Rennova Health's Big South Fork Medical Center Moves Closer to Opening
WEST PALM BEACH, FL -- (Marketwired) -- 04/21/17 -- 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, announced today that the Centers for Medicare and Medicaid Services (CMS) has concluded its review of the application submitted by its subsidiary Big South Fork Medical Center (Legal Name: Scott Community Hospital, Inc.) requesting enrollment in the Medicare program as a Hospital. CMS has confirmed that it has issued a recommendation for approval to the Tennessee State Agency and the CMS Regional Office (RO).
Approval will enable the hospital to open for business. The next step of the Medicare enrollment process involves a site visit or survey by the State Survey Agency or another accrediting organization to ensure compliance with the Conditions of Participation for the Hospitals provider. The visiting CMS RO will complete the certification and issue the final determination.
The Hospital was also granted a Medicaid license on April 8, 2017 (retroactively effective January 13, 2017) by the State of Tennessee Department of Finance and Administration, Division of Health Care Finance and Administration, Bureau of Tenncare. It is an important development for the Hospital, allowing Big South Fork Medical Centre to contract with TennCare Managed Care Organizations.
"This is one of the most important milestones to be overcome to open the Hospital to patients," said Seamus Lagan, chief executive officer of Rennova Health. "We believe that this Hospital creates an exciting opportunity for Rennova to provide a needed service to patients and in turn have a more predictable and reliable revenue stream. We look forward to this Hospital opening and exploring other opportunities in the same sector."
Big South Fork Medical Center is a rural hospital with 25 beds, a 24/7 emergency department, operating rooms and a laboratory that provides a range of ancillary diagnostic services. The purchase includes a 52,000-sq. ft. hospital building and a 6,300-sq. ft. professional building on approximately 4.3 acres. It is on track to partially open during the second quarter of 2017, and be fully operational during the third quarter of this year.
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.
Forward-Looking Statements
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.
Contacts:
Rennova Health
Sebastien Sainsbury
561-666-9818
ssainsbury@rennovahealth.com
Investors
LHA
Kim Golodetz
212-838-3777
Kgolodetz@lhai.com
or
Bruce Voss
310-691-7100
Bvoss@lhai.com
Source: Rennova Health, Inc.
Released April 21, 2017