Rennova Health Announces Renaming of Scott County Community Hospital
WEST PALM BEACH, FL -- (Marketwired) -- 02/06/17 -- Rennova Health, Inc. (NASDAQ: RNVA), (NASDAQ: RNVAZ) ("Rennova" or the "Company"), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, announced today it approved rebranding of the recently acquired Scott County Community Hospital. Following a community led campaign to rename the hospital, the recommended name of "Big South Fork Medical Center" was chosen.
On January 23rd 2017 the hospital's management team, led by Joseph Herrod and Tony Taylor, launched a Facebook page inviting residents of Scott County to get involved in the process of picking a new name for what was previously referred to as Pioneer Hospital of Scott County. Several thousand people contributed to the process. The community's response concluded with five recommendations. Following a search for URL domain names, Tennessee State availability and USPTO trademark availability, three names were then sent to the County's Chamber of Commerce, where four members of the Chamber, including the Executive Director, chose the name - "Big South Fork Medical Center."
The name reflects the geographic importance of Big South Fork National Park, which encompasses 125,000 acres of the Cumberland Plateau and boasts miles of scenic gorges and sandstone bluffs. Geographically, the name better represents the immediate patient service area of Scott, Fentress, Morgan and McCreary counties. Administrator Tony Taylor states, "I've been in this community for over three years now and it's encouraging that the new owner of this hospital wanted the community to take the lead in naming it. This shows early on their intention to support us. This name represents our market very positively."
Meanwhile, plans have been drawn up, contracts executed and work has begun to refit the newly named hospital. Applications for licenses and provider number including Medicare and Medicaid have been submitted and subject to the receipt of these licenses and other approvals, the hospital is on track to re-open in the second quarter of 2017, and to be fully operational in the third quarter.
As previously reported, the hospital had unaudited annual revenues of approximately $12 million, and a normalized EBITDA of approximately $1.3 million for Fiscal 2015, the last full year of the hospital's operation. These revenues were attributable to the typical services of a rural acute care hospital, including ER visits, outpatient procedures, diagnostic ancillary tests, physical therapy and inpatient hospital stays. Based on the hospital's historical information, Rennova believes the hospital offers an established patient base with stable revenues as it serves the general healthcare needs of its community and supports local physicians.
About Rennova Health, Inc.
Rennova provides industry-leading diagnostics and supportive software solutions to healthcare providers, delivering an efficient, effective patient experience and superior clinical outcomes. Through an ever-expanding group of strategic brands that work in unison to empower customers, we are creating the next generation of healthcare. For more information, please visit www.rennovahealth.com.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Source: Rennova Health, Inc.
Released February 6, 2017