Business
RENNOVA HEALTH GIVES UPDATE ON SECOND QUARTER
RENNOVA HEALTH GIVES UPDATE ON SECOND QUARTER.
About this update from Rennova Health, Inc.
[{"type":"text","content":"\nWEST PALM BEACH, Fla, July 12, 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 its second rural hospital in Tennessee on June 1, 2018, announces that its second quarter revenue has shown significant growth.\n Rennova is pleased to announce preliminary second quarter net revenues of approximately $3.42 million. This number remains subject to final review and potential adjustment. This represents an increase of approximately $1.82 million from the reported net revenues from the first quarter and includes the first month from Rennova’s second hospital which it acquired on June 1, 2018. The Company continues to take a conservative position on revenue recognition in hospital operations and will maintain this position until we have adequate historical months to evidence total collection rates. The acquired hospital, Jamestown TN Medical Center, received confirmation from the Centers for Medicare and Medicaid Services on June 29, that they had processed and approved the Change of Ownership and Provider Tie-in process. Billing has now started and the Company believes it will receive its first collections in a matter of weeks. “We are pleased to have our second hospital starting to add to revenues and look forward to receipt of our first payments for services provided,” said Seamus Lagan, CEO of Rennova. “We remain confident that our two hospitals will be profitable and contribute in excess of $2 million a month to sales revenue in full operation and we look forward to exploring other opportunities for expansion of revenues or acquisition in the same geographic location.” Rennova is also pleased to announce that it has ordered a new 64 slice CT scanner for its Oneida based hospital. The new state of the art, high resolution machine should be installed and in operation before the end of July. This addition will replace the existing aged machine and increase the services that can be offered to the communities served and to local physicians that currently send patients to other hospitals for high resolution scans. The Company expects this investment to immediately create increased revenues. &#...