Rennova Health Announces Big South Fork Medical Center Provided Services to Over 1,000 Patients in First Month of Operation
WEST PALM BEACH, FL -- (Marketwired) -- 09/19/17 -- 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, announces that Big South Fork Medical Center's Emergency Room has received 1,005 visits in its first month of operation and admitted 45 patients for overnight stays.
Big South Fork Medical Center (BSFMC) opened on August 8, 2017, with services that include a 24/7 emergency department along with radiology services that include X-ray, CT scan, ultrasound, nuclear medicine and MRI. Other available services include a laboratory, respiratory therapy, physical therapy, a medical/surgical unit and swing beds.
The opening of this hospital signifies a new direction that the Company believes will ensure predictable and reliable payment for needed services in the healthcare sector. 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. During the hospital's first month of operations, Rennova believes that operations to date provide a strong indication that it can rebuild these revenues back to, and in excess of, the levels achieved by the hospital in 2015, of approximately $1 million per month.
Big South Fork Medical Center has requested and is waiting for its final CMS survey, after which it will be granted its Medicare number which is necessary to submit claims and receive payment.
Tony Taylor, CEO of Scott Community Hospital, Inc., said, "We are delighted to reopen this important service for Scott County and the surrounding areas and are confident that under Rennova Health we have a viable and exciting future providing current and expanded services for which there is a need. This need has been evidenced by the number of patients received in our first month of operations. That number has well exceeded our initial expectations and we look forward to continued growth and success."
"To repeat what I have previously stated, this hospital demonstrates our commitment to regrow and diversify our revenue stream from its historical focus on diagnostics services to include the provision of needed healthcare services," said Seamus Lagan, CEO of Rennova. "To have such a successful first month is testament to the need the local community has for these services and we look forward to the expansion thereof after receipt of the Medicare number. Until we receive this number we cannot submit or receive payment for the medical claims generated. We believe our ability to facilitate the needs of doctors and other healthcare providers in the local area will enable us to exceed previous revenues achieved by this hospital."
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 September 19, 2017