GRST is fully licensed as they passed with almost 99%.
*After patient acceptance and startup, they billed over $600K in November and December.
*Leonite Debt has been paid off.
*Google pay per click advertising is working effectively.
ARIA Treatment Facility Fully Licensed
West Palm Beach, FL, Jan. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”) is pleased to announce that the audit for the full licensing of the ARIA treatment facility by the Department of Children and Family Service for Florida (“DCF”) which commenced on December 10, 2020 has resulted in the issuance of a full license for all five levels of care that ARIA provides. The issuance of the full licenses for each level of care were staggered and the full licenses for the final two levels of care were received January 12, 2021. The Company previously announced that it had expected the process to take several days and instead took just over a month. The licensing process has become far more arduous in recent months due to many new requirements by DCF and it has been in many ways a new experience for the providers and DCF. The scores that ARIA received for the various categories graded, averaged just under 99%, with no individual score under 98%. This granting of the full licenses will allow ARIA to move forward with the pursuit of in-network contracts with various insurers.
ARIA finished November and December with out-of-network gross billing of $602,200.00. The rate paid by insurers on out-of-network billings varies by insurer and under GAAP accounting rules, providers are required to report gross billings based on the date of service with a reserve or contingency for uncollectable amounts resulting in the net reported income for any period. The net reported income number is reported in the Company’s quarterly and annual filings. Initial billings for a new provider often take several months to get set up with insurers before a provider will start receiving payments. ARIA received its first payment on January 8, 2021, only 69 days after its first date of service. This is a tremendous result thanks to the great work of ARIA’s contracted third-party billing company.
The Company previously reported the restructuring of the debt due to Leonite Capital LLC (“Leonite”) whereby the bulk of the debt was converted to preferred shares in the Company and one of the Company’s subsidiaries, with the remainder written down to $150,000 (the “Remainder Portion”). Under this agreement the Company and Leonite agreed that there would not be any conversions at any time prior to October 31, 2020 and allowed thereafter. The company received conversion notices to convert the debt to shares and the shares were issued on December 31, 2020 and January 12, 2021 in full satisfaction of the Remainder Portion of the Leonite debt.
The Pay per Click advertising campaign being run by ARIA is now in full rollout and is working effectively. ARIA also continues to have great success in managing the spread of Covid-19 at the new facility and attributes that success to the use of the Covid Clear product in the treatment of the facility environment, the use of PPE and testing as often as possible. Palm Beach County has been particularly hard hit with Covid-19 cases and ARIA has managed to keep the staff and clients free from the virus to date. The use of vaccines will be highly recommended to staff and clients as they become available.
About Ethema Health Corporation
Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last eight years and has had much success with in-patient treatment for adults. Ethema will continue to develop world class programs and techniques for North America. For more information you can visit our website at www.ethemahealth.com .
Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For information please contact:
Ethema Health Corporation
Text to 416-500-0020