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Rennova Health's Big South Fork Medical Center Receives Certification Number From CMS
Rennova Health's Big South Fork Medical Center Receives Certification Number From CMS.
About this update from Rennova Health, Inc.
[{"type":"text","content":"\nRennova Health's Big South Fork Medical Center Receives Certification Number From CMS\n\nRennova Health's Big South Fork Medical Center Receives Certification Number From CMS\n\n WEST PALM BEACH, FL--(Marketwired - October 26, 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, which opened its first rural hospital in Oneida Tennessee on August 8, 2017, announces that following the successful completion of a survey by the Centers for Medicare & Medicaid Services (CMS), Rennova's Big South Fork Medical Center (BSFMC) has received its CMS Certification Number. Receipt of this number is necessary to bill CMS for services and receive payment, and follows the previously announced award of full accreditation for BSFMC for a three-year term effective as of October 11, 2017. Receipt of this number enables BSFMC to complete negotiations of contracts with private payers.\"We are thrilled to receive our CMS number nearly two months sooner than we had anticipated,\" said Seamus Lagan, CEO of Rennova Health. \"In preparation for full accreditation and the CMS billing number, we were required to open the hospital and absorb facility operating costs as well as the expenses of treating patients. We will now be able to submit claims going forward and will be reimbursed retroactively. Approximately 60% of the services provided in BSFMC are payable by the federal government and a CMS number is required to receive these payments and secure credentialing with other insurers.\"Big South Fork Medical Center opened under Rennova Health's ownership on August 8, 2017 with services that include a 24/7 emergency department along with radiology services that include X-ray, CT scan and ultrasound. Other available services include a laboratory, respiratory therapy, physical therapy, a medical/surgical unit and swing beds.As previously announced, the opening of this hospital signifies a new strategic direction that the Company believes will ensure predictable and reliable payment for needed services in the healthcare sector. BSFMC had unaudited annual revenues of approximately $12 million and a normalized EBITDA of approximately $1.3 million for fiscal year 2015, the last full year of the hosp...