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Rennova Health Announces That Big South Fork Medical Center Has Received Its First Payments for Services Provided
Rennova Health Announces That Big South Fork Medical Center Has Received Its First Payments for Services Provided.
About this update from Rennova Health, Inc.
[{"type":"text","content":"\nRennova Health Announces That Big South Fork Medical Center Has Received Its First Payments for Services Provided\n\nRennova Health Announces That Big South Fork Medical Center Has Received Its First Payments for Services Provided\n\n WEST PALM BEACH, FL--(Marketwired - December 04, 2017) - 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, announces that on Friday, December 1, 2017, Big South Fork Medical Center (\"BSFMC\") started receiving payments from private insurers for services provided since its opening on August 8, 2017. BSFMC opened under Rennova's ownership on August 8, 2017 with services that include a 24/7 emergency department and radiology services including X-ray, CT scan, ultrasound, nuclear medicine and MRI. Other available services include a laboratory, respiratory therapy, physical therapy, a medical/surgical unit and swing beds.As previously announced, in October BSFMC received its Certification Number from the Centers for Medicare & Medicaid Services (\"CMS\") 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 private insurance payers and demonstrate the function of BSFMC's billing process, which Rennova believes will soon result in payments from federal payors. Rennova estimates that approximately 60% of the hospital's patient base at this time is covered by government payors. \"We are delighted to cross this milestone and look forward to receipt of our first payments from federal payors in the immediate future,\" said Seamus Lagan, CEO of Rennova. \"This hospital signifies a new direction that we believe will ensure predictable and reliable payment for needed services, and is a business model we believe we can expand through the acquisitions of additional operating hospitals in the future.\"BSFMC 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. ...