Critically ill counter Advanced Healthcare has been on my ICU list since September 2016, when it was trading at 174c. Today it’s at less than half that price.A series of self-inflicted wounds made investor interest in this innovative day clinic provider evaporate as management expanded too quickly. This led to mounting losses and an inevitable cash crunch. Throw in some badly communicated missives on a rights issue and empowerment, and the prescription for blood-letting was written.Initially, the listing model for Advanced Health read like a health-care dream. The company planned to open day surgery clinics to lessen the cost of medical procedures, lower medical aid costs and allow patients to recover at home after minor procedures.The business, anchored in SA, also had an offshore element, with clinics in Australia. It sounded great and like a noble endeavour — one that many market watchers thought would be a successful model with the medical aid industry buying into the deal in SA...

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