-31568	Pearland Sunrise Medical Center LLC	—		—		—		—
17-31569	Pflugerville Medical Center LLC	300,046		260,700		269,051		124,272
17-31570	Potranco Medical Center LLC	344,943		337,727		255,125		170,162
17-31571	Provinces Medical Center LLC	—		—		—		—
17-31572	Queen Creek Medical Center LLC	—		—		—		—
Non-Debtor	Non-Debtor	—		32,407,656		—		34,755,297
Total		$	58,731,050	$	59,559,129	$	42,573,300	$	54,674,948
Cash Receipts - Debt Draw Related		19,900,000		—		5,583,400		—
Total		$	78,631,050	$	59,559,129	$	48,156,700	$	54,674,948

Monthly Operating Report

ACCRUAL BASIS-4

CASE NAME: ADPT DFW Holdings LLC, et al.

CASE NUMBER: 17-31432 (jointly administered)

ACCOUNTS RECEIVABLE AGING	SCHEDULE AMOUNT			May			June			MONTH
1. 0-30				$	21,318,088		$	19,391,277
2. 31-60				$	18,224,154		$	14,617,672
3. 61-90				$	15,746,958		$	13,999,090
4. 91+				$	94,060,896		$	103,550,653
5. TOTAL ACCOUNTS RECEIVABLE (1)	$	135,478,478		$	149,350,096		$	151,558,693		$	0
6. RESERVES AND RECONCILING ITEMS (2)	$	(106,121,501	)	$	(122,319,348	)	$	(119,554,942	)
7. Non-Debtor NMP Net A/R (3)	$	0		$	5,087,688		$	3,586,853
8. ACCOUNTS RECEIVABLE (NET)	$	29,356,978		$	32,118,436		$	35,590,605		$	0

(1) Schedules did not reflect aging of A/R, as such all amounts are shown in total line.

(2) Includes reconciliation items to GL including: hold accruals and bill out of service months.

(3) Debtor financials include A/R balances for NMP for owned locations in Austin, Houston and San Antonio.

AGING OF POSTPETITION TAXES AND PAYABLES MONTH: June 2017

TAXES PAYABLE	0-30 DAYS		31-60 DAYS		61-90 DAYS		91+ DAYS		TOTAL
1. FEDERAL	$	0	$	0	$	0	$	0	$	0
2. STATE	$	0	$	0	$	0	$	0	$	0
3. LOCAL	$	0	$	0	$	0	$	0	$	0
4. OTHER (ATTACH LIST)	$	0	$	0	$	0	$	0	$	0
5. TOTAL TAXES PAYABLE	$	0	$	0	$	0	$	0	$	0
6. ACCOUNTS PAYABLE (4)	$	1,732,082	$	32,375	$	0	$	0	$	1,764,457

(4) Only includes aging for post-petition accounts payable for Debtors

STATUS  OF  POSTPETITION  TAXES MONTH: June 2017

	BEGINNING TAX LIABILITY		AMOUNT WITHHELD AND/ 0R ACCRUED		AMOUNT PAID		ENDING TAX LIABILITY
FEDERAL
1. WITHHOLDING	$	0	$	704,962	$	704,962	$	0
2. FICA-EMPLOYEE	$	0	$	372,955	$	372,955	$	0
3. FICA-EMPLOYER	$	0	$	371,098	$	371,098	$	0
4. UNEMPLOYMENT	$	0	$	2,206	$	2,206	$	0
5. INCOME	$	0	$	0	$	0	$	0
6. OTHER (ATTACH LIST)	$	0	$	0	$	0	$	0
7. TOTAL FEDERAL TAXES	$	0	$	1,451,221	$	1,451,221	$	0
STATE AND LOCAL
8. WITHHOLDING	$	0	$	4,602	$	4,602	$	0
9. SALES	$	0	$	140	$	140	$	0
10. EXCISE	$	0	$	0	$	0	$	0
11. UNEMPLOYMENT	$	0	$	9,557	$	9,557	$	0
12. REAL PROPERTY	$	0	$	0	$	0	$	0
13. PERSONAL PROPERTY	$	0	$	0	$	0	$	0
14. OTHER (ATTACH LIST)	$	0	$	0	$	0	$	0
15. TOTAL STATE  & LOCAL	$	0	$	14,299	$	14,299	$	0
16. TOTAL TAXES	$	0	$	1,465,521	$	1,465,521	$	0

Monthly Operating Report

ACCRUAL BASIS-5

CASE NAME:  ADPT DFW Holdings LLC, et al.

CASE NUMBER: 17-31432 (jointly administered)

	MONTH: June 2017
BANK RECONCILIATIONS - Attached Schedule

No.	Account Owner	Bank	Account Type	Last 4 Digits of Bank Account	General Ledger Account Number	Balance Per Bank Statement	Add: Total Deposits Not Credited	Subtract: Outstanding Checks	Other Reconciling Items		Month End Balance Per Books	Number of Last Check Written
1	17-31451 - First Texas Hospital Cy-Fair LLC	Bank of America Merrill Lynch	Government Deposit Account	0602	n/a	—	—	—	—		—	n/a
2	17-31451 - First Texas Hospital Cy-Fair LLC	Bank of America Merrill Lynch	Non-Government Deposit Account	0615	n/a	—	—	—	—		—	n/a
3	17-31451 - First Texas Hospital Cy-Fair LLC	Bank of America Merrill Lynch	Operating Account	0592	10460	37,849	—	—	(7,732	)	30,117	n/a
4	17-31451 - First Texas Hospital Cy-Fair LLC	Bank of America Merrill Lynch	Facility Sub Account	0663	n/a	—	—	—	—		—	n/a
5	17-31451 - First Texas Hospital Cy-Fair LLC	Bank of America Merrill Lynch	Facility Sub Account	0676	n/a	—	—	—	—		—	n/a
6	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	6440	n/a	—	—	—	—		—	n/a
7	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7882	n/a	—	—	—	—		—	n/a
8	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	4043	n/a	—	—	—	—		—	n/a
9	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	3757	n/a	—	—	—	—		—	n/a
10	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	9898	n/a	—	—	—	—		—	n/a
11	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7074	n/a	—	—	—	—		—	n/a
12	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7087	n/a	—	—	—	—		—	n/a
13	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7113	n/a	—	—	—	—		—	n/a
14	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7126	n/a	—	—	—	—		—	n/a
15	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7139	n/a	—	—	—	—		—	n/a
16	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7155	n/a	—	—	—	—		—	n/a
17	17-31436 - First Choice ER, LLC	Bank of America Merrill Lynch	Facility Sub Account	7184	n/a	—	—	—	—		—	n/a