RENNOVA HEALTH ANNOUNCES THAT IT HAS RECEIVED NOTICE FROM THE CENTERS FOR MEDICARE & MEDICAID SERVICES (CMS) ON AUGUST 15 CONFIRMING THAT THE CHANGE IN OWNERSHIP FOR JELLICO MEDICAL CENTER, INC. IS EFFECTIVE MARCH 1, 2019.
WEST PALM BEACH, Fla., Aug. 19, 2019 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA), (OTC: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that acquired its third rural hospital in Jellico, Tennessee in March 2019, announces that it has received notice from the Centers for Medicare & Medicaid Services (CMS) on August 15 that that the change of ownership (CHOW) for Jellico Medical Center is effective from March 1, 2019. The Medicare agreement that was in place with the former owner has been automatically assigned to Jellico Medical Center, Inc., the new owner of the hospital. The hospital can now bill and get paid for services provided under this agreement since March 1.
“This is excellent and much needed news for the Company after almost six months of ownership,” said Seamus Lagan, CEO of Rennova. “Our team has worked diligently to complete this change of ownership process (CHOW) and looks forward to receiving payment for services provided over these past number of months. We remain confident that Jellico Medical Center is an excellent business and addition to the model we have adopted to create value for our shareholders and look forward to being able to focus on growing the business with the provision of additional services to the community.”
“This facility has had a positive support from the community, medical staff and official bodies throughout this CHOW period,” said Hal Leftwich, CEO of Jellico Medical Center, Inc. “We are excited to have finally completed the CHOW process and can now focus on growing the services offered to the communities we serve. We expect to see revenues continuing to grow and firmly believe that Jellico Medical Center is poised for a positive future.”
About Rennova Health, Inc.
Rennova operates three rural hospitals and a physician’s office in Tennessee and a rural clinic in Kentucky, and provides industry-leading diagnostics and supportive software solutions to healthcare providers. 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
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.
Sebastien Sainsbury, 561-666-9818
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Released August 19, 2019