RENNOVA HEALTH, INC. ANNOUNCES THE EXPANSION OF SERVICES AT ITS BIG SOUTH FORK MEDICAL CENTER HOSPITAL, TO INCLUDE SWING BEDS.
WEST PALM BEACH, Fla., June 13, 2023 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) is pleased to announce its critical access hospital in Oneida, Tennessee (Scott County Community Hospital, Inc., d/b/a Big South Fork Medical Center) has received notice from Medicare that it can now be reimbursed using a “swing bed” payment model.
According to the 2020 CMS interpretive guidelines for swing beds in Critical Access Hospitals (CAHs), “a ‘swing-bed’ is a change in reimbursement status.” As a payment model, then, a CAH can use its beds interchangeably for either acute care or post-acute care. The reimbursement “swings” from billing for acute care services to billing for post-acute skilled nursing services, despite the fact that the patient usually stays in the same bed in the same physical location. A local swing bed program also directly impacts local rural residents. As a patient-centric post-acute care solution, rural patients who find themselves too well to stay in an urban hospital but too sick to go back to their own homes can return to their rural community hospitals for further care.
“We are delighted to add this swing bed service to our hospital” said Seamus Lagan “It will allow us to facilitate and get paid for patients that require post-acute care services in our hospital and allow us to further support the local community by receiving local patients who need post-acute care after receiving acute care services in more distant urban hospitals. We expect this service to have an immediate, positive impact on our monthly revenues”
About Rennova Health, Inc.
Rennova Health, Inc. (“Rennova,” the “Company,” “we”, “us”, “its” or “our”) is a provider of health care services. The Company owns one operating hospital in Oneida, Tennessee known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, and a rural clinic in Kentucky. 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.
Released June 13, 2023