Hoskinson Says Failed Wyoming Clinic Refocused Him On Cardano And Midnight

Charles Hoskinson said the closure of his family-backed Wyoming medical clinic has reinforced where his attention now belongs: Cardano, Midnight and the crypto ventures where he believes he has the most direct agency.

Hoskinson said the project began in 2021 as a family effort involving his father and brother, both physicians, and was intended to build a “center of excellence” in an underserved rural market. The clinic eventually served about 22,000 patients, which he said amounted to roughly two-thirds of the town. But the economics moved in the wrong direction.

According to Hoskinson, the facility initially lost about $4 million per month before cost reductions brought losses down to roughly $1.7 million per month. He said even that reduced burn rate remained untenable, especially because reimbursements for primary care and mental health often failed to cover the clinic’s cost per appointment.

“The American health care system is broken,” Hoskinson said. “This was never a business. It was basically a charity.” He added that the clinic had become “an indispensable component of the public health of that county,” but said local and state stakeholders were unwilling to provide the kind of support needed to keep it operating.

That line gives the livestream a different significance from a local business postmortem. Hoskinson has often operated across a wide portfolio of ventures, including blockchain, ranching, healthcare, regenerative medicine and policy interests. In this video, he described the clinic as a costly diversion that ultimately could not be reconciled with his main professional priorities.

He did not present the closure as a bankruptcy or liquidity problem. Hoskinson said he has “well more than enough money” to settle bills and close accounts, and that the facility will remain vacant for a time while conversations continue with other healthcare systems that may be able to use the building.

The explanation also included a broader critique of US healthcare incentives. Hoskinson argued that clinics in primary care are structurally disadvantaged by insurance reimbursements, Medicare and Medicaid rates, hospital billing advantages and a system that rewards procedures, cancer treatment and pharmaceuticals far more than routine care. He said the clinic faced a choice between dramatically increasing patient volume, relying more heavily on mid-level providers and reducing specialist capacity, or shutting down.

“We could have built it as a steel warehouse with crude fixtures. It would still lose money,” he said. “That’s just the reality of the matter. It had nothing to do with the capex. It had to do with the opex.”

At press time, ADA traded at $0.23.