Rennova Health Announces Successful Completion of Required CMS Accreditation Survey for Big South Fork Medical Center
WEST PALM BEACH, FL -- (Marketwired) -- 09/29/17 -- 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 had their 2-day accreditation survey conducted by DNV as required by CMS. After receiving the final report from DNV CMS will issue a Medicare number that is needed to secure payment from Medicare and Medicaid. Approximately 60% of the services provided in the hospital are payable by federal payers and this number is required to receive payments and get credentialed with other insurers.
Big South Fork Medical Center (BSFMC) opened on August 8th 2017, with services that include a 24/7 emergency department along with radiology services that include X-ray, CT scan, ultrasound. Other available services include a laboratory, respiratory therapy, physical therapy, a medical/surgical unit and swing beds. The first month of operations has exceeded Rennova's expectations and is indicative of the need for this service in the local community.
"This is the final hurdle to reopening this hospital and it will enable us to collect payment for services provided," said Seamus Lagan, CEO of Rennova. "We look forward to the continued success and growth of this hospital and remain confident that this is an excellent business model to create value for our shareholders."
As previously announced, the opening of this hospital signifies a new direction, which 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. Rennova believes that operations during the hospital's first month of business provide a strong indication that it can rebuild these revenues back to, and exceed, the levels achieved by the hospital in 2015 of approximately $1 million per month.
"We are delighted that our efforts to date have been ratified by this outcome and we look forward to the provision of additional services in the near future now that we know we can get paid," said Tony Taylor, CEO of Scott Community Hospital, Inc.
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 29, 2017