WEST PALM BEACH, Fla., July 30, 2018 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTCQB: RNVA), (OTCQB: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that acquired Jamestown Regional Medical Center (JRMC), its second rural hospital in Tennessee on June 1, 2018, announces today that on Friday July 27, 2018, JRMC started receiving payments from Medicare and other payers for services provided.
JRMC offers a 24-hour Emergency Department with two spacious trauma bays and seven private exam rooms, inpatient and outpatient medical services and a Progressive Care Unit which provides telemetry services.
As previously announced, on June 29, 2018, JRMC received confirmation from the CMS Regional Office (Centers for Medicare & Medicaid Services) that its CHOW process had been completed, thus enabling the generation of claims to payors for services rendered. Receipt of the first payments on Friday marks an important milestone for Rennova, and the anticipated regular collections going forward are expected to end the significant cash requirement to carry the hospital’s monthly costs. Initial payments received are from Medicare and demonstrate the organization of JRMC’s billing process. Rennova estimates that approximately 60% or more of the hospital’s patient base at this time is covered by government payors.
”This is a very significant milestone for our Company,” said Seamus Lagan CEO of Rennova. “To start and receive payments in this timeframe is testament to the effort and efficiency of our team and will reduce the strain on resources and other parts of our business that was experienced through the change of ownership process. The next milestone is to have a positive and profitable cash flow at this facility and we expect to cross this milestone in the next couple of months.”
Jamestown Regional Medical Center’s annual net revenues in recent years have been approximately $15 million, with government payers including Medicare and Medicaid accounting for in excess of 60% of the payor mix. Rennova does not expect that payor mix to change significantly in the near future.
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.
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Contacts: Rennova Health Sebastien Sainsbury, 561-666-9818 ssainsbury@rennovahealth.com
