WEST PALM BEACH, FL --(Marketwired - March 02, 2017) - Rennova Health, Inc. (
"We continue to believe we are on schedule to reopen this hospital in the second quarter, and look forward to the provision of a needed service to the community," said Joseph Herrod, who is leading the hospital division for Rennova. "Where possible, we will hire people from the local community and initial applications indicate that many previous employees are looking forward to getting their jobs back. The hospital will employ approximately 130 people in full operation," concluded Mr. Herrod.
Big South Fork Medical Center is classified as a Critical Access Hospital (rural), with 25 beds, a 24/7 emergency department, operating rooms and a laboratory that provides a range of ancillary diagnostic services. The facility includes a 52,000-sq. ft. hospital building and a 6,300 sq. ft. professional building on approximately 4.3 acres. The hospital enjoys numerous in-network contracts with payers that the Company believes will ensure predictable and reliable payment for services. 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
The Company is pleased to announce that its diagnostics division continues to successfully expand its footprint as a participating provider with multiple Insurance payers. We have now increased the number of states within which we hold Medicaid licenses to 30, and the number of payer contracts it holds, both state and national, to 24. This includes a recent success with one of the largest insurance providers by market share.
"We believe our accomplishments and timeline to reopen the hospital in Oneida and continued accomplishments in our overall business are in keeping with our strategy and business plan," said Seamus Lagan, CEO of Rennova Health. "We look forward to a strong recovery in 2017 after a very difficult 2016, and we anticipate filing our 2016 audit timely by March 31 st and updating our shareholders and investors at that time."
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 .
Forward-Looking Statements 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.
Contacts: Rennova Health Sebastien Sainsbury 561-666-9818 ssainsbury@rennovahealth.com Investors LHA Kim Golodetz 212-838-3777 Kgolodetz@lhai.com or Bruce Voss 310-691-7100 Bvoss@lhai.com
