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WEST PALM BEACH, FL--(Marketwired - August 08, 2017) - 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 the opening of Big South Fork Medical Center and provision of 24/7 services as of 8:00 a.m. today, Tuesday, August 8, 2017. The hospital, located in Oneida, Tennessee, will offer in-patient and outpatient services and going forward build relationships with surrounding Physicians/Medical Practices to provide for their medical service needs.
Big South Fork Medical Center (BSFMC) will open 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 will include a laboratory, respiratory therapy, physical therapy, a medical/surgical unit and swing beds. To date, BSFMC has hired 80 full time staff and 20 part time staff.
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 anticipates hospital revenues will return to 2015 levels within the next 12 months.
Future plans for the hospital include getting credentialed with DVN and making application to be classified as a Critical Access Hospital which enjoys certain advantages with payers. On opening the hospital needs to undergo another CMS survey after which it will be granted its Medicare number.
Tony Taylor, CEO of Scott Community Hospital, Inc., said, "This is a great day for Scott County and the surrounding areas. We now have emergent health care close to home. The Staff has worked tirelessly this past month getting the facility ready for patients. We look forward to taking care of our friends and family once again and in doing so contributing to the growth of Rennova in this sector."
"This is an exciting day for Rennova and as I have stated before, 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. "We believe our investment and 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. This opening is a realization of our ambition to provide a needed service to the community and create a new dawn for Rennova and our shareholders."
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.
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