Business
First Choice Healthcare Solutions Reports 2017 Results and Update on Strategic Partnership with Steward Health Care
First Choice Healthcare Solutions Reports 2017 Results and Update on Strategic Partnership with Steward Health Care.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n\n MELBOURNE, Fla., April 03, 2018 (GLOBE NEWSWIRE) -- First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) (\"First Choice\" or the \"Company\"), a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of orthopedic and spine care for patients through diagnosis, treatment and recovery, today reported its financial results for the year ended December 31, 2017.  \n Chris Romandetti, President and CEO of First Choice, stated, “2017 was a transformative year for First Choice, having achieved several significant milestones in our business that have successfully laid the foundation for future growth. Most notable is our strategic partnership with Steward Health Care (“Steward\") which provides us with a large geographic opportunity to rollout our unique delivery platform to Steward’s nationwide hospital network. Additionally, Steward’s $7.5 million investment in First Choice as part of this relationship demonstrates their confidence in our business model and commitment to our partnership going forward. Since the closing, we have been working closely on the integration of the FCHS platform into Steward’s network.” Recent Operational Highlights Closed strategic partnership with Steward, the largest private hospital operator in the United States, to expand the FCHS business model into Steward’s national footprint.Received investment of $7.5 million from Steward in exchange for 5 million shares of FCHS stock.Acquired an additional 25% ownership interest in Crane Creek Surgery Center (“Crane Creek”) bringing its total ownership interest to 65%.Assumed management responsibility of Crane Creek and appointed an experienced senior healthcare executive and administrator, Luis Allende-Ruiz, to lead operations.Strengthened management team with the hiring of Steve Ryland, Director of Physical/Occupational Therapy and Michael Lamb, Director of Ancillary Services.Appointed Sheila Schweitzer to the Board of Directors. Financial Results for Full Year 2017Total revenue was $28.7 million for the full year 2017, a decrease of approximately 2.0% from $29.5 million the prior year. Net patient service revenue was $26.5 million of total revenue in 2017, and rental revenue was $2.3 million. This is compared to net patient service r...